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October 15, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • SEC will use upgraded tech to spot abuses, Schapiro says
    Mary Schapiro, chairman of the Securities and Exchange Commission, said the agency is working to identify "suspicious trading patterns and relationships among multiple traders and across multiple securities," and will use updated technology to detect market abuse. "Upgraded technology makes it possible to wade through literally millions of documents and thousands of hours of conversations to find the proverbial needle in a haystack that lets us sew up a case," Shapiro said. Schapiro will be a featured speaker at SIFMA's Annual Meeting on Oct. 23 in New York. Register today. Securities Technology Monitor (10/12)
  Industry News 
  • BlackRock focuses on ETF business but faces challenges
    With a leading $3.6 trillion under management, BlackRock is a world beater by that measure. However, its stock has been lagging compared with those of top competitors, in part because founder and CEO Laurence Fink may be in line to be U.S. Treasury secretary if President Barack Obama is re-elected. Vanguard and Charles Schwab also have been undercutting BlackRock on fees for exchange-traded funds, an area of focus for BlackRock. Barron's (special access for readers of SIFMA SmartBrief) (10/13) LinkedInFacebookTwitterEmail this Story
  • Other News
  Washington Roundup 
  • CFTC delays implementation of some swaps rules
    The Commodity Futures Trading Commission announced delays, extensions and exemptions for implementation of swaps-market rules. Among those relieved of pressure to act quickly are foreign entities, including overseas branches of U.S. banks, which won't need to begin tallying swaps until perhaps year-end. Bloomberg (10/12) LinkedInFacebookTwitterEmail this Story
  • SEC's Schapiro supports bill easing limits on penalties
    Mary Schapiro, chairman of the Securities and Exchange Commission, supports legislation that would allow the agency to increase the size of penalties it can get from companies. Individuals accused of wrongdoing can face a penalty of no higher than $150,000 per violation, while the limit for an entity or corporation is $725,000. "In most cases -- particularly those involving large financial institutions -- the maximum penalty is equal only to the amount of the wrongdoer's ill-gotten gains," Schapiro said. "We are not permitted to base our penalties on how much investors have lost." The Wall Street Journal/CFO Journal (10/12) LinkedInFacebookTwitterEmail this Story
  • SEC is responsible for money market fund industry, Bair says
    Former Federal Deposit Insurance Corp. Chairwoman Sheila Bair said the Securities and Exchange Commission needs to take responsibility for regulation of the money market mutual fund industry. Bair said the industry poses a systemic risk to the financial system and "it's not stable." Bloomberg (10/14) LinkedInFacebookTwitterEmail this Story
  • Commentary: Dangers abound in Basel III
    Basel III might produce an effect opposite to that intended, Forbes contributor Shawn Baldwin writes. Among potential problems: sidelining smaller and weaker banks, a squeeze on banks' profit margins, less investor appetite for bank debt and equity, and reduced lending capacity. "Critics point out that these side effects will lead to reduced credit availability or increased cost of credit overall, in a healthy global economy," Baldwin writes. Forbes (10/12) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  Asset/Wealth Management Report 
  • Financial advisers see soaring client interest in annuities
    Financial advisers are getting more questions from clients about annuities than any other financial product, according to Cerulli Associates. The interest is a big change from last year, when annuities were the sixth-most-asked-about product, the researcher said. InvestmentNews (free registration) (10/12) LinkedInFacebookTwitterEmail this Story
  Hot Topics 

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

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  SIFMA News 
  • SIFMA-Davis Polk: Title VII Cross Boarder Workshop -- TUESDAY -- New York City
    SIFMA and Davis Polk will host a Title VII Cross Boarder Workshop on Tuesday in New York City. This half-day program is designed to give participants practical insight and analysis on the CFTC's Proposed Guidance and Exemptive Order relating to the cross-border application of Title VII of the Dodd-Frank Act. Discussion topics will include the impact of the CFTC's expansive proposed definition of "U.S. person," the effect of booking model and aggregation requirements on registration determinations, understanding of the entity-level/transaction-level split, issues with substituted compliance and comparability determinations, and examination of new CFTC constructs found in the proposal (i.e., "non- U.S. affiliate conduits"). LinkedInFacebookTwitterEmail this Story
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I have loved the stars too fondly to be fearful of the night."
--Galileo Galilei,
Italian astronomer, philosopher and physicist

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