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January 11, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Opinions divided on Treasury pick Lew
    New Treasury secretary nominee Jack Lew has inspired a variety of reactions. Politicians' opinions are divided mainly along party lines, while the business community is cautiously optimistic. "Jack Lew has immense experience, and I look forward to a speedy but thorough nominations process," said Sen. Max Baucus, D-Mont. "We must ensure Treasury has the leadership it needs as we tackle our country's pressing economic issues and work together to continue our recovery and create jobs." Read SIFMA's statement on Lew's nomination. Financial Times (tiered subscription model) (1/10), The Washington Post (1/10) LinkedInFacebookTwitterEmail this Story
  Industry News 
  Washington Roundup 
  • CFTC will listen to bank complaints over swaps rules
    The Commodity Futures Trading Commission is offering a possible rule for block trades and an ear to banks and exchanges in response to complaints that new rules may force some clients out of the swaps market. "It's better that we have that discussion before we make a bad decision, than after," Commissioner Scott O'Malia said of the hearing planned for Jan. 24. Reuters (1/10) LinkedInFacebookTwitterEmail this Story
  • FBI doggedly pursues Libor cases -- from Washington, D.C.
    The FBI's Washington, D.C., field office is driving the U.S. investigation into the London Interbank Offered Rate scandal and other benchmark rigging. "We've got an enormous amount of resources devoted to this," said Timothy Gallagher, head of the Washington criminal division, who is overseeing the probe. "People think that financial fraud is pursued in New York, but we're pursuing it vigorously here," Gallagher said. "There's more than enough to go around." Bloomberg (1/10) LinkedInFacebookTwitterEmail this Story
  • Fed gives U.S. a record $88.9B
    The Federal Reserve paid the U.S. government a record $88.9 billion in 2012, a 17.9% increase from $75.4 billion in 2011. The central bank earned the money from the mortgage-backed securities and Treasury bonds it has bought. The previous record was $79.3 billion in 2010. The Washington Post/The Associated Press (1/10) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  Asset/Wealth Management Report 
  • Financial advisers closely monitored by wealthy clients, survey finds
    The high-net-worth clients of financial advisers today rarely give advisers full control of their assets, according to a survey by the Institute for Private Investors. Among wealthy families with less than $50 million in assets, only 32% favor giving advisers full discretion over portfolio management. Only 1 in 5 families with more than $200 million worth of assets give complete discretion to advisers. InvestmentNews (free registration) (1/10) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Take advantage of early-bird rates for SIFMA Tech 2013 -- June 18-19 -- New York City
    As the financial services industry's technology evolves, so does SIFMA's Tech Conference. SIFMA is taking this 30-year tradition to new levels in 2013. SIFMA Tech 2013 will again be a focal point for industry leaders, regulators and solution providers, but in a new and dynamic forum. Save the date! Better yet, take advantage of early-bird rates to learn how you can harness cutting-edge technology to achieve a technological infrastructure that keeps your firm at peak efficiency and keeps your clients better served. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
The most valuable of all talents is that of never using two words when one will do."
--Thomas Jefferson,
3rd U.S. president


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