| News on the capital markets, securities and financial industry |  |
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- Fed: Asset-backed securities markets improve in the U.S.
The Federal Reserve issued a report saying the market for securities backed by commercial mortgages has improved during the past three months. Additionally, the report says markets for securities linked to other consumer assets, including car loans and credit card payments, were more liquid for the three months ended in February than in the previous two quarters. Reuters
(3/29)      
| Industry News | | |
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- India plans to clarify stance on foreign-investment taxation
Indian Finance Minister Pranab Mukherjee said the government will clarify its stance on taxation of investments by foreign entities amid concerns raised by ASIFMA and SIFMA. "As and when the position will be clarified, you will come to know, don't worry," Mukherjee said. ASIFMA and SIFMA had expressed concerns about the proposal in a letter to Mukherjee. "Such onerous taxation or even the risk of such taxation could threaten this important source of capital for India's businesses," the groups wrote. Read SIFMA and ASIFMA's letter to the Indian Finance Ministry. Business Standard (India)/Press Trust of India
(3/29)
- JPMorgan revives distressed CMBS sales
JPMorgan Chase recently told investors it will sell about $132 million of commercial mortgage-backed securities supported by troubled debt bought by Rialto Capital Management. The move is a step toward reviving sales of CMBS backed mostly by delinquent loans. "There is an estimated $75 billion to $100 billion of distressed commercial debt out there that has yet to be dealt with, so this could be part of the cleanup process," said Tad Philipp of Moody's. The Wall Street Journal/Developments blog
(3/29)
- Household income grew 1.7% in Q4, report says
Real disposable income rose in the fourth quarter at a faster rate than previously estimated, the Commerce Department said. Household income increased 1.7%, rather than the 1.4% previously thought, the department said. Economists cited employers' addition of workers. Reuters
(3/29)
| Washington Roundup | | |
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- Lawmakers warn regulators against broad definition of "swap dealer"
Sen. Debbie Stabenow, D-Mich., and Rep. Frank Lucas, R-Okla., wrote to the Commodity Futures Trading Commission to encourage it to keep its definition of "swap dealer" narrow. "We would urge the commission to consider that many commercial end-users, particularly those with inherent physical commodity price risk, actively trade in swaps to facilitate hedging of those risks," Stabenow and Lucas wrote. "The final rule should clarify that these activities do not constitute 'swap dealing.' " Reuters
(3/29), Bloomberg Businessweek
(3/29)
- CFTC considers best way to test and supervise algorithms
The Commodity Futures Trading Commission is looking into issues related to the use of algorithms and may seek comment about how to assess and supervise their use in the financial markets. "Regulators cannot assume that the algorithms in the markets are well designed, tested or supervised," Chairman Gary Gensler said at the CFTC's Technology Advisory Committee meeting. Securities Technology Monitor
(3/29)
- Senate committee gives its nod to Norton for FDIC post
The Senate Banking Committee voted Thursday to approve Jeremiah Norton to a seat on the Federal Deposit Insurance Corp. board. As an executive director for JPMorgan Securities, Norton advises institutions on mergers and acquisitions. He also was a deputy assistant secretary for financial-institutions policy at the Treasury Department. The banking committee has approved a full lineup of candidates for the five-member FDIC board. Democrats hope to get the full Senate to confirm the nominees before the chamber recesses this week. Reuters
(3/29)
- Analysis: JOBS Act isn't perfect but has some good ideas
The U.S. has responded to financial crises and scandals by adding regulations, including the Sarbanes-Oxley and Dodd-Frank acts. The Jumpstart Our Business Startups Act is an effort to swing the regulatory pendulum in the opposite direction. The legislation, which is designed to address a drop in initial public offerings, includes positive steps but goes too far in other areas, according to The Economist. The Economist
(3/31)
- Analysis: JOBS Act and BATS meltdown put capital market in flux
The U.S. capital market is facing significant changes due to technological advancements, regulatory rewrites and other developments. BATS, a major provider of market liquidity, recently suffered an embarrassing technical glitch that has raised questions about the reliability of equities markets. Meanwhile, the JOBS Act will revise the rules for companies looking to raise capital. The Economist
(3/31)
| SIFMA News | | |
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- SIFMA's 39th Operations Conference & Exhibit is in Scottsdale, Ariz. -- May 1-4
SIFMA's 39th Annual Operations Conference + Exhibit convenes senior professionals from across the financial services industry and is a must-attend event. Featured speakers include industry veterans Cyrus Amir-Mokri, Assistant Secretary for Financial Institutions, U.S. Department of the Treasury, and Bill Rutledge, formerly EVP for Bank Supervision at the Federal Reserve. They will join a full slate of regulatory and infrastructure leaders -- SEC, FINRA, CFTC, MSRB, DTCC, FICC, OCC -- to deliver key expert insights into infrastructure, risk management and regulatory changes affecting your business. Register today.
- SIFMA Newsletters give unique updates on the financial services industry -- Subscribe today
Whether you are trying to stay informed on matters affecting global, federal or state legislative matters, or the regulatory issues of the day, SIFMA's newsletters provide you with timely and informative summaries to help you keep abreast of the changing environment of the financial services industry landscape. SIFMA's newsletters' topics also span the areas of municipal bonds, government and funding issues, and infrastructure. Sign up today for the SIFMA newsletters that will help you and your firm most. And be sure to sign up for SIFMA's Op & Tech SmartBrief to keep abreast of the news and topics you need for your firm.
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