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September 25, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • SEC delay on muni adviser definition irks market participants
    The Securities and Exchange Commission is still putting off a final definition of who is a municipal market adviser and therefore will maintain temporary registration rules. Industry players say market abuses continue unabated because of the postponement. "It's disappointing that we are now two years after [the Dodd-Frank Act] and the SEC has not finalized the rule," said Michael Decker, co-head of municipal securities at SIFMA. The Bond Buyer (free content) (9/24) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Accounting maneuvers make determining size of banks difficult
    Just how big the megabanks are can be a tricky question to answer. For example, though JPMorgan Chase reports $1.7 trillion in gross derivative assets, it carries only $85.5 billion on its balance sheet. This accounting maneuver is possible because of risk-weighting the assets. Such a measure is one of the reasons overhauling banking regulations is quite difficult. The Wall Street Journal (9/23) LinkedInFacebookTwitterEmail this Story
Another Arrow in the Quiver.
Publicly traded REITs represent a potential opportunity for investors. ClearBridge Advisors discusses the opportunity in their recent whitepaper.
  Washington Roundup 
  • CFTC acts as deadline nears for trade reporting
    More than a year after its selection by the foreign exchange industry, Depository Trust & Clearing Corp. has been provisionally cleared by the Commodity Futures Trading Commission to operate its data repository as a multi-asset class repository in the U.S. The move comes just three weeks before mandatory reporting for credit and rates and amid rapidly mounting pressure on market participants to ensure legal reporting of over-the-counter derivatives. (subscription required) (9/24) LinkedInFacebookTwitterEmail this Story
  • Experts weigh in on Basel III
    Several people in the industry discussed the impact of Basel III rules. David Raccat, BNP Paribas Securities Services' head of global markets for market and finance services, said he would not be surprised by a squeeze on securities lending, though Basel III offers a way around this by allowing a more flexible definition of liquid assets, which would deepen the pool of eligible assets. Sunil Daswani, international head of client relations for securities lending at Northern Trust, gave a mixed review of the measure. Learn more at SIFMA's Basel III Resource Center. (subscription required) (9/24) LinkedInFacebookTwitterEmail this Story
  • Commentary: Time for SEC to take action
    Omega Advisors CEO Leon Cooperman, and Sal Arnuk and Joseph Saluzzi, co-founders of Themis Trading, write that the Securities and Exchange Commission needs to eliminate "microsecond arbitrage games." Financial Times (tiered subscription model) (9/24) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  Asset/Wealth Management Report 
  • Survey: Advisers and brokers are trusted by 66% of investors
    About 66% of respondents to a survey sponsored by the Center for Audit Quality said they trust financial advisers and brokers to look out for investors' interests. The level of support was second only to confidence in independent auditors of public companies, with 70% of respondents trusting them. InvestmentNews (free registration) (9/23) LinkedInFacebookTwitterEmail this Story
SIFMA's Municipal Bond Summit brings together top industry leaders that includes, SEC Commissioner Elisse Walter, Lynnette Kelly, Executive Director, MSRB, Congressman Tom Price, M.D. (R-GA), and more. Join us October 1 to hear these top leaders discuss hot topics in municipal bonds. Register Today.
  SIFMA News 
  • SIFMA Complex Products Forum -- Sept. 27 -- New York City
    SIFMA's Complex Products Forum welcomes Keynote Speaker FINRA Chairman and CEO Richard Ketchum, and Guest Speakers Sonia Mata, Senior Research Analyst, Fund Innovation, Strategic Insight; and Susan Axelrod, Executive Vice President, Head of Member Regulation, Sales Practices & Exams, FINRA. Program topics include: Managing Complexity in the Era of Innovation, Complex Products: Changing Regulatory Focus, Exchange Traded Product Innovation, Structured Product Innovation, Alternative Strategies Product Innovation, Compliance and Supervision of Complex Products, and much more. LinkedInFacebookTwitterEmail this Story
  • Join us for SIFMA Municipal Bond Summit -- Oct. 1 -- New York City
    SIFMA's Municipal Bond Summit brings together industry experts Elisse B. Walter, Commissioner, Securities and Exchange Commission; Lynnette Kelly, Executive Director, MSRB; Rep. Tom Price, M.D. (R-Ga.); Ben Watkins, Director, Florida Division of Bond Finance; Alan Anders, Deputy Director, New York City Office of Management and Budget; Pat McCoy, Director of Finance, NY MTA and many more. Don't delay and take full advantage of our special offer to buy two full registrations and get the third registration FREE! Bring a co-worker to hear our dynamic line-up of speakers share their insights into the most talked about challenges and opportunities in today's municipal securities market including: Electoral Politics: Muni Bond Tax Exemption Under Active Attack; Developments in the Secondary Market: Where is the Liquidity?; and much more. CLE credit available! LinkedInFacebookTwitterEmail this Story
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The highest reward for a person's toil is not what they get for it, but what they become by it."
--John Ruskin,
British art critic

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