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October 22, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Experts raise concerns about SEC's new derivatives rule
    With the option for big banks to monitor their own risk internally, the Securities and Exchange Commission's proposal that banks hold more capital for their securities derivatives may fail, experts say. The complex modeling that banks will use may enable them to simply produce the result they want, some point out. "You have to ask the question: If the regulators can't figure out the value-at-risk modeling, what is the point of all this?" asks former Goldman Sachs banker Wallace Turbeville. MarketWatch (10/19) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Analysis: "Regulatory cliff" compounds uncertainty
    Corporate America faces not only the "fiscal cliff" involving tax increases and other changes, it also is keeping an eye on a pending "regulatory cliff." CEOs are watching the Federal Register for final rules from a variety of government departments. There's still time to register for SIFMA's Annual Meeting on Tuesday, where top regulators and experts will discuss the regulatory cliff, the fiscal cliff and more. Barron's (free content) (10/20) LinkedInFacebookTwitterEmail this Story
  • U.S. stocks outperform every other major asset class
    For the first time since 1995, U.S. stocks are outpacing all other major asset classes, including corporate bonds, Treasurys and commodities. "We see good earnings growth and improving economic outlook, we see good equity valuations and easy monetary policy, we see skeptical investors and low positioning in equity assets," said Max King of Investec Asset Management. "This is a major green light for equities and the fact that people don't see it is great." Bloomberg (10/22) LinkedInFacebookTwitterEmail this Story
  • FX market loses confidence in central banks' stimulus efforts
    JPMorgan Chase's G7 Volatility Index declined to a five-year low, a signal that the foreign-exchange market's confidence is waning over the abilities of central banks to bolster the global economy. Average daily forex volume was down 39% in September, compared with September 2011, according to the EBS trading platform from ICAP. Bloomberg (10/22) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Basel Committee will take a close look at securitization
    The Basel Committee on Banking Supervision plans a review of how securitization is regulated, said Secretary-General Wayne Byres. "What will come out before the end of the year will be more a concept paper than a detailed set of rules," he said. "It'll pose some questions." Bloomberg (10/22) LinkedInFacebookTwitterEmail this Story
  • Municipal adviser shield may be defined down
    A bill backed by SIFMA and passed in the House of Representatives would exclude many people from the definition of financial adviser in relation to advice offered to towns, cities and states. The bill, designed to shield these public entities from abuses, faces an uncertain future in the Senate. However, major backing for the bill may shape the Securities and Exchange Commission's criteria for municipal advisers. Reuters (10/19) LinkedInFacebookTwitterEmail this Story
  • Other News
  Asset/Wealth Management Report 
  • Financial advisers warn wealthy clients to sell assets
    Many financial advisers are telling their high-net-worth clients to sell or restructure financial assets before the end of 2012 to avoid triggering capital gains taxes next year. Advisers at companies including Bank of America, Bank of New York Mellon, JPMorgan Chase and U.S. Bancorp are talking with their wealthy clients about shifting assets to tax-deferred accounts, converting IRAs, selling appreciated securities, making large gifts to heirs and exercising stock options. Bloomberg (10/19) LinkedInFacebookTwitterEmail this Story
  Hot Topics 

Top five news stories selected by SIFMA SmartBrief readers in the past week.

  • Results based on number of times each story was clicked by readers.
  SIFMA News 
  • Diversity & Inclusion Conference -- Oct. 25 -- New York City
    SIFMA is proud to present the 2012 Diversity Conference on Oct. 25 at the SIFMA Conference Center in New York City. This year's conference, What's Next: Taking Inclusion to the Next Level in the Securities Industry, will include new regulatory information on Dodd-Frank Section 342 as well as diversity best practices from SIFMA member firms. Speakers include: Karen Sumberg, Executive Vice President, Center for Talent and Innovation; Damon Phillips, Professor, Columbia Business School; Carla Harris, Managing Director, Emerging Managers Program, Morgan Stanley; and many more. We invite all levels of business professionals to this momentous event! LinkedInFacebookTwitterEmail this Story
  • SIFMA Annual Meeting Exclusive: Bipartisan discussion by 2 of the "Gang of Eight" on congressional attempt to avoid the "fiscal cliff"
    Sens. Saxby Chambliss, R-Ga., and Mark Warner, D-Va., are members of the "Gang of Eight," a group of four Democratic and four Republican senators tasked as Congress' last resort to broker a compromise tax-reform plan that would prevent a drop of the United States off the "fiscal cliff" at the start of 2013. They will provide their inside perspectives on the critical importance of avoiding the drop, what must occur for that to happen and the probability that they can be successful, as well as other insights into the future of U.S. competitiveness. Register today! LinkedInFacebookTwitterEmail this Story
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The importance of money flows from it being a link between the present and the future."
--John Maynard Keynes,
British economist

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