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12 October 2012
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  Top Stories 
 
  • Biden hints at policy shift on raising taxes for the rich
    During a debate Thursday night with GOP rival Paul Ryan, Vice President Joe Biden signaled what could be a shift in the Obama administration's position on raising taxes on rich Americans. President Barack Obama has called for tax hikes on families making more than $250,000 a year. Biden said tax increases should begin with earners who make $1 million a year. TheFiscalTimes.com/Reuters (12 Oct.) LinkedInFacebookTwitterEmail this Story
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  Reader Survey 
  • How long do you think extremely low rates can persist?
    Two to four more years  42.77%
    One to two more years  38.01%
    Five or more years  19.21%
  • Poll analysis:
    Despite the Fed's recent announcement of open-ended QE and a recent announcement by the European Central Bank of printing money for bond purchases, professional investors still think that today's super-low interest rate environment will continue for some time. CFA Institute asked professional investors how long they thought today's extremely low rates could persist. The most popular answer among the 1,197 respondents was two to four more years, chosen by nearly 43%. Coming in a close second was one to two more years, chosen by almost 40% of respondents. The least popular choice was five or more years, reaching a tally of only 19% of respondents. So, if our respondents are a good proxy for the market, then the market appears to believe low rates will persist for approximately three to four more years (on average). If you think rates may change sooner, there's an investment thesis to explore. Happy hunting. -- Ron Rimkus, Content Director, CFA Institute LinkedInFacebookTwitterEmail this Story
  Market Activity 
 
  • Asian-Pacific markets are mixed as investors await China trade data
    Asian-Pacific markets were mixed Friday, trading was in narrow ranges, as investors limited their exposure as they await the release of trade data from China this weekend. China's Shanghai Composite rose 0.1%. Japan's Nikkei 225 slid 0.2%. South Korea's Kospi was flat. Hong Kong's Hang Seng Index rose 0.7%. Australia's S&P/ASX 200 edged up 0.1%. India's Sensex was almost unchanged at midday. MarketWatch (12 Oct.), MyIris.com (India) (12 Oct.) LinkedInFacebookTwitterEmail this Story
  • Natural gas rises to highest price of the year
    Natural gas futures rose for the fourth day in a row Thursday, hitting their highest price of the year after a U.S. Energy Information Administration report indicated that inventories are growing more slowly than analysts expected. On the New York Mercantile Exchange, front-month gas futures finished the session up 3.7%, at $3.604 per million British thermal units. Earlier the price hit $3.628. Reuters (11 Oct.) LinkedInFacebookTwitterEmail this Story
  • ECB says distortions in eurozone bond markets are unjustified
    Investor fears about a dissolution of the eurozone are creating severe distortions across sovereign-bond markets in the region, the European Central Bank says. The ECB says its bond-buying plan should be more reassuring as a "necessary, proportional and effective" remedy. Reuters (11 Oct.) LinkedInFacebookTwitterEmail this Story
  Economics 
  • Analysis: Financial institutions face bewildering legal challenges
    Financial institutions can be prosecuted, sued or investigated from so many directions, sometimes simultaneously, that some banks have to practice more law than banking, according to The Economist. "To cope with the deluge of litigation, banks are falling over themselves to hire ex-regulators, feeding the idea that the law is too chaotic to be understood by anyone outside the system," the magazine noted. "Financial firms should of course be held to account when they do wrong. But there must be a better way." The Economist (13 Oct.) LinkedInFacebookTwitterEmail this Story
  • Most wealthy clients are satisfied with their financial advisers
    About 73% of high-net-worth individuals say they are satisfied with their advisers, according to a survey by the Spectrem Group. That's down from 80% in 2011 and 81% in 2010, the survey found. Meanwhile, the percentage of investors with $1 million to $5 million in net worth who are satisfied with their advisers rose to 72% this year from 70% in the past two years. AdvisorOne (11 Oct.), CNBC (11 Oct.) LinkedInFacebookTwitterEmail this Story
CAREERS at CFA Institute
Director, Conferences EMEA
Director, Curriculum Projects - All locations
Director, Regulator and Program Recognition - New York and Charlottesville
  Geopolitical/Regulatory 
  • FSB will update, expand list of "too-big-to-fail" institutions
    The Financial Stability Board said after a meeting in Tokyo on Thursday that it supported broader rules for "too-big-to-fail" financial institutions, expanding the scope to include insurers and national banks. Chairman Mark Carney said an updated version of the list of affected institutions, based on end-of-2011 data, would be published in November. Bloomberg (11 Oct.) LinkedInFacebookTwitterEmail this Story
  • Regulations governing swaps market go into effect
    Regulations covering the vast swaps market under the U.S. Dodd-Frank financial reform law takes effect today. Even so, banks and other financial institutions unhappy with the new supervisions and transparency are still seeking exemptions. Bloomberg (11 Oct.) LinkedInFacebookTwitterEmail this Story
  • FATCA compliance puts foreign banks in legal bind, experts say
    Experts are raising concerns about jurisdictions that have not struck an intergovernmental agreement with the U.S. regarding the Foreign Account Tax Compliance Act. Experts say that, without an IGA, foreign financial institutions will face a legal conflict in complying with FATCA. "[T]he IGAs are intended to overcome the wider legal and jurisdictional issues in compliance with [FATCA] because before the IGAs, FFIs were faced with having to decide whether to comply with [FATCA] or whether to breach local law," said Jayne Newton, tax investigations director at DLA Piper. Risk.net (subscription required) (11 Oct.) LinkedInFacebookTwitterEmail this Story
New Thinking in Taxable Asset Allocation
Niall J. Gannon and Robert N. Gordon

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  Financial Products 
  • Barclays launches ETN linked to index developed by Shiller
    Barclays Bank brought to the NYSE Arca market an exchange-traded note that uses an index developed by Yale Professor Robert Shiller that seeks to identify equities that stand a good chance of gaining value. The Barclays ETN+ Shiller CAPE ETN aims to identify sectors within the Standard & Poor's 500 that are relatively undervalued by analyzing cyclically adjusted price earnings ratios. IndexUniverse.com (10 Oct.) LinkedInFacebookTwitterEmail this Story
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