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December 18, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • Senate panel will focus on high-frequency trading
    The Senate banking committee has scheduled a hearing today about high-frequency trading. Executives from NYSE Euronext, Nasdaq OMX Group and other firms are set to testify. Eric Noll, executive vice president at Nasdaq, is expected to defend the trading practice and exchanges' role. According to his prepared testimony, "academic evidence" on HFT practices "supports the fact that they generally add value to the market." Meanwhile, market participants and observers continue to express concerns about how computerized trading affects markets. Bloomberg (12/18), The Wall Street Journal (12/17) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Corporate-bond sales break 2009 record
    Sales of corporate bonds in the U.S., Europe and Asia hit $3.9 trillion this year, breaking a 2009 record of $3.89 trillion amid some of the lowest borrowing costs ever. Global issuance reached $3.29 trillion in 2011 and $3.23 trillion in 2010, according to data compiled by Bloomberg. Bloomberg (12/17) LinkedInFacebookTwitterEmail this Story
  • Credit union group sues JPMorgan over Bear Stearns MBS
    The board of the National Credit Union Administration says Bear Stearns misled four credit unions when it sold them $3.6 billion in mortgage-backed securities. Consequently, the credit union association is suing JPMorgan Chase, which bought Bear Stearns in 2008, on behalf of the four credit unions, which have since failed. The association has sued other banks over the same matter. Bloomberg (12/17) LinkedInFacebookTwitterEmail this Story
  • Moody's requests comments on sovereign-rating proposal
    Criticism over the methodology Moody's Investors Service uses to rate governments has prompted the rating agency to make changes. The proposed changes "are aimed at further increasing the transparency and forward-looking nature of Moody's current approach," the agency said. Moody's is taking feedback on its changes until Feb. 1. Bloomberg (12/18) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  Career Development 
  • Don't rely on cookie-cutter leadership strategies
    Leadership shouldn't rely too much on uniform, "six steps to managing"-type leadership guides, says Karl Heiselman, CEO of Wolff Olins. Every employee is different, and bosses need to tailor their approaches to individual workers' needs. "[W]hen you're communicating with somebody ... you're trying to get the best work out of them. The way you do that is not the same for everybody," Heiselman says. The New York Times (tiered subscription model) (12/15) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • "Fiscal cliff" talks reportedly produce some progress
    President Barack Obama and House Speaker John Boehner, R-Ohio, remain far apart, but there are signs of movement in their "fiscal cliff" talks. Boehner indicated support for a tax increase on people with incomes of more than $1 million and a total of $1 trillion in new revenue over the next decade. In return for $1 trillion of spending cuts, Boehner backed an increase in the debt limit that would put the issue on the back burner for a year. Google/The Associated Press (12/16), Reuters (12/17), Bloomberg (12/16) LinkedInFacebookTwitterEmail this Story
  Financial Products 
There are two things that one must get used to or one will find life unendurable: the damages of time and injustices of men."
--Nicolas Chamfort,
French writer

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