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February 13, 2013
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  Top Story 
  • Fed presidents say industry's money-fund ideas aren't enough
    The presidents of the 12 regional Federal Reserve banks wrote in a letter to the Financial Stability Oversight Council that industry-backed ideas such as "redemption gates" are not enough to stabilize money market mutual funds. "[W]e do not believe this reform proposal contains the fundamental elements needed to address the financial stability risks posed by MMFs," according to the letter. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • DTCC: Data-sharing obstacles might hamper regulatory progress
    Although Depository Trust & Clearing is seeking to become a worldwide derivatives-data repository, differences between U.S. and EU law are proving difficult to overcome, the company says. "There are fairly major impediments to data sharing at the moment," said Stewart Macbeth, president of DTCC unit Deriv/SERV. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  • Hedge fund managers are optimistic about CMBSs
    Many hedge fund managers say they foresee last year's rebound in subprime home loans carrying over to commercial mortgage-backed securities in 2013. "CMBS underperformed many of the other sectors last year from a price perspective, but actually performed quite well from a fundamental credit perspective," says Philip Weingord, CEO at Seer Capital Management. Bloomberg (2/12) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • New York state postpones decision on gas-drilling method
    The New York state Health Department says it needs more time to study the use of hydraulic fracturing, commonly called "fracking," to drill for natural gas in the state. An impact statement on fracking by the Department of Environmental Conservation won't be made public until the Health Department completes its review. The Wall Street Journal (2/13) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • No plans to leave Goldman, Blankfein says
    Lloyd Blankfein, CEO of Goldman Sachs Group, says he isn't going anywhere. "The combination of this being who I am and what I do and having absolutely no other interests makes me think this is what I'll be doing for a while," Blankfein said on Bloomberg Television. Bloomberg (2/13) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  Financial Products 
Several excuses are always less convincing than one."
--Aldous Huxley,
British author

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