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December 21, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 

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  Industry News 
  • Editorial: UBS' Libor penalty appears unjust
    UBS' $1.5 billion settlement tied to manipulation of the London Interbank Offered Rate appears out of proportion, at least compared with Barclays' penalty, which was a third as much. On the whole, it is "hard to escape the sense that there's a good deal of ex post facto outrage over Libor, which has become the regulators' surrogate for all that was supposedly wrong in finance before the panic of 2008," according to The Wall Street Journal. The Wall Street Journal (12/19) LinkedInFacebookTwitterEmail this Story
Get with the flow. How payment processing affects cash flow.
Cash flow is the lubricant of business. Without a healthy cash flow, business dries up. It stops. It can't function. Which is why it is vital to keep the revenues coming in as the expenses go out. But there's one aspect of cash flow that many of us are not aware of. It is how managing credit cards and other such non-cash payments affect cash flow. Turns out it has a huge affect. Download the free guide today.
  Washington Roundup 
  • Boehner gives up on his "fiscal cliff" plan
    House Speaker John Boehner, R-Ohio, was forced to abandon his "fiscal cliff" proposal aimed at extracting more concessions from President Barack Obama when it became clear there wasn't enough support to pass the measure in the Republican-controlled House of Representatives. Boehner's inability to produce enough votes for his own plan raises the level of uncertainty about whether Republican leaders and Obama can reach a deal before the year ends. Reuters (12/21), The Washington Post (12/20), USA Today (12/21) LinkedInFacebookTwitterEmail this Story
  • Khuzami reportedly will step down as SEC enforcement chief
    Robert Khuzami, head of the Security and Exchange Commission's enforcement unit since 2009, is planning to leave the agency as soon as January, sources said. Under his watch, the unit's power was expanded, but he was also criticized for reaching high-profile settlements with Goldman Sachs Group, Citigroup and JPMorgan Chase. Bloomberg (12/20), The Wall Street Journal (12/20) LinkedInFacebookTwitterEmail this Story
  • Lawmakers call for CFTC to act on cross-border rules
    U.S. lawmakers say the Commodity Futures Trading Commission should decide soon how its rules will apply overseas. "We are very concerned that a lack of coordination between both foreign and domestic regulators could soon lead to a disruption of the derivatives markets," 14 House members wrote in a letter to the agency. The undecided cross-border rules are in addition to as-yet-unwritten regulations for swaps-trading platforms and safety buffers for uncleared swaps. Reuters (12/20), Financial Times (tiered subscription model) (12/21) LinkedInFacebookTwitterEmail this Story
  • Trades agree: Financial-transaction tax is not the answer
    Investment Company Institute President and CEO Paul Schott Stevens makes a plea to shun the financial-transaction tax. Proponents tout the levy as a way to remedy the nation's financial imbalance, but Stevens lays out its problems, saying the tax is no panacea. Read SIFMA Executive Vice President Ken Bentsen's Wall Street Journal letter to the editor opposing any foreign FTT that would be imposed extraterritorially to U.S.-based transactions. The Hill/Congress blog (12/20) LinkedInFacebookTwitterEmail this Story
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  Asset/Wealth Management Report 
  SIFMA News 
  • EARLY-BIRD SPECIAL: SIFMA 40th Annual Operations Conference & Exhibit 2013 at 2012 prices!
    SIFMA's 40th Annual Operations Conference + Exhibit in Boca Raton, Fla., from April 28 to May 1, 2013, will bring together senior professionals from all corners of the marketplace at the premier event for financial services operations. Take advantage of early-bird pricing so you can engage expert thought leaders to examine the most critical operational, risk management and regulatory issues affecting your firm. In addition, you will gain unique insights and actionable solutions from senior industry professionals, regulators and service providers. LinkedInFacebookTwitterEmail this Story
  • SIFMA Bookstore Spotlight: The Fundamentals of Municipal Bonds
    Reuters has called this text "an excellent general primer on the market." This informative volume is the newly revised and updated sixth edition of the long-heralded classic text on the municipal securities market. The text provides a basic understanding of the market for a wide range of readers, including experienced professionals -- such as investment bankers, traders, brokers and professional investors -- as well as public officials, academicians, students and sophisticated individuals. LinkedInFacebookTwitterEmail this Story
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How we spend our days is, of course, how we spend our lives."
--Annie Dillard,
American author

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