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February 7, 2013

Daily newsletter from NYSSA for investment professionals

Top Story

Efforts to revamp credit rating agencies are stalled
The U.S. government's efforts to reform credit rating agencies have bogged down in the years since top-rated mortgage-backed securities started going bad, jeopardizing the financial system. The longer the government waits to overhaul the credit rating system, the closer the nation comes to repeating the 2008 crisis, experts say. The Washington Post (2/6)

Industry Update

HSBC's money-laundering settlement took a toll, CEO says
HSBC Holdings CEO Stuart Gulliver says he felt "absolutely no pleasure whatsoever" in settling with the U.S. Justice Department regarding money-laundering allegations in Mexico. "We've crushed our reputation with the Mexican events," he said. The settlement involved a $1.92 billion payment, and an independent regulator must monitor anti-money-laundering compliance at HSBC. Bloomberg (2/6)

Groups urge SEC to shorten filing times for big investors
Industry groups are asking the Securities and Exchange Commission to consider reducing to two days, down from 45 days, the window that institutional investors have to report their holdings. The groups say the reasons for a 45-day window no longer apply because of technological changes. The Wall Street Journal/CFO Journal (2/6)

Retirement plans seen making more use of target-date strategies
Defined-contribution retirement plans likely will increase use of target-date investment strategies, encouraged by features including auto-enrollment, re-enrollment and default investment options, industry experts said. During the 12-month period that ended Sept. 30, investment in target-date strategies by defined-contribution plans rose nearly 29%, according to Pensions & Investments' annual survey of the biggest retirement plans. Pensions & Investments (free registration) (2/4)

Commentary: Financial-transaction tax is needed in U.S.
Congress should consider implementing a tax on financial transactions to raise funds while affecting relatively few Americans and hindering high-frequency trading, writes Jesse Eisinger of ProPublica. The New York Times (tiered subscription model)/DealBook blog (2/6)

New York Focus

N.Y. legislators want a say in casinos' location
Key New York lawmakers say they should participate in deciding where any casinos are built in the state. Senate leaders Jeff Klein and Dean Skelos say they agree with a previous call by Assembly Speaker Sheldon Silver for a legislative role in the process. The Wall Street Journal (2/6)

First installments of Sandy aid to arrive in the spring
Checks to help pay for recovery from superstorm Sandy probably won't start arriving before spring, Andrew Grossman writes. Initial funds will aim for economic development and repairing businesses and homes, officials say. The Wall Street Journal (2/6)

Career Development

How to be a more intense boss
Intensity is a powerful tool for any leader, although it's important to ensure that your focus and commitment don't come across as anger or obsession, writes Art Petty. Authenticity is a vital part of that process, Petty adds. "Your commitment to the mission at hand must come through in your every word, action and during every encounter," he writes. ArtPetty.com (2/4)

On The Economy

Americans are pessimistic about economy, poll finds
Americans feel little optimism about the economic outlook, according to a poll by the John J. Heldrich Center for Workforce Development at Rutgers University. The availability of good jobs with good pay will never return or will not return for many years, 86% of participants said. The Washington Post (2/6), The New York Times (tiered subscription model) (2/7)

Financial Products

New funds tied to international bonds are planned at Vanguard
Vanguard Group says it's working on an international bond fund that would be offered in two versions: a conventional mutual fund and an exchange-traded fund. The Total International Bond Index Fund and ETF would buy corporate and government bonds in the Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index. Vanguard expects a retail-market launch by the end of the second quarter. Barron's (free content)/Focus on Funds blog (2/6), Benzinga.com (2/6), Morningstar (2/6)

SmartQuote

I am never bored anywhere: being bored is an insult to oneself."

--Jules Renard,
French author

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