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December 3, 2012
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  Top Story 
  Industry Update 
  • U.S. banks help offshore clients avoid new derivatives rules
    Wall Street banks are explaining to their foreign clients that they can sidestep upcoming new U.S. rules governing over-the-counter derivatives by routing their trades through the lenders' overseas divisions, sources say. However, as U.S. regulators finalize the rules and authorities around the world consider new regulations, questions still remain. Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  • Rules will rein in alternative sources of credit, study says
    Allen & Overy has released a study that asserts that new regulations in Europe, the U.S. and elsewhere will curtail the ability of asset managers, insurers and investment funds to provide alternative sources of credit. The research found that rules governing the derivatives markets, hedge funds, banks and other areas of the financial industry will combine to increase the cost of credit. "Allen & Overy believes it will take years to clarify exactly what the growing number of regulations mean, creating confusion and uncertainty in the market and bringing with it a prolonged period of credit paralysis," the study says. Financial Times (tiered subscription model) (12/2), Banking Times (London) (12/3), The Wall Street Journal/Dow Jones Newswires (12/2) LinkedInFacebookTwitterEmail this Story
  • Basel margin rules draw a challenge from exchanges
    The world's biggest exchanges have joined forces to protest strict capital requirements proposed by the Basel Committee on Banking Supervision's Interim Capital Framework. The exchanges contend that the measures "will increase the cost of exchange traded derivatives and could potentially make [them] more expensive than less liquid and less transparent products," according to a letter sent to the Financial Stability Board. Financial News Online (U.K.) (subscription required) (11/30) LinkedInFacebookTwitterEmail this Story
  • Schapiro puts off JOBS Act rule about raising capital
    Securities and Exchange Commission Chairman Mary Schapiro, in one of her last acts running the agency, delayed ending a ban on companies advertising unregistered securities. Currently, only wealthy investors can legally obtain such unregistered shares. The measure to expand the sale of such securities to a wider audience, and thus ease the ability to raise capital, was part of the Jumpstart Our Business Startups Act. The Washington Post (12/1), The Wall Street Journal (12/2) LinkedInFacebookTwitterEmail this Story
  • Funds warn investors away from high-yield bonds
    High-yield bonds are so popular among yield-hungry investors that some funds believe they are dangerous. Fund managers T. Rowe Price and Vanguard have started turning down people who want to invest in their high-yield bond funds. The funds said they are running out of bonds worth buying. CNBC/The Associated Press (12/2) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Canceled marathon leads to insurance negotiations
    Over the past four weeks the New York Road Runners club has been engaged in difficult negotiations over its claim for payment from its insurer as a result of the canceled New York City Marathon. Benjamin Lawsky, superintendent for financial services for New York state, is trying to help mediate a settlement, a person familiar with the matter said. The Wall Street Journal (12/2) LinkedInFacebookTwitterEmail this Story
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Silent gratitude isn't much use to anyone."
--Gladys Bronwyn Stern,
British writer


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