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November 30, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Reps. Bachus and Hensarling request Volcker rule delay
    Reps. Spencer Bachus, R-Ala., and Jeb Hensarling, R-Texas, are asking regulators to postpone the Volcker rule, which prohibits proprietary trading at major banks. The leading Republicans asked to delay the effective date by two years after the final version is released. "Given the time that it will take for you to agree on one version of the Volcker Rule as well as the tremendous uncertainty that market participants face in trying to anticipate what the final rule will look like, we respectfully suggest that the Federal Reserve Board delay the Volcker Rule's effective date," Bachus and Hensarling wrote in a letter to regulators. Learn more at SIFMA's Volcker Rule Resource Center. Bloomberg Businessweek (11/29), The Wall Street Journal/Deal Journal blog (11/29), AmericanBanker.com (subscription required) (11/29) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Breakup of major banks unlikely, Morgan Stanley's Gorman says
    James Gorman, chairman and CEO at Morgan Stanley, told participants at a conference sponsored by SIFMA and the American Institute of Certified Public Accountants that the U.S. government is unlikely to support a breakup of major financial institutions. However, he said, consolidation among regional firms is expected. "[M]ost people think banks are going to get smaller, but I think a lot of the small banks are going to get bigger," Gorman said. Nasdaq.com/Dow Jones Newswires (11/29) LinkedInFacebookTwitterEmail this Story
  • Experts discuss possible ways to overhaul Libor
    The American Enterprise Institute asked a group of experts to discuss proposals for resolving issues plaguing the London Interbank Offered Rate and other benchmarks. Alex Pollock of AEI offered a bit of history of how Libor came to be and how it has emerged as probably the world's most important index. The experts differed on many points but expect adjustments will be made to Libor's administration. However, deals might be drafted to rely on alternative benchmarks, they said. NewsMax.com/Moneynews (11/29) LinkedInFacebookTwitterEmail this Story
  • Chinese official criticizes U.S. over FATCA
    Liu Xiangmin, a senior official at the People's Bank of China, says the U.S. has erred in taking a unilateral approach to thwart tax evaders by way of the Foreign Account Tax Compliance Act. Liu says FATCA doesn't respect the sovereignty of other nations. "It creates unreasonable costs for foreign financial institutions and directly contravenes many countries' privacy and data-protection laws," he said. Learn more at SIFMA's FATCA Resource Center. Reuters (11/28), Risk.net (subscription required) (11/28) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Reps. Frank and Capuano introduce bill to merge SEC, CFTC
    Reps. Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would combine the Commodity Futures Trading Commission with the Securities and Exchange Commission. Republican House members recently suggested that the move would help prevent regulatory lapses. However, the change faces significant obstacles. "The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system," Frank said. "Unfortunately, this is deeply rooted in major cultural, economic and political factors in America." Reuters (11/29), The Hill/On The Money blog (11/29), AdvisorOne (11/29) LinkedInFacebookTwitterEmail this Story
  • "Fiscal cliff" talks are getting nowhere, Boehner says
    No real progress has been made in talks between Republican leaders and the White House, and there is a real danger that the "fiscal cliff" will go into effect at year-end, House Speaker John Boehner says. "No substantive progress has been made in the talks between the White House and the House over the last two weeks," Boehner said. "There's been no serious discussion of spending cuts so far, and unless there is, there's a real danger of going off the fiscal cliff." Reuters (11/29), TheFiscalTimes.com (11/30), Bloomberg (11/30) LinkedInFacebookTwitterEmail this Story
  • Basel III under fire from lawmakers and bankers
    A variety of financial industry executives, regulators and lawmakers are raising concerns about the Basel III rules and how they might affect the industry as well as the broader economy. Some lawmakers and state regulators are urging federal authorities to reconsider the proposed rules. "The one-size-fits-all approach to regulatory capital in the proposed rules does not take into consideration the diversity of our nation's financial system and the unique challenges faced by different-sized institutions," said Rep. Shelley Moore Capito, R-W.Va. Reuters (11/29), The Wall Street Journal/Real Time Economics blog (11/29) LinkedInFacebookTwitterEmail this Story
  • Volcker says namesake rule is reshaping Wall Street
    Although the Volcker rule has yet to take final form, it's already making its impending presence felt on Wall Street, said former Federal Reserve Chairman Paul Volcker. "Banks have stopped their straightforward proprietary trading operation, and they've largely cut back on their hedge funds and equity funds. And as the managements and the directors finally understand that, 'Yes, this is a law that has to be followed,' they'll be able to manage their trading desks in what I think is an effective way," Volcker said. CNBC (11/29) LinkedInFacebookTwitterEmail this Story
  • Commentary: Regulatory agencies need strong leaders
    The U.S. financial regulatory landscape has come to an important crossroads. Just as those in power are beginning to make sound decisions, writes Massachusetts Institute of Technology professor Simon Johnson, President Barack Obama has to appoint two key positions. Johnson suggests former FDIC Chairwoman Sheila Bair for Treasury secretary and any one of a handful of good candidates for chairman of the Securities and Exchange Commission. The New York Times (tiered subscription model)/Economix blog (11/29) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Financial advisers' SRO bill seen as low priority in House
    A bill to move supervision of financial advisers from the Securities and Exchange Commission to one or more self-regulatory organizations is unlikely to see a House vote this year, after Rep. Jeb Hensarling, R-Texas, was elected chairman of the House Financial Services Committee, industry officials say. Hensarling is expected to focus on reforming Fannie Mae and Freddie Mac and possibly curtail some Dodd-Frank Act measures. InvestmentNews (free registration) (11/28), WealthManagement.com (U.S.)/Yield of Dreams blog (11/29) LinkedInFacebookTwitterEmail this Story
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  SIFMA News 
  • SIFMA's LEI Seminar: Implementing a Global LEI Framework -- Dec. 11 -- NYC
    In partnership with our global affiliate GFMA, SIFMA is pleased to present the "Implementing a Global LEI Framework -- Ready. Set. Go." The symposium will address current global policy as well as regulation and business implementation issues facing the financial services industry, as we prepare to stand up the Financial Stability Board's LEI infrastructure and use of CICI legal-entity identifiers for regulatory reporting to the CFTC. We will also examine the impact of these changes on your business. Prepare your firm by attending this important event. LinkedInFacebookTwitterEmail this Story
  • SIFMA 2013 Securitization Outlook Conference -- Dec. 6 -- New York City
    Attending SIFMA's 2013 Securitization Outlook Conference will be your opportunity to hear the near-term outlook for housing markets, how the housing market will continue to recover, and ask the questions that must be addressed as we develop the nation's new system of housing finance. FHFA Acting Director Edward DeMarco will keynote this half-day program and provide his insight on the outlook for agency and non-agency MBS markets in 2013. DeMarco and several industry experts will examine issues central to securitization including regulatory and market outlook for private-label securitization markets and the latest proposals to use eminent domain to seize underwater mortgage loans. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
The robbed that smiles, steals something from the thief."
--William Shakespeare,
British playwright


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