Reading this on a mobile device? Try our optimized mobile version here:

October 16, 2012
Sign upForwardArchiveAdvertise
News on the capital markets, securities and financial industry

  Morning Bell 
  • CEOs call on lawmakers to compromise on "fiscal cliff" and debt
    At a Bloomberg Television roundtable, corporate CEOs urged lawmakers to come to a compromise on government debt and the "fiscal cliff." "There has to be shared pain," said Robert Greifeld, head of Nasdaq OMX Group. "It's very difficult for politicians to run on a platform where they're getting everybody mad at them. But for us to address this, there's going to have to be revenue increases. There are going to have to be spending cuts." Former Federal Reserve Chairman Alan Greenspan will the featured speaker at SIFMA's Annual Meeting on Oct. 23 in New York, and will give his expert views on the economy, the fiscal cliff, and more. Register today. Reuters (10/15), Bloomberg Businessweek (10/15) LinkedInFacebookTwitterEmail this Story
  Video View 
  • IMF's Lagarde voices concern about "fiscal cliff"
    Source: CNBC
    Christine Lagarde, managing director of the International Monetary Fund, said she is focused on uncertainty related to the U.S. "fiscal cliff." "The IMF has been warning for quite a while about the uncertainty risk associated with the fiscal cliff and the debt ceiling. ... This uncertainty is going to increase as we get closer to year-end," Lagarde said. CNBC (10/15) LinkedInFacebookTwitterEmail this Story

  Industry News 
  • Lehman Brothers says affiliates owe $45.2B
    In a regulatory filing, Lehman Brothers Holdings said it is owed $45.2 billion by various affiliates, with the largest sum claimed from the Lehman Brothers Inc. brokerage, at $15.2 billion. As of midyear, Lehman had $8.3 billion in cash and $13.6 billion set aside for disputed claims and debt. Bloomberg (10/15) LinkedInFacebookTwitterEmail this Story
  • Shellpoint Partners moves toward securitizations
    Shellpoint Partners has filed a registration with the Securities and Exchange Commission for a private securitization program. The move indicates momentum in the private mortgage-bond market. "We remain committed to non-agency securitization because we think the macro trend is intact, which is to reduce the government footprint in the mortgage market," said Bruce Williams, a co-chief executive at Shellpoint, which is partly owned by Lewis Ranieri, a pioneer of mortgage bonds. The Wall Street Journal (10/15) LinkedInFacebookTwitterEmail this Story
  • "Regulatory crush" worries investment firms, survey finds
    Regulatory changes worldwide are a source of rising anxiety among 24 investment firms surveyed by buy-side advisory Investit. Topping the list is the European Alternative Investment Fund Managers Directive, cited by 53% of respondents, followed closely by the Dodd-Frank Act, named by 51%. "We are facing a period of regulatory crush; the regulators are struggling to turn the politicians' promises into formal regulation, but in a number of cases, the dates for compliance are not moving," Investit consultant Sarah-Jane Dennis said. The Trade News (U.K.) (10/15) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Fed considers delayed withdrawal for portion of money funds
    A small fraction of investor balances in money market mutual funds could be held back for delayed withdrawal in a regulatory compromise plan that the Federal Reserve Bank of New York is weighing. The so-called minimum balance at risk would address concerns raised by the 2008 financial meltdown, when many funds were overstressed and needed government assistance. Reuters (10/15) LinkedInFacebookTwitterEmail this Story
  • IOSCO aims to identify weakness in regulation
    The International Organization of Securities Commissions plans to assess regulatory regimes worldwide to detect weakness. The regulator will look at the maximum civil and criminal penalties for a range of financial misdeeds. "The reality is that I think there is a strong collective sentiment that current sanctions regimes in financial markets, in general, are too weak," Secretary General David Wright wrote in an e-mail. "They do not deter sufficiently, and the combination of a growing number of major financial scandals and public outrage requires that current systems be put now under the regulatory microscope." Financial News Online (U.K.) (subscription required) (10/15) LinkedInFacebookTwitterEmail this Story
  • CFPB could restrict lawsuits involving high-quality mortgages
    The Consumer Financial Protection Bureau is considering a rule that would effectively bar lawsuits involving some home mortgages made to borrowers with excellent credit ratings and plenty of resources to make payments, sources said. The rule reportedly would establish a U.S. definition of "qualified mortgage" and give lenders a legal shield against lawsuits involving loans that meet the standard. Slate/Moneybox blog (10/15), The Wall Street Journal (10/15) LinkedInFacebookTwitterEmail this Story
  • Other News
Experience the Benefits of Consolidation
Learn how you can enhance your level of client service and simplify your day-to-day activities by transferring your clients' existing directly held mutual fund positions, 529 plan accounts, annuity policy information and other outside assets into a brokerage account on the Pershing platform. Learn more.
  Operations Update 
  • Banks handled recent cyberattacks well, Wells Fargo CFO says
    In recent weeks, several major banks have suffered denial-of-service cyberattacks on their customer websites. Tim Sloan, chief financial officer at Wells Fargo, said the attacks were "pretty significant," but the bank handled them well so there weren't any customer losses. "I don't want to minimize the potential damage it could cause to the industry," Sloan said. "But in terms of how the industry performed and how Wells Fargo performed in reaction to the recent efforts, we actually performed very well." Reuters (10/12) LinkedInFacebookTwitterEmail this Story
They're coming, and they're unlike any before them.
Read our new white paper, "Gen Y is Ready to Invest... Are You Ready to Advise Them?" to find out what firms and advisors should be doing now to engage this new generation of investors.

First Clearing, LLC is a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. 0912-01939
  Asset/Wealth Management Report 
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 
  • SIFMA FATCA Symposium -- Nov. 19 -- New York City
    Once the rules implementing the Foreign Account Tax Compliance Act (FATCA) become effective, the 2010 law will fundamentally alter the relationships financial firms maintain with their clients and each other. Join us for SIFMA's FATCA Symposium where key regulators, industry leaders and tax experts will offer an in-depth analysis of the latest published guidance and provide practical insights as to how to best comply with and implement the regulations within your organization. LinkedInFacebookTwitterEmail this Story
  • SIFMA's Muni Bond School -- 1st of 6 sessions -- Oct. 18 -- New York City
    Stay ahead of the competition by attending the Muni Bond School, presented by the Municipal Bond Club of New York and SIFMA. Attend in person at 120 Broadway in New York City or enroll via webinar. In six evening sessions, learn everything you need to know covering topics such as the issuers' perspective, ratings, finance, underwriting, market strategy, trading and much more. Senior-level lecturers include speakers from Morgan Stanley, Fitch, Deutsche Bank and others. On the final evening you will have the opportunity to network with your fellow muni professionals. LinkedInFacebookTwitterEmail this Story
SIFMA Resources  |  Advocacy  |  Educational Programs/Conferences  |  Newsroom

Legislative and Regulatory Activity  |  Member Committees  |  Newsletters

It is only in sorrow bad weather masters us; in joy we face the storm and defy it."
--Amelia Barr,
British novelist

LinkedInFacebookTwitterEmail this Story

Subscriber Tools
Print friendly format | Web version | Search past news | Archive | Privacy policy

Sales Account Director:  Abiy Bekele 212-450-7919
A powerful website for SmartBrief readers including:
 Recent SIFMA SmartBrief Issues:   Lead Editor:  Bridget Lux
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2012 SmartBrief, Inc.® Legal Information