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October 11, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Gensler supports appeal as CFTC's priorities are questioned
    Four House Republicans signed a letter to Commodity Futures Trading Commission Chairman Gary Gensler expressing concern about the agency's efforts, particularly a move to introduce position limits for commodities. A U.S. judge blocked the CFTC's position-limit rule last month. "The commission's limited financial resources spent promulgating and defending the position limits rule demonstrates a serious mismanagement of the agency's priorities," the lawmakers wrote. Meanwhile, Gensler said he would support appealing the ruling, noting that the rule was drafted at the direction of Congress. However, the CFTC's options are increasingly limited. Bloomberg Businessweek (10/10), The Hill/On the Money blog (10/10), Reuters (10/10), FOW magazine online (10/10) LinkedInFacebookTwitterEmail this Story
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  Video View 
  • Dimon discusses JPMorgan, Dodd-Frank, economy, China
    JPMorgan Chase CEO Jamie Dimon spoke at the Council on Foreign Relations event this week, discussing everything from the changing regulatory environment to politics. "[W]e have to accommodate all of the new rules and regulations, and we are going to do it," Dimon said, and "we should do these things right for the future of the United States of America, not for JPMorgan." CNBC (10/10), The Washington Post (10/10) LinkedInFacebookTwitterEmail this Story

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  Industry News 
  • Wall Street keeps eye on Mich. bank's MBS trial
    Flagstar Bancorp, a Michigan bank, is one of the first to go before a judge over allegations of misrepresenting loans that got commingled in mortgage-backed securities. The case is being watched by Wall Street's largest firms because its outcome could affect litigation they are facing. Reuters (10/9) LinkedInFacebookTwitterEmail this Story
  • Libor is expected to lose prominence as industry shifts
    Although pending measures should provide more transparency and accountability, the London Interbank Offered Rate is expected to lose its status as a key derivatives benchmark. The shift is expected to be gradual because of complexities in changing existing contracts and adopting standards. The Trade News (U.K.) (10/10) LinkedInFacebookTwitterEmail this Story
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  Washington Roundup 
  • Tuesday's wild stock swings are being investigated
    At least 10 U.S.-traded securities that quickly cycled through large changes Tuesday before returning to normal trading are under review by an unidentified firm that reported the swings to the FINRA/Nasdaq Trade Reporting Facility. The review will determine whether any trades need to be rescinded. Shares had gains or losses ranging from 1% to more than 20% between 10:30 and 11 a.m. The trades, mostly conducted on the New York Stock Exchange, somehow didn't trip any circuit breakers. An NYSE spokesman said the exchange was studying the matter. Reuters (10/9) LinkedInFacebookTwitterEmail this Story
  • Groups fight SEC proposal to allow private-placement advertising
    The Consumer Federation of America and the North American Securities Administrators Association are among groups pushing the Securities and Exchange Commission to keep a ban on advertising for private placements. The groups, which contend ending the ban would put investors at risk, say they might take the SEC to court. Reuters (10/10) LinkedInFacebookTwitterEmail this Story
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  Asset/Wealth Management Report 
  SIFMA News 
  • Members-only conference call: Court challenge to CFTC position limits
    Join us for a SIFMA members-only conference call at 2 p.m. Eastern on FRIDAY to discuss a Sept. 28 ruling by U.S. District Judge Robert Wilkins in SIFMA's favor in a lawsuit against the Commodity Futures Trading Commission regarding a position-limit rule finalized by the CFTC in November. SIFMA is represented in this matter by law firm Gibson, Dunn & Crutcher and Gene Scalia, a partner at that firm who argued the case on SIFMA's behalf. Scalia and SIFMA General Counsel Ira Hammerman will explain the ruling and its implications on this issue, broader Dodd-Frank rule making and more. Discussion is open only to employees of SIFMA corporate members, and space is limited. Registration is required for this call; use confirmation number 10019570. For questions or comments regarding access, contact or (212) 313-1152. LinkedInFacebookTwitterEmail this Story
  • SIFMA Market Structure event highlights are now available
    SIFMA held its 13th annual Market Structure Conference on Oct. 4 in New York City. The event brought together leading industry professionals and regulators to address the changing landscape of the U.S. securities markets and the many regulatory and legislative proposals recently issued by, or anticipated from, the SEC, exchanges, FINRA and Congress. These proposals addressed all aspects of our market structure, including market-wide and single stock circuit breakers; algorithmic trading; high-frequency trading, hidden liquidity/dark pools; and market making. Keynote speakers and panelists offered their views on these and other proposals, including their insights into the proposals' impact for years to come. Discussions focused on the shifting universe of trading platforms and on firms' innovative business strategies (encompassing those from the buy-side, sell-side, and the exchanges) in the face of this changing landscape. LinkedInFacebookTwitterEmail this Story
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Action may not always bring happiness; but there is no happiness without action."
--Benjamin Disraeli,
British politician

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