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October 24, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • SIFMA's Ryan: Regulatory, fiscal reforms need to be prioritized
    Source: Fox Business
    The many federal agencies responsible for implementing the Dodd-Frank Act are proposing regulations with no coordination and without any consideration toward the sequence needed to put them into effect, said SIFMA President and CEO Tim Ryan. "The regulations are not really prioritized the way they should be," he said. "Let's figure out what's the highest priority. Let's focus on the highest priorities," he adds. Ryan also said lawmakers in Washington need to work hard to ensure a solution is found to prevent the U.S. from going over the "fiscal cliff." Read Ryan's opening remarks from the 2012 SIFMA Annual Meeting. Fox Business (10/23), Bloomberg Television (10/23) LinkedInFacebookTwitterEmail this Story

  • SIFMA questions CFTC swap-dealer registration rule
    SIFMA CEO Tim Ryan said at the organization's Annual Meeting in New York that the Commodity Futures Trading Commission's plans to make all "non-U.S. persons" register as swap dealers in the U.S. are too extreme. Ryan said the proposal "breaks from standards of international comity by giving U.S. regulators unprecedented regulatory scope over activities taking place in Europe, Asia and other jurisdictions." Securities Technology Monitor (10/23) LinkedInFacebookTwitterEmail this Story
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  Video View 
  • SIFMA Chair Chet Helck: Industry can improve how it is perceived
    Source: CNBC
    SIFMA Chairman Chet Helck, chief executive of Raymond James' Global Private Client Group, said the financial services industry needs to emphasize transparency and risk management in an effort to improve how it is perceived. "Let's face it, feeling good about being in our business has been a challenge lately. We know that it's hard to do our job in this environment. We know that sometimes it doesn't feel good at the end of the day," Helck said. "The thing is, we know that we do good, but does anybody else believe that?" CNBC (10/23), (10/23) LinkedInFacebookTwitterEmail this Story

  Industry News 
  • Lawmakers and economists weigh in on election, "fiscal cliff"
    A pair of U.S. senators who likely will play a key role in the drama surrounding the "fiscal cliff" visited Wall Street on Tuesday to share their views on the upcoming election and the budget negotiations. The message that Sens. Saxby Chambliss, R-Ga., and Mark Warner, D-Va., delivered at the SIFMA Annual Meeting was clear and concise: The fiscal cliff is serious and Wall Street can play a role in avoiding it. Jeremy Siegel, a finance professor at the University of Pennsylvania's Wharton School, said he expects post-election Washington to move past its recent rancor and come together to address not just the fiscal cliff, but also issues such as entitlements, tax reform and housing reform. SmartBrief/SmartBlog on Finance (10/24), The Washington Post (10/23) LinkedInFacebookTwitterEmail this Story

  • PIMCO's Hodge urges financial firms to regain client trust
    Douglas Hodge, chief operating officer at PIMCO Investment Management, told participants at SIFMA's Annual Meeting that financial services firms need to refocus their efforts to serve clients in an effort to gain back trust and help sidestep another crisis. "We have a trust deficit," Hodge said. "We have to quit screwing up [and] hold ourselves to higher standards of conduct." Hodge stressed the need for stewardship to be the industry's guiding principle. MarketWatch (10/23) LinkedInFacebookTwitterEmail this Story
  • Shortening settlement cycle could reduce costs, study finds
    The Boston Consulting Group recently completed a study into the idea of shortening the settlement cycle for U.S. cash securities transactions. The report, which had the guidance of SIFMA, found that shortening the time between executing trades and settling payment could lower costs as well as risk exposure. FTSE Global Markets (10/22) LinkedInFacebookTwitterEmail this Story
  • Other News
  Washington Roundup 
  • CFTC's Gensler discusses regulatory changes
    Source: CNBC
    Gary Gensler, chairman of the Commodity Futures Trading Commission, stresses the need to ensure a level playing field in the financial markets as he discusses the agency's efforts to require registration for swap dealers. Gensler said the regulatory changes will help bring transparency to the markets and could lower costs for investors. Gensler also discusses possible changes in the commodities sector. CNBC (10/23), Reuters (10/23) LinkedInFacebookTwitterEmail this Story

  • Schapiro discusses Knight Capital, fiduciary standard
    Mary Schapiro, chairman of the Securities and Exchange Commission, said that although the agency looks into trade rules after incidents such as the Knight Capital Group glitch Aug. 1, it is not considering changing the rules at this time. "We will always be revisiting rules after particular experiences," Schapiro said. "But I wouldn't say there is anything concrete planned" after the Knight trading issue. Schapiro also expressed confidence that progress would be made on establishing a uniform fiduciary standard of care during 2013. Traders Magazine Online (10/23), AdvisorOne (10/23) LinkedInFacebookTwitterEmail this Story
  • Other News
  Operations Update 
  • U.S. financial markets need a makeover, Niederauer says
    NYSE Euronext CEO Duncan Niederauer said the only way to fix the U.S. market structure is to scrap it and start anew. Such a drastic measure is needed, he said, because the markets have become too complex to fulfill their most basic of functions. He pointed to the recent rash of market glitches to support his criticism. Financial News Online (U.K.) (subscription required) (10/23) LinkedInFacebookTwitterEmail this Story
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  Asset/Wealth Management Report 
  • Industry can work more closely with regulators, James says
    Thomas James, executive chairman at Raymond James, said he thinks it is possible for the financial services industry and regulators to work more closely together on ways to improve the financial system. "Today, I think most of the people in here would be a little paranoid that if they took a problem to a regulator, they might get a visit next week from the [regulatory] team," James said at SIFMA's Annual Meeting. "You really need to have a mechanism so that you can meet reform that enables you to meet and talk about future problems." (10/23) LinkedInFacebookTwitterEmail this Story
Register today for the free SIFMA/Grant Thornton Broker-Dealer Hot Industry Topics Symposium in Dallas, TX on November 1.
  SIFMA News 
  • Joint SIFMA/ISDA/FIA member call: CFTC no-action letters, FAQs and Q-and-A's -- noon Eastern on Thursday
    As the compliance date for several of the Commodity Futures Trading Commission's Title VII rule makings approached Oct. 12, the CFTC released a flurry of no-action letters, frequently asked questions and question-and-answer sessions to provide much-needed relief to market participants. These releases covered several rule-making categories, including which swaps to include in de minimis threshold calculations for swaps dealers and major swaps participants, cross-border scope, securitizations, foreign exchange forwards and swaps, and commodity pools and eligible contract participants. SIFMA, the International Swaps and Derivatives Association and the Futures Industry Association will hold a joint member briefing at noon Eastern on Thursday to discuss what relief was provided, whether it goes far enough and what more can be expected. Registration for this call is required. A dial-in number will be provided upon registration. This call is closed to the media and nonmembers. To check your firm's membership status, see these directories: SIFMA full members, SIFMA associate members, ISDA members and FIA members. Or contact SIFMA's Office of Member Engagement at (212) 313-1152 or LinkedInFacebookTwitterEmail this Story
  • 2013 Securities Industry Institute (SII) -- March 3-8 -- Philadelphia
    The Securities Industry Institute® (SII) is the premier executive development program for securities industry professionals. Now in its 62nd year, the Institute is held each March at The Wharton School of The University of Pennsylvania. The mission of the Institute is to equip each participant with practical information, ideas and answers directly applicable to their present and future responsibilities. Want to know more about the SII? Hear more from SII Trustees about SIFMA's premier executive education program and the overall value for those interested in attending or nominating employees at their firm. LinkedInFacebookTwitterEmail this Story
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What is right with our industry can fix what is wrong with our industry."
--SIFMA Chairman Chet Helck at the 2012 Annual Meeting

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