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March 5, 2013
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • Treasury wants single version of Volcker rule, Miller says
    Mary John Miller, Treasury undersecretary for domestic finance, said at an industry conference that the five regulators working on the Volcker rule should produce a single version. "We think a joint rule is optimal," she said. "To have a different rule developed by a banking regulator and a securities regulator would not be helpful to the market. ... That requires a significant amount of coordination and discussion to think about how they can all work together. And that process takes time -- it has taken time." Former Federal Reserve Chairman Paul Volcker says progress on the rule has been hindered by a fragmented regulatory landscape and other obstacles. (subscription required) (3/4), Reuters (3/4) LinkedInFacebookTwitterEmail this Story
  • Tax-exempt bonds used by companies prompt questions
    Bonds that pay tax-exempt dividends that are being used to finance private projects are getting a closer look, as the U.S. searches for revenue to narrow the budget deficit. Since 2003, more than $65 billion in such bonds have been sold by state and local governments on behalf of companies, according to an analysis by The New York Times. Ending this tax-exempt borrowing could produce $50 billion in revenue for the U.S. government over 10 years, according to the Bipartisan Policy Center. The New York Times (tiered subscription model) (3/4) LinkedInFacebookTwitterEmail this Story
  • CMBS market struggled last month
    Commercial mortgage-backed securities struggled in February after increasing as much as 15% in January. JPMorgan Chase sold the lowest-grade investment securities for 390 basis points above benchmark rates. "The weakness can be attributed to the glut of primary supply, investor apathy and the enormity of January's rally," a Deutsche Bank report says. Bloomberg (3/4) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Sandy's victims struggle with legal problems, bureaucracy
    Efforts to rebuild homes hit by superstorm Sandy are being delayed by issues such as insurance policies that left parts of buildings uncovered and banks that won't release funds because they want more information about how the money will be used. Legal clinics are being overwhelmed by homeowners seeking help with legal problems and bureaucratic requirements. The Wall Street Journal (3/4) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • "No" is a no-no in the C-suite
    Phrases and words that should be avoided in the C-suite include "cost," "I think" and "We can't," writes Larry Bonfante, chief information officer of the U.S. Tennis Association. "Language is a very powerful thing," Bonfante writes. "Words convey not only meaning, but emotions as well." (2/25) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • SSgA aims to launch index-tracking, dividend-focused ETF
    State Street Global Advisors is seeking Securities and Exchange Commission approval of an exchange-traded fund that would buy stocks of companies worldwide that pay high dividends. The SPDR S&P Global Dividend ETF would select investments from the S&P Global Dividend Aristocrats Index, using representative sampling. ETF Trends (3/2), (3/1) LinkedInFacebookTwitterEmail this Story
Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus."
--Alexander Graham Bell,
Scottish-born American inventor

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