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February 22, 2013
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  Top Story 
  • CFTC's Gensler raises concerns about benchmark rates
    Gary Gensler, chairman of the Commodity Futures Trading Commission, says he doubts the long-term viability of benchmarks such as the London Interbank Offered Rate. Gensler said Libor and other benchmarks are unstable and that their underlying markets are permanently disrupted, adding that "anchoring to real transactions is essential to have confidence in these benchmarks." Bloomberg Businessweek (2/21) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Automatic cuts are seen as unlikely to disrupt CFTC, SEC
    The Securities and Exchange Commission and the Commodity Futures Trading Commission expect mostly business as usual if the budget sequester goes into effect March 1. "We would definitely have to cut back expenditures in technology. ... We're doing everything to husband our resources to avoid a furlough," CFTC Chairman Gary Gensler said. Similarly, an SEC spokesman says there likely would be no reduction in workforce. Reuters (2/22) LinkedInFacebookTwitterEmail this Story
  • Fed's asset purchases will slow this year, dealers say in survey
    Asset buying by the Federal Reserve is likely to slow during 2013, a survey of primary dealers says. The dealers said they expect the current pace of buying $45 billion of Treasurys and $40 billion of mortgage bonds to slow to about $20 billion of Treasurys and no mortgage bonds in January. Bloomberg (2/21) LinkedInFacebookTwitterEmail this Story
  • FSOC is asked to ease its pressure on SEC for money-fund rules
    The Financial Stability Oversight Council should reduce its pressure on the Securities and Exchange Commission to adopt rules for money market funds, a group of former SEC officials says. A letter from the group asks the FSOC to "respect the jurisdiction, independence, subject-matter expertise and regulatory processes" of the SEC. Reuters (2/21) LinkedInFacebookTwitterEmail this Story
  • High-yield-bond volatility diverges from equities
    High-yield bonds' 30-day volatility has more than doubled from record lows set in December, Lisa Abramowicz writes. Analysts say the speculative bonds may be pulling back after a particularly strong 2012, or responding to future interest-rate uncertainty from the Federal Reserve, some analysts say. "The sensitivity to rising interest rates has a very big impact in total returns in credit," said Stephen Antczak of Citigroup. Bloomberg (2/21) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Popularity of Sen. Menendez declines
    The approval rating of Sen. Robert Menendez, D-N.J., has decreased 15 percentage points in the past month amid questions about his ties to a Florida eye doctor. About 41% of voters disapprove of the senator's performance now, while 36% approve, according to a survey by Quinnipiac University. The Wall Street Journal (2/21) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Use tough love to keep your team on schedule
    If your team keeps blowing deadlines, it doesn't help to keep quiet, writes Patty Azzarello. Public accountability and tracking show that being late is unacceptable, and they usually result in more projects being on time, she writes. "It's not about coming down hard on someone or being disrespectful or nasty. It's about moving the business forward," Azzarello writes. Fast Company online (2/20) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  Financial Products 
  • Trading begins for 2 low-volatility ETFs by SSgA
    State Street Global Advisors has launched two exchange-traded funds investing in low-volatility stocks. The SPDR Russell 1000 Low Volatility ETF tracks the Russell 1000 Low Volatility Index, made up of 92 large-cap stocks. The SPDR Russell 2000 Low Volatility ETF is linked to the Russell 2000 Low Volatility Index, which comprises 170 small-cap stocks. ETFguide (2/21), ETF Trends (2/21), IndexUniverse.com (2/21) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
You can do anything in this world if you are prepared to take the consequences."
--W. Somerset Maugham,
British writer


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