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January 7, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Basel panel eases up on liquidity-coverage ratio
    The Basel Committee on Banking Supervision has granted a four-year reprieve and phase-in period for its liquidity-coverage ratio, a step that banks had argued was necessary to sustain lending. Originally, banks were required to have in 2015 sufficient liquid assets to cover expected outflow over 30 days. The date for that has been changed to Jan. 1, 2019, with banks needing to show a 60% ratio in 2015. "[The Group of Governors and Heads of Supervision have] rescued the concept of a global liquidity rule, but its reality remains up in the air," said Karen Shaw Petrou, managing partner of Federal Financial Analytics. Financial Times (tiered subscription model) (1/6), Reuters (1/6), The Wall Street Journal/Dow Jones Newswires (1/6), Bloomberg (1/7) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • New Citi chief moves cautiously with regulators
    After former Citigroup chief Vikram Pandit failed to win the go-ahead from U.S. bank regulators last year to return capital to shareholders, new CEO Michael Corbat is approaching the subject more cautiously, taking the time first to get acquainted with regulators during his early days in office. The bank is expected to seek approval only to buy back shares and not to raise dividends. "The first step will be bite-sized, it will be a start," said David Hendler, a senior analyst at CreditSights. Reuters (1/6) LinkedInFacebookTwitterEmail this Story
  • Commentary: Major central banks are entities to watch
    Wise investors keep their eyes not on economic statistics or mercurial politicians but on the Big Four central banks: the Federal Reserve, the Bank of England, the Bank of Japan and the European Central Bank. Their actions trumped anything that happened in the stock or bond market in 2012, Mike Dolan writes. Reuters (1/4) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Fed official advocates initial margins for OTC swaps
    For the many swaps not standardized and subject to clearing mandates this year, some quarters are advocating initial margins for traders, an idea receiving significant backing from Federal Reserve Vice Chairwoman Janet Yellen. "A more robust and consistent margin regime for non-centrally cleared derivatives will not only reduce systemic risk, but will also diminish the incentive to tinker with contract language as a way to evade clearing requirements," Yellen said. However, critics say the proposal could harm global OTC trade. Learn more at SIFMA's OTC Derivatives Resource Center. Reuters (1/4) LinkedInFacebookTwitterEmail this Story
  • Foreign banks get no relief on swaps push-out
    The Office of the Comptroller of the Currency has repeated a mistake embedded in the Dodd-Frank Act concerning foreign banks, Matt Cameron writes. Non-U.S. financial institutions that conduct swaps in their American branches still face a requirement to shift those activities into a separate legal entity by mid-July. The OCC issued a notice that U.S. banks can request safe harbor for as many as three years after July 16. (subscription required) (1/4) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  Asset/Wealth Management Report 
  Hot Topics 

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

  • Results based on number of times each story was clicked by readers.
  SIFMA News 
  • Latest SIFMA Research: U.S. Municipal Issuance Survey 2013
    SIFMA Research released the U.S. Municipal Issuance Survey 2013, which is compiled from responses provided by large and regional municipal bond underwriters and dealers. This report forecasts what type of activity is expected in the taxable and tax-exempt municipal securities market in 2013. Also, SIFMA recently issued its U.S. Research Quarterly, 2012 Q3, a report containing brief commentary and statistics on the U.S. capital markets. SIFMA Research reports include regular outlooks and forecasts, research quarterlies, and essential industry factbooks and yearbooks. LinkedInFacebookTwitterEmail this Story
  • 2013 Securities Industry Institute (SII) -- March 3-8 -- Philadelphia
    Keep your resolution to invest more in your future by enrolling in SIFMA's Securities Industry Institute® (SII), the premier executive development program for securities industry professionals. Now in its 62nd year, the Institute is held each March at The Wharton School of The University of Pennsylvania. The mission of the Institute is to equip each participant with practical information, ideas and answers directly applicable to their present and future responsibilities. Want to know more about the SII? Hear more from SII Trustees about SIFMA's premier executive education program and the overall value for those interested in attending or nominating employees at their firm. LinkedInFacebookTwitterEmail this Story
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If money be not thy servant, it will be thy master. The covetous man cannot so properly be said to possess wealth, as that may be said to possess him."
--Francis Bacon,
British author and statesman

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