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March 1, 2013
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  Top Story 
  Industry Update 
  • Democratic lawmakers reintroduce derivatives-transaction tax
    Derivatives, including futures, would face a 0.03% transaction tax under legislation introduced this week by Rep. Peter DeFazio, D-Ore., and Sen. Tom Harkin, D-Iowa. The pair floated similar bills in recent years, but the legislation never took hold. "There is no question that Wall Street can easily bear this modest tax," Harkin said. Platts (2/28) LinkedInFacebookTwitterEmail this Story
  • SEC updates FSOC on money-fund rules
    The Securities and Exchange Commission has updated the Financial Stability Oversight Council on possible changes to rules for money market mutual funds. Jack Lew, sworn in as U.S. Treasury secretary Thursday, leads the FSOC. The risk council also discussed the designation of nonbank financial companies as systemically important. Meanwhile, Sheila Bair, former head of the Federal Deposit Insurance Corp., has criticized regulators' process of determining whether a company is systemically important. Bloomberg (2/28), Bloomberg (3/1) LinkedInFacebookTwitterEmail this Story
  • DTCC teams with CUSIP on LEI application process
    Depository Trust and Clearing and CUSIP Global Services say they're working together on an application process for legal entity identifiers. The firms want to streamline the process by allowing users to apply for Commodity Futures Trading Commission Interim Compliant Identifiers, known as CICIs, and CUSIP numbers at the same time. CICIs are precursors to LEIs. Securities Technology Monitor (2/28) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Charts illustrate Wall Street's path to riches
    The wealth accumulated by the people on Wall Street is largely explained by two charts showing the relationship between the number of workers in the financial sector and the size of the bonus pool. Average bonuses are up about 300% since 1985. Over the same period, the number of employees at New York's financial firms increased from 130,000 to 169,200, an increase of about 30%. Bloomberg (2/27) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • 8 ways to sabotage negotiations
    Negotiations can be lost before you even meet your opponent, Jim Camp writes. Begging for someone's time or leaving a rambling and overly detailed voice mail reveals desperation, he writes, making it hard to negotiate as equals once the meeting actually begins. SmartBrief/SmartBlog on Leadership (2/22) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Revision shows U.S. GDP expanded 0.1% in Q4
    The Commerce Department has revised gross domestic product for the fourth quarter from 0.1% contraction to 0.1% expansion. Government spending declined 15% during the quarter, and investment in inventory was lower than forecast. Despite uncertainty about the "fiscal cliff," consumer spending held up better than expected. Forbes (2/28), MarketWatch/The Tell blog (2/28) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  SmartQuote 
Mediocrity knows nothing higher than itself, but talent instantly recognizes genius."
--Sir Arthur Conan Doyle,
Scottish-born writer


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