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October 18, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
 
  • Experts discuss mandating use of "drop copies"
    Experts involved in the recent regulatory roundtable and industry events have largely focused on the idea of kill switches, but at least one major broker-dealer is calling on regulators to mandate the use of "drop copies." The Securities and Exchange Commission has taken note. "[Drop copies] seem like a terrific idea," the SEC's James Burns said at SIFMA's recent market structure conference. "They do seem like a promising safeguard." Traders Magazine (10/2012) LinkedInFacebookTwitterEmail this Story
  • Professor warns that kill switches are not a panacea
    Bart Chilton, a member of the Commodity Futures Trading Commission, has called for kill switches that would suspend trading in the event of a technology glitch, erroneous order or other issues. However, Bernard Donefer, a professor at Baruch College and New York University's Stern School of Business, cautions that there are inherent problems with kill switches as they require someone to make a decision to shut down trading. "These kill switches, while they sound good, the implementation becomes very problematic in terms of when there is a problem, no one wants to pull the trigger," Donefer said. Reuters/Financial Regulatory Forum blog/Compliance Complete (10/17) LinkedInFacebookTwitterEmail this Story
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  Industry News 
 
  • CMBS looking riskier, but industry urges not to overreact
    Landlords are facing elevated vacancies at a time when they must repay maturing debt, according to an analysis by the National Association of Insurance Commissioners. As a result, commercial mortgage-backed securities have become riskier than they were a year ago. However, an industry group said any alterations in models for CMBS and residential mortgage-backed securities "will result in an unwarranted increase in capital charges for the vast majority of securities." Bloomberg (10/17) LinkedInFacebookTwitterEmail this Story
  • U.K. financial bill will include FSA's Libor recommendations
    Reform for calculation of the London Interbank Offered Rate published by the U.K. Financial Services Authority will be incorporated in a financial bill being formulated, the Treasury said. "The government's changes to legislation will ensure that those that attempt to manipulate Libor face the full force of the law," Financial Secretary Greg Clark said. "But this is just one part of the process; the banks and the British Bankers' Association will have to play their part." Reuters (10/17), Bloomberg (10/17) LinkedInFacebookTwitterEmail this Story
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  Washington Roundup 
  • Sen. Shelby scrutinizes Basel III implementation proposal
    Sen. Richard Shelby, D-Ala., is raising concerns about regulators' proposals for implementing bank capital standards under the Basel III regime. Shelby called on regulators to give lawmakers a cost-benefit analysis. "Although the agencies appear to have already conducted much of this analysis, they have so far chosen not to provide it to Congress or the public," Shelby said in a letter to several regulatory agencies. At SIFMA's Annual Meeting next week, Karen Shaw Petrou, managing partner at Federal Financial Analytics, will discuss the current economic and regulatory environment for companies doing business in the global market place. Bank Credit News (10/17) LinkedInFacebookTwitterEmail this Story
  • Sens. Brown and Vitter keep pressure on bank regulators
    Sens. Sherrod Brown, D-Ohio, and David Vitter, R-La., are turning up the heat on banking regulators. In a letter Wednesday, the senators pushed for assurances that capital requirements would be strengthened and simplified to lessen the likelihood a lender becomes "too big to fail." They also wanted to emphasize that rules not become too mired in the face of Basel III. The Hill/On The Money blog (10/17) LinkedInFacebookTwitterEmail this Story
  • FX rule exemptions fail to comfort corporate treasurers
    Corporate treasurers are expressing confusion and concern about regulations governing currency hedging, even though not all rules will apply to them, speakers indicated at the FX Week Asia conference. Treasurers are concerned about increased costs for banks because of clearing, reporting and collateralization requirements. "If, as seems likely, they are going to be facing increased costs, we know what they're going to do -- they're going to pass on those increased costs to their customers," said Damian Glendinning, group treasurer at Lenovo. Risk.net (subscription required) (10/17) LinkedInFacebookTwitterEmail this Story
  • Other News
Getting Paid: How to Get Customers to Pay Up
Dealing with the money isn't fun, but it's a necessary evil for staying in business. While every business has their ups and downs, the key to positive cash flow is collecting payments in full and on time to keep the cash coming in as predictably as possible. Seem impossible? Learn how these small-business owners did it.

  Operations Update 
 
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  Asset/Wealth Management Report 
  • Study finds investor interest in alternative strategies
    Investors' lack of confidence in traditional asset-allocation models is driven by prolonged economic turmoil and stock market volatility, according to research by Natixis Global Asset Management. The study supports the idea that investors are curious about alternative investment. "Investors are interested in the idea of alternative strategies, but they still lack the knowledge on what alternatives are and how they can play a role in a portfolio," said Bob Hussey, senior vice president of institutional services. InvestmentNews (free registration) (10/17) LinkedInFacebookTwitterEmail this Story
SIFMA's Annual Meeting, Oct 23. features a powerhouse of policy officials and regulators examining the impact of the political and economic climate for 2013 & beyond. Speakers include: Former Federal Reserve Board Chairman Dr. Alan Greenspan; SEC Chairman Mary Schapiro, and more. Register Today.
  SIFMA News 
  • Sign-up now: Industry-Wide Business Continuity Test -- Oct. 27
    As part of the ongoing financial industry backup site testing initiative that began in 2003, SIFMA leads an annual industry-wide business continuity test every October. Registration is now open for the Oct. 27 test. This is a critical exercise that highlights our industry's ability to operate through a significant emergency using backup sites, recovery facilities and backup communications capabilities across the industry. SIFMA encourages all firms to participate in the critical industry-wide business continuity test every October. LinkedInFacebookTwitterEmail this Story
  • SIFMA Foundation to honor Donahue, Walcott and Rogers -- Oct. 23 -- NYC
    SIFMA and the SIFMA Foundation invite you to join your industry partners on Oct. 23 as we honor Donald F. Donahue, former President and CEO of DTCC; Dennis M. Walcott, Chancellor, NYC Department of Education; and John W. Rogers, Chairman and CEO, Ariel Investments, Chair President's Advisory Council on Financial Capability, for their dedication to creating awareness regarding financial literacy. The proceeds from the event will help continue to make SIFMA Foundation's many programs a success. Join us and your peers in supporting the SIFMA Foundation and its work. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Now and then it's good to pause in our pursuit of happiness and just be happy."
--Guillaume Apollinaire,
French writer, poet and critic


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