| News on the capital markets, securities and financial industry |  |
| Morning Bell |  |  |
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- Self-regulation of exchanges needs review, SEC official says
Daniel Gallagher, a member of the Securities and Exchange Commission, said at a SIFMA conference that a comprehensive review of markets is needed. He noted that exchanges' self-regulatory aspect, in particular, needs to be assessed. "We are at a crossroads with respect to the status of self-regulation," Gallagher said. "For decades now, we've been building upon a self-regulatory framework premised on circumstances that no longer exist, a framework that permeates every aspect of market structure." Banks and brokerages also are starting to challenge the semi-governing status and legal protection granted to exchanges. Reuters
(10/4), Financial Times (tiered subscription model)
(10/4), The Wall Street Journal
(10/5)      
- BIS sets survey on currency markets and derivatives for 2013
The Bank for International Settlements plans to publish its ninth survey of central banks on currency markets and derivatives late next year. "More than 5,000 financial institutions worldwide are expected to contribute," according to the BIS. The survey, taken once every three years, will collect data in April and June. Bloomberg Businessweek
(10/4)
 | Another Arrow in the Quiver.
Publicly traded REITs represent a potential opportunity for investors. ClearBridge Advisors discusses the opportunity in their recent whitepaper. |
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| Washington Roundup | | |
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- CFTC faces battle over registration of investment funds
The Commodity Futures Trading Commission will be back in court today as it continues to defend reform. Two industry groups are suing the CFTC to block a rule requiring investment funds to register with the agency. The groups say the rule duplicates one from the Securities and Exchange Commission. Reuters
(10/4)
| Operations Update | | |
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- U.K. official isn't confident banks will make data deadline
Gerald Sampson, manager of the operational-risk review at the U.K.'s Financial Services Authority, doubts that global systemically important banks will be able to make a 2016 deadline to have the ability to aggregate data. While smaller firms will get more time, "there isn't any reason why smaller firms should have a harder time; they may have an easier time," Sampson said. "But the focus at the time of the drafting was really the globally systemic firms so we've got to get that nailed down first." Risk.net (subscription required)
(10/4)
| SIFMA News | | |
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- Alan Greenspan on the economy at SIFMA Annual Meeting -- Oct. 23 -- NYC
Former Fed Chairman Alan Greenspan will address the SIFMA audience on the path forward for the U.S.
economy. Dr. Greenspan will emphasize his support for bipartisan cooperation to resolve the U.S. fiscal
crisis. However, shoring up the U.S. balance sheet is only the first step toward bringing coherence to
the financial markets -- Europe presents the greatest challenge to economic recovery. Learn more at the
SIFMA Annual Meeting.
- SIFMA IAS Annual Conference -- Oct. 29-30 -- New York City
The full program for the 2012 Internal Auditors Society Annual Conference is now available. Keynote speakers include Arthur Levitt, former chairman of the SEC, and SIFMA CEO Tim Ryan. The program also includes breakouts and panels on a variety of audit-related topics including unauthorized trading, dynamic risk assessment, vendor risk management and more. The conference will take place at the Hilton New York on Oct. 29 through 30. Register now and don't miss this opportunity to keep up to date with the latest industry trends, network with fellow audit professionals, and earn CPE credits.
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