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September 20, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • Wall Street shorts Romney, goes long on Obama
    There are signs Wall Street believes Barack Obama will defeat Mitt Romney in the upcoming presidential election and is shifting its campaign contributions to Obama. On Aug. 21, Romney was leading Obama in fundraising, but the trend changed during the month. In August, Obama raised $114 million, more than 40% above the July figure. In the same month, Romney raised $111 million, about the same as in July. MarketWatch (9/18) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Senate panel will hear concerns about high-frequency trading
    Former trader Dave Lauer is set to explain to the Senate banking committee the way high-frequency traders give themselves an advantage over individual retail investors and create danger for financial markets. The complexity of trading has reached a point of making markets fragile and vulnerable to a catastrophic crash, according to Lauer's prepared testimony. Meanwhile, Sen. Jack Reed said the Securities and Exchange Commission lags behind the computerized traders it oversees in terms of technological savvy and resources. MarketWatch (9/19), The Wall Street Journal (9/19), Financial Times (tiered subscription model) (9/19) LinkedInFacebookTwitterEmail this Story
  • Fed's quantitative easing throws off trading algorithms
    The trend analysis that is integral to trading algorithms is being compromised by the Federal Reserve's repeated quantitative easing, and high-frequency traders are expressing their displeasure. It's the Fed's unpredictability that lies at the heart of the problem, since algorithms are geared toward discerning repeatable patterns, Jeff Cox writes. CNBC/NetNet blog (9/19) LinkedInFacebookTwitterEmail this Story
  • SEC examines whether exchanges allow HFT to jump the line
    The Securities and Exchange Commission is looking into whether NYSE Euronext, Nasdaq OMX Group and other exchange operators give preferential treatment to some high-frequency-trading firms, allowing them to slip in trades ahead of others placed earlier. The practice is said to put smaller investors at a disadvantage and run afoul of regulations. The Wall Street Journal (9/19) LinkedInFacebookTwitterEmail this Story
  • What are Goldman's prospects after CFO David Viniar leaves?
    Goldman Sachs' announcement that longtime Chief Financial Officer David Viniar is leaving the job raises some questions about how well the Wall Street giant can get along without him. Viniar played a crucial role in steering Goldman through the savage turbulence experienced by the financial markets and the broader U.S. economy during the past four years. The Motley Fool (9/19) LinkedInFacebookTwitterEmail this Story
  • FDIC's Hoenig: Retail banks should get out of investment banking
    Traditional banks must be forced to cut their ties with investment banking, said Federal Deposit Insurance Corp. board member Thomas Hoenig, speaking to the Exchequer Club in Washington, D.C. If retail banks are allowed to keep their investment banking arms, they will resume the high-risk behavior that created the 2008 financial crisis, he said. Bloomberg (9/19) LinkedInFacebookTwitterEmail this Story
  • Morgan Stanley, Wells Fargo on law firm's radar
    A law firm purports that Morgan Stanley and Wells Fargo failed to service $73 billion in mortgage bonds. Gibbs & Bruns won an $8.5 billion settlement last year against Bank of America over similar securities. Gibbs & Bruns has corresponded with the lenders concerning those mortgage bonds. Bloomberg (9/19) LinkedInFacebookTwitterEmail this Story
 
  New York Focus 
  • Christie's tax credit idea headed for showdown in N.J. Legislature
    The latest data on New Jersey's tax revenues raise the likelihood Gov. Chris Christie's proposal for a property tax credit will run into resistance in the state's legislature. David Rosen, budget officer for the nonpartisan Office of Legislative Services, said New Jersey's revenues will have to increase 8.2% this fiscal year just to keep the current budget balanced. The Wall Street Journal (9/19) LinkedInFacebookTwitterEmail this Story
  On The Economy 
 
  Financial Products 
  • ALPS aims to launch 4 ETFs tracking Goldman Sachs indexes
    ALPS filed a registration statement for four exchange-traded funds that would track momentum-oriented Goldman Sachs indexes. The products are the ALPS/GS Risk-Adjusted Return US Large Cap Index ETF, the ALPS/GS Momentum Builder Asia ex-Japan Index ETF, the ALPS/GS Momentum Builder Multi-Asset Index ETF and the ALPS/GS Momentum Builder Growth Markets Index ETF. IndexUniverse.com (9/19) LinkedInFacebookTwitterEmail this Story
  Featured Content 
 

  NYSSA News 
  • Excel Fundamentals for the Finance Professional -- In-Person and Online
    Before you can crunch data and build effective models, you need to master the basics of Excel. Focusing on the essential features in Excel will build the skills required to utilize more advanced techniques and leverage the product’s full spectrum of features. This course is scheduled for 9 a.m. to 4 p.m. EDT Oct. 2. LinkedInFacebookTwitterEmail this Story
  • Equity Analysis -- Oct. 15
    Look into, through and behind the financial results of selected high-growth and value-oriented companies to understand the principles of equity analysis. Equity Analysis is also an important component of the CFA® Level I exam. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Cooperation is the thorough conviction that nobody can get there unless everybody gets there."
--Virginia Burden Tower,
American writer


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