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December 5, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Fed seeks suggestions for structuring "stress tests"
    The Federal Reserve is seeking feedback from financial institutions on how to carry out its "stress tests" for assessing the firms' vulnerabilities to adverse conditions. The central bank already has disclosed the banks' capital requirements and the stress tests' hypothetical “baseline, adverse and severely adverse scenarios." The Hill (12/4) LinkedInFacebookTwitterEmail this Story
Big Data for the Next Big Idea in Financial Services
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  Industry News 
  • SIFMA letter: Obama should veto Europe's FTT
    Kenneth E. Bentsen Jr., executive vice president at SIFMA, applauds the Wall Street Journal's editorial "Obama Vetoes a Carbon Tax -- in Europe" in this letter to the editor. Bentsen writes that President Barack Obama should take the same approach to a European tax on financial transactions. "We believe the president should also take the same approach to European efforts -- particularly France -- to impose its domestic financial transaction tax (FTT) extraterritorially to U.S.-based transactions," Bentsen writes. The Wall Street Journal (12/4) LinkedInFacebookTwitterEmail this Story
  • Global regulators vow to fix derivatives-rule problems
    Regulators worldwide recently met in New York and identified potential problems with derivatives rules. "We have identified various potential conflicts, inconsistencies, and duplicative requirements within our respective contemplated rules and we will continue to discuss measures to ameliorate the challenges they raise," the regulators said in the joint statement. For example, the regulators will strive to minimize issues arising from extraterritoriality. Jones Newswires (12/4), Reuters (12/4) LinkedInFacebookTwitterEmail this Story
  • Commentary: Clarity is needed in bank-slimming efforts
    Myriad moves are afoot on both sides of the Atlantic Ocean to slim down banks, raising many questions, columnist Francesco Guerrera writes. "Trying to determine the optimal model for banks, or indeed any company, by regulatory fiat seems like a flawed idea," he notes. "But doing it in such a cacophonous way is even worse." The Wall Street Journal (12/3) LinkedInFacebookTwitterEmail this Story
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  Sponsored Poll 
  • How much of Dodd-Frank do you think will be finalized in the next year?
All of it
Nearly all of it
Some of it
Not much of it
Barely any rules finalized

  • What will be the biggest issue Congress addresses next year?
Tax reform
Housing finance reform
Dodd-Frank modifications
Nothing significant

  Washington Roundup 
  • SIFMA welcomes opportunity to comment on MSRB rules
    The Municipal Securities Rulemaking Board is planning to request feedback on its rule book in an effort to ensure the effectiveness and efficiency of its regulations. “Instead of just creating more rules, we are taking the time to look at the existing rule book,” said Lynnette Kelly, executive director at MSRB. “We will give a request for comment on the entire rule book.” SIFMA and other market participants said they welcome the opportunity. The Bond Buyer (special access for readers of SIFMA SmartBrief) (12/4) LinkedInFacebookTwitterEmail this Story
  • Other News
Why Warmth Is Critical to Your Career
If people think you have low interpersonal warmth, "you have something like a 1-in-2000 chance to make the top quartile of effectiveness as a leader," according to Kellogg School of Management Professor Loran Nordgren. Read more.
  Operations Update 
  Asset/Wealth Management Report 
  • Advisers strive for proper tech incorporation
    For the first time, having the right technology to make it through difficult times is a top concern of financial advisers, according to the 2012 Scottrade Advisor Services Study. Almost half of advisers polled said the economy has changed how they run their business; as a result, many have updated software or hardware. AdvisorOne (12/3) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA Member Call: Regulation of Foreign Banking Organizations Thursday, Dec. 6, at noon EST
    In a recent speech, Federal Reserve Governor Daniel Tarullo previewed a potential proposal that would require foreign banks with large U.S. operations to create a separately capitalized, top-tier U.S. intermediate holding company that would sit on top of all U.S. bank and nonbank subsidiaries and that would have to independently meet U.S. capital, liquidity and other Dodd-Frank prudential standards. Large U.S. banks will need to also focus this proposal, since it would be another step on the road to subsidiarization and, if implemented, could well lead to a further push by major foreign regulators to impose similar requirements for U.S.-headquartered banks.

    SIFMA will hold a Member briefing on Thursday, Dec. 6, at 12 p.m. EST to discuss the implications for both foreign banks and U.S.-headquartered banks. Pre-registration for this call is required. Participants can register by visiting this pre-registration link. The Conference ID Number is 10022036. A dial-in number will be provided upon completion of the pre-registration process. This call is closed to the press and non-members. To check your firm's membership status check the following membership directories: SIFMA Full Members, SIFMA Associate Members, or contact SIFMA's Office of Member Engagement at 212-313-1152 or LinkedInFacebookTwitterEmail this Story
  • SIFMA Social Media Seminar -- Feb. 28, 2013 -- San Francisco
    This popular event moves to the West Coast for a full-day seminar featuring in-depth panels on marketing, business and practitioner experience with social media, as well as practical advice on the legal and compliance issues faced by the expanding use of interactive technology for business purposes. Learn the practices and processes that will help your firm navigate these new communication platforms. LinkedInFacebookTwitterEmail this Story
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The forceps of our minds are clumsy things and crush the truth a little in the course of taking hold of it."
--H.G. Wells,
British author

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