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October 12, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Banks prep third-quarter financial statements
    JPMorgan Chase and Wells Fargo will be among the first banks to report third-quarter results. Investors are expecting reports of strong growth, especially compared with year-earlier data, and they have accordingly bid up the price of financial stocks. "With many bank stocks trading near 52-week highs, we think additional near-term multiple expansion will be limited," Baird Equity Research said in a recent note. The Wall Street Journal/Dow Jones Newswires (10/11) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • List of "too-big-to-fail" institutions will grow, FSB says
    The Financial Stability Board says it supports broader rules for "too-big-to-fail" financial institutions, expanding the scope to include insurers and national banks. Chairman Mark Carney said an updated version of the list of affected institutions, based on end-of-2011 data, will be published in November. Bloomberg (10/11) LinkedInFacebookTwitterEmail this Story
  • SIFMA raises objections with SEC over Nasdaq algo plan
    Nasdaq OMX Group's plan to offer algorithmic trading services to members is drawing objections from SIFMA, which notes competition with similar services from broker-dealers. In a letter to the Securities and Exchange Commission, SIFMA advises the SEC to reject the Nasdaq proposal as it might give the exchange regulatory advantages. Traders Magazine Online (10/11) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Biden hints at policy shift on raising taxes for the rich
    During a debate Thursday night with GOP rival Paul Ryan, Vice President Joe Biden signaled what could be a shift in the Obama administration's position on raising taxes on rich Americans. President Barack Obama has called for tax hikes on families making more than $250,000 a year. Biden said tax increases should begin with earners who make $1 million a year. (10/12) LinkedInFacebookTwitterEmail this Story
  • Regulations governing swaps market go into effect
    Regulations that cover the vast swaps market under the Dodd-Frank Act take effect today. Even so, banks and other financial institutions unhappy with the new supervisions and transparency are still seeking exemptions. Bloomberg (10/11) LinkedInFacebookTwitterEmail this Story
  • FATCA compliance puts foreign banks in legal bind, experts say
    Experts are raising concerns about jurisdictions that have not struck an intergovernmental agreement with the U.S. regarding the Foreign Account Tax Compliance Act. Experts say that, without an IGA, foreign financial institutions will face a legal conflict in complying with FATCA. "[T]he IGAs are intended to overcome the wider legal and jurisdictional issues in compliance with [FATCA] because before the IGAs, FFIs were faced with having to decide whether to comply with [FATCA] or whether to breach local law," said Jayne Newton, tax investigations director at DLA Piper. (subscription required) (10/11) LinkedInFacebookTwitterEmail this Story
  • Analysis: Financial institutions face bewildering legal challenges
    Financial institutions can be prosecuted, sued or investigated from so many directions, sometimes simultaneously, that some banks have to practice more law than banking, according to The Economist. "To cope with the deluge of litigation, banks are falling over themselves to hire ex-regulators, feeding the idea that the law is too chaotic to be understood by anyone outside the system," the magazine noted. "Financial firms should of course be held to account when they do wrong. But there must be a better way." The Economist (10/13) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  Asset/Wealth Management Report 
  • Most wealthy clients are satisfied with their financial advisers
    About 73% of high-net-worth individuals say they are satisfied with their advisers, according to a survey by the Spectrem Group. That's down from 80% in 2011 and 81% in 2010, the survey found. Meanwhile, the percentage of investors with $1 million to $5 million in net worth who are satisfied with their advisers rose to 72% this year from 70% in the past two years. AdvisorOne (10/11), CNBC (10/11) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Members-only conference call: Court challenge to CFTC position limits
    Join us for a SIFMA members-only conference call at 2 p.m. Eastern on FRIDAY to discuss a Sept. 28 ruling by U.S. District Judge Robert Wilkins in SIFMA's favor in a lawsuit against the Commodity Futures Trading Commission regarding a position-limit rule finalized by the CFTC in November. SIFMA is represented in this matter by law firm Gibson, Dunn & Crutcher and Gene Scalia, a partner at that firm who argued the case on SIFMA's behalf. Scalia and SIFMA General Counsel Ira Hammerman will explain the ruling and its implications on this issue, broader Dodd-Frank rule making and more. Discussion is open only to employees of SIFMA corporate members, and space is limited. Registration is required for this call; use confirmation number 10019570. For questions or comments regarding access, contact or (212) 313-1152. LinkedInFacebookTwitterEmail this Story
  • SIFMA Social Media Seminar -- MONDAY -- New York City
    SIFMA is proud to continue its enlightening and informative Social Media Seminar series on Monday at the SIFMA Conference Center in New York City. The rapid growth of social media channels has created opportunities and challenges for broker-dealers and financial advisors interacting with investors and clients. This half-day event will feature in-depth panels on the tactical uses of social media by marketers, financial advisors, and business professionals along with the latest legal and compliance regulatory changes, vendor solutions, and technology advancements. Featured speakers include George H. Walper, Jr., President, Spectrem Group; Alison Garrett, Vice President, Content and Social Media, Morgan Stanley; Chris Keller, Senior Vice President, Chief Information Officer, Benjamin F. Edwards & Co.; Jennifer Grazel, Head of Category Development – Financial Services, LinkedIn; and many more. LinkedInFacebookTwitterEmail this Story
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Children have never been very good at listening to their elders, but they have never failed to imitate them."
--James Baldwin,
American writer

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