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October 26, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • SEC backs widening use of FINRA's Trace system
    The Securities and Exchange Commission gave its nod to a proposal from the Financial Industry Regulatory Authority to establish public reporting of trading in specified government-backed mortgage bonds and securities tied to Small Business Administration loans. The plan, which leverages FINRA's Trace system, is intended to provide greater transparency. Anyone with Internet access could get real-time data on most bond trading. Bloomberg (10/25) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Libor-related subpoenas reportedly go to 9 more banks
    New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen have subpoenaed nine of the largest banks in the world as part of an inquiry into possible manipulation of the London Interbank Offered Rate, a source said. The banks reportedly include Credit Suisse, Lloyds Banking Group, Bank of Tokyo-Mitsubishi UFJ, Bank of America and Rabobank Groep. Seven other banks previously received subpoenas. Financial Times (tiered subscription model) (10/26), The Wall Street Journal (10/25) LinkedInFacebookTwitterEmail this Story
  • Credit Suisse reportedly plans U.S. stock exchange
    Credit Suisse is working on a plan to launch a stock exchange and is in talks with U.S. regulators, sources said. The Swiss bank reportedly wants to convert its Light Pool trading platform, which handles less than 1% of daily stock trading in the U.S., into a full stock exchange. The Wall Street Journal (10/25) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • "Fiscal cliff" could be next president's top issue, Fink says
    Laurence Fink, CEO of BlackRock, said that if Congress fails to avert the upcoming "fiscal cliff," it will become the No. 1 issue for the next president. Fink noted that President Barack Obama and Republican presidential candidate Mitt Romney failed to address the issue in their debates. "The most important issue affecting the next president will be how they deal with the fiscal cliff, and not one question from one of the [debate] interviewers ... was 'How are you going to deal with that,?' " Fink said. Reuters (10/25) LinkedInFacebookTwitterEmail this Story
  • Experts debate fiduciary standard and other regulatory issues
    At a TD Ameritrade conference, Kevin Carroll, associate general counsel at SIFMA, David Tittsworth, executive director of the Investment Adviser Association, and Barbara Roper, director of investor protection at the Consumer Federation of America, discussed the idea of implementing a fiduciary standard for those who provide investment advice to individual investors. Carroll said the securities industry is aware "that brokers and advisers are providing the same service," and should be held to the same standard. AdvisorOne (10/25) LinkedInFacebookTwitterEmail this Story
  • Greenspan raises too-big-to-fail concerns in SIFMA address
    The Dodd-Frank Act's provisions for dealing with the too-big-to-fail phenomenon are inadequate and stronger measures are needed, former Federal Reserve Chairman Alan Greenspan said at SIFMA's Annual Meeting. "The whole financial system essentially works best when it is able to move savings into profitable investment. If, for example, there are many institutions which are labeled effectively too big to fail, more likely than not they may be misusing the savings of the society," Greenspan said. Read about the highlights from SIFMA's Annual Meeting. International Financial Law Review online (10/25) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Financial advisers are swamped with estate, gift tax questions
    Financial advisers and lawyers specializing in estates and trusts are being inundated by questions from people who want to know how to respond to dramatic changes in the laws governing estates and gifts set to take effect at the beginning of 2013. Unless Congress changes the law in the next two months, the exemption from estate and gift taxes will drop from $5.12 million to $1 million Jan. 1. The Boston Globe/The Associated Press (tiered subscription model) (10/24) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA Compliance & Legal Society New York Regional Conference -- Nov. 14
    The SIFMA Compliance & Legal Society will be holding its annual New York Regional Conference on Nov. 14 at the New York Marriot Marquis. This full-day event will feature a keynote address by Robert Colby, Chief Legal Officer of FINRA, as well as panels and breakouts covering current regulatory issues, retail compliance, enforcement and exams, and other relevant topics. Register today and don't miss this opportunity to meet and network with fellow professionals, and stay up to date on the latest compliance and legal issues affecting the industry. LinkedInFacebookTwitterEmail this Story
  • SIFMA/Grant Thornton to host broker-dealer hot topics symposium -- Nov. 1 -- Dallas
    You are invited to join hosts Grant Thornton LLP and SIFMA on Nov. 1 at the Tower Club in Dallas, Texas as they discuss trends and hot topics in regulation and compliance currently affecting broker-dealers. The morning event will cover a wide array of topics including pricing of illiquid, hard-to-value securities; expense sharing agreements; statement of supplement income; outsourcing; clearing agreements; complex products; due diligence and much more. Senior-level speakers from FINRA, Grant Thornton and SIFMA will provide unique insight on these topics and other key issues. Registration is complimentary and open to all on a first-come basis, so please register today. LinkedInFacebookTwitterEmail this Story
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