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September 20, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
 
  • Goldman CEO Blankfein sees financial regulation evolving
    Lloyd Blankfein, chairman and CEO of Goldman Sachs, said that although higher capital ratios and tougher regulation of banks will carry some costs, they are necessary after the global financial crisis. "You have to go out and you have to take steps. You have to have different regulation, maybe more regulation in certain respects," Blankfein said. "I think it is absurd to talk about just the burdens of regulation without talking about what's driving people to want to regulate." Reuters (9/19) LinkedInFacebookTwitterEmail this Story
Minimizing Risk In Multi-Asset Class Portfolios
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  Industry News 
 
  • Foreign companies have a big day in the bond market
    Tuesday was the fifth-busiest session of 2012 for bond markets, with $12.9 billion of investment-grade debt being tendered by a dozen companies. The biggest sellers were foreign companies. What is most noteworthy, though, is that the deals came after companies issued more than $30 billion in debt in each of the past two weeks, an indication of the seemingly insatiable appetite for corporate bonds. The Wall Street Journal (9/18) LinkedInFacebookTwitterEmail this Story
  • Is S&P poised for a comeback in CMBS ratings?
    After more than a year of being dismissed by investors and dealers, Standard & Poor's may regain some respectability this week when JPMorgan Chase is expected to announce it will sell big multiloan commercial mortgage-backed securities bearing S&P ratings. In July 2011, S&P missed on the rating of $1.5 billion in CMBS offered by Citigroup and Goldman Sachs Group. But this could be a turning point for S&P. For example, ING has also said it will consider CMBS with an S&P rating. The Wall Street Journal/Dow Jones Newswires (9/18) LinkedInFacebookTwitterEmail this Story
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  Washington Roundup 
  • Hoenig calls for modern version of Glass-Steagall Act
    Thomas Hoenig, a board member of the Federal Deposit Insurance Corp., is convinced that unless banks separate their investment and retail units, risky behavior that led to the 2008 crisis will return. Toward that end, Hoenig is advocating for the reinstatement of the Glass-Steagall law, saying the Dodd-Frank Act and the Volcker rule will not suffice. Bloomberg Businessweek (9/20) 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. Join the discussions of critical issues, like HFT, at SIFMA's Market Structure Conference, Oct. 4 in New York City by registering today. The Wall Street Journal (9/19) LinkedInFacebookTwitterEmail this Story
  • Deadlines for OTC derivatives clearing are a problem, experts say
    Legal and operational obstacles are putting buy-side firms in a bind in their effort to meet Dodd-Frank Act deadlines for clearing over-the-counter derivatives, speakers said at an industry gathering. One particular worry is the ability of smaller firms to find clearing members that can or will provide access to clearing services. Risk.net (subscription required) (9/19) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • 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
  SIFMA News 
  • Greenspan, Schapiro, Siegel, Gensler to speak at SIFMA Annual Meeting -- Oct. 23 -- NYC
    Don't miss this exclusive SIFMA appearance by former Federal Reserve Chairman Dr. Alan Greenspan at SIFMA's 2012 Annual Meeting, Oct. 23 in New York City. Dr. Greenspan will provide insight on the current state of the economy, the global markets, the impact of the election and the future of our economy. Just weeks before the election, SIFMA's Annual Meeting features an array of senior-level policy officials, regulators and industry leaders who will examine the impact of the political and economic climate looking ahead to 2013 and beyond. Greenspan joins fellow featured speakers Mary Schapiro (Chairman, SEC); Gary Gensler (Chairman, CFTC); Thomas A. James (Executive Chairman, Raymond James Financial); Dr. Jeremy Siegel (Russell E. Palmer Professor of Finance, The Wharton School of the University of Pennsylvania); Douglas M. Hodge (Chief Operating Officer, PIMCO); and many more. LinkedInFacebookTwitterEmail this Story
  • SIFMA Social Media Seminar -- Oct. 15 -- New York City
    Joining SIFMA's fall line-up of dynamic events is the Social Media Seminar. In the ever-changing world of interactive technology, SIFMA is proud to continue its enlightening and informative Social Media Seminar series. The rapid growth of social media channels has created opportunities and challenges for broker-dealers and financial advisors interacting with investors and clients. This half-day event will feature in-depth panels on the tactical uses of social media by marketers, financial advisors and business professionals along with the latest legal and compliance regulatory changes, vendor solutions and technology advancements. 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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