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November 28, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  Industry News 
  • Banks move to increase corporate-bond inventories
    In the five weeks ended Nov. 14, the biggest banks increased holdings of corporate debt by $13 billion, to $57.8 billion, according to Federal Reserve data. Holdings peaked at $235 billion in 2007, but banks have since reduced their inventories. Still, 2012 has been a record year for bond sales, and Wall Street banks are back in the thick of things as market makers. Bloomberg (11/27) LinkedInFacebookTwitterEmail this Story
  • Banks see drop in currency-trading profits
    Profits from foreign exchange trading are declining amid a proliferation of platforms and a shift to electronic trading. "The FX market has gone through a transition to being much more automated, and an obvious conclusion of automation is it becomes much more competitive," said Fabian Eliasson of Mizuho Corp. Bank. "It's the same thing that happened with stocks 20 years ago." The Wall Street Journal (11/27) LinkedInFacebookTwitterEmail this Story
  • Analysis: Easy money in U.S. sparks capital controls overseas
    South Korea rolled out a round of capital controls aimed at curbing foreign exchange forwards allowed on banks' balance sheets, which is expected to hamper banks' ability to act as counterparties for rapid capital inflow. Such inflow can be attributed to the Federal Reserve, but capital controls overseas could come back to haunt the U.S., according to The Wall Street Journal. The Wall Street Journal (11/27) LinkedInFacebookTwitterEmail this Story
  • Citi exec paints gloomy economic picture
    Richard Cookson, chief investment officer of Citigroup's private bank, has voiced concerns about major economies, saying China's "demographics stink," Europe is on the ropes and U.S. corporations are overstating balance sheets. Cookson says the only way for investors to profit in this environment is to catch cyclical upswings. Reuters (11/27) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Obama will rally support for plan to avert "fiscal cliff"
    President Barack Obama will go on the road this week to lead a series of campaign-style rallies aimed at building support for his proposals to avert the "fiscal cliff," administration officials said. The public relations campaign is intended to put pressure on Congress to reach agreement on legislation to prevent tax increases and spending cuts from automatically taking effect Jan. 1, they said. The Washington Post (11/27), CNN (11/28), USA Today/The Oval blog (11/27) LinkedInFacebookTwitterEmail this Story
  • Incoming SEC chief will face many challenges
    Elisse Walter, the designated successor to Mary Schapiro as head of the Securities and Exchange Commission, will immediately face a number of issues, such as the back-and-forth over regulation of money market mutual funds and Dodd-Frank rules not yet finalized. Also, unless President Barack Obama renominates her and the Senate approves, her term would end in one year. Reuters (11/27) LinkedInFacebookTwitterEmail this Story
  • Basel III won't be postponed, official says
    With many jurisdictions ready to go, Basel III capital rules for banks will take effect Jan. 1 as scheduled, said Wayne Byres, secretary general of the Basel Committee on Banking Supervision. "We are persisting with the date, and those not ready on Jan. 1 can be ready thereafter," Byres said. Reuters (11/27) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Financial advisers need high tech to attract young clients
    If financial advisers want to bring in young, wealthy clients, they're going to have to use a high-tech approach to prospecting, according to a study by SEI, Scorpio Partnership, and Standard Chartered Private Bank. The "futurewealthy," younger investors with significant wealth and a good chance of accumulating more, spend three hours a day of personal time and three hours a day at work online, the study found. Financial-Planning.com (11/27) LinkedInFacebookTwitterEmail this Story
Register for SIFMA's 2013 Securitization Outlook Conference on December 6th and join FHFA's Edward Demarco and industry experts to examine the issues related to the regulatory and market outlook for private-label securitization markets, and more.
  SIFMA News 
  • Hotel room block opens TODAY at NOON: SIFMA C&L Society Annual Seminar -- Phoenix
    SIFMA's Compliance & Legal Society Annual Seminar 2012 was attended by 1,500 financial industry legal and compliance professionals and featured more than 60 panels and sessions, creating the premier forum to discuss the issues and share expertise and insights into critical topics for varied interests. The 2013 program in Phoenix on March 17-20, 2013 will be no different. This room block will fill up quick, and will open at noon EST today! Register for this industry tradition and give yourself the opportunity to engage leading industry experts on the latest regulatory developments and industry trends. LinkedInFacebookTwitterEmail this Story
  • SIFMA and 85Broads present: Transforming the Street -- RESCHEDULED to Dec. 5
    Please join us for an educational evening with Blythe Masters, head of global commodities at JPMorgan Chase and chair emeritus at SIFMA, on Dec. 5 in New York City. The discussion will be moderated by Sharon Epperson of CNBC and focus on the evolution of the financial services industry; how new regulations will strengthen it; and new opportunities for women on Wall Street. SIFMA Professional Society Members attend free. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
The foolish man seeks happiness in the distance; the wise grows it under his feet."
--James Oppenheim,
American poet, novelist and editor


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