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September 17, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • Wall Street banks said to be focus of money laundering investigation
    Officials at federal and state banking regulators said they are conducting one of the broadest and most far-reaching inquiries into money laundering by major Wall Street banks in decades. The banking authorities led by the Office of the Comptroller of the Currency are likely to take formal action against JPMorgan Chase soon and are taking a close look at several other major Wall Street banks, including Bank of America, the officials said. The New York Times (tiered subscription model) (9/14) LinkedInFacebookTwitterEmail this Story
  • Poll: Is training of analysts and portfolio managers lacking?
    Over the past several decades, the global economy and financial markets have undergone unprecedented change. Yet, during this time, some argue the education process has barely kept up and in some cases might be woefully inadequate. Are financial analysts and portfolio managers adequately trained to meet the challenges of a changed economic and financial environment?
Not sure

  Industry Update 
  • FDIC's Hoenig voices concern about Basel III
    Federal Deposit Insurance Corp. Director Thomas Hoenig said financial rules that failed in 2008 are still in effect but are more complicated. He was referring specifically to Basel III. "It turns out that the Basel capital rules protected no one: not the banks, not the public. ... I find a good deal of uneasiness about Basel III's ability to be more effective than previous Basel efforts; however, there is a sense that we cannot go back," Hoenig said. Reuters (9/15), The Wall Street Journal (9/14) LinkedInFacebookTwitterEmail this Story
  • IOSCO launches task force to examine Libor
    Martin Wheatley, managing director of the UK Financial Services Authority, and Gary Gensler, chairman of the US Commodity Futures Trading Commission, have been tapped to oversee a task force set up by the International Organisation of Securities Commissions to investigate the London Interbank Offered Rate and other rate benchmarks. "IOSCO is committed to taking necessary steps to prevent the manipulation of benchmarks and restore confidence in the use of those benchmarks in global financial markets,” the group said. Bloomberg (9/14), Reuters (9/14) LinkedInFacebookTwitterEmail this Story
  • Authorities aim to finalize Volcker rule by end of year, FDIC head says
    Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp., says regulatory authorities plan to approve a final draft of the Volcker rule by the end of the year. "The agencies are working on it. I think that is the intention," Gruenberg said. Meanwhile, Bart Chilton of the Commodity Futures Trading Commission is urging regulators to ensure that the hedging exemption to the Volcker rule is narrow. "A too-expansive definition will significantly undercut the fundamental purposes of the rule," Chilton said. Reuters (9/14), Bloomberg (9/14) LinkedInFacebookTwitterEmail this Story
  • Issuance surges in structured-credit market
    More than $15 billion in structured-credit deals were priced or announced last week, and more issues are on tap for this week. "We've seen an extraordinary amount of issuance compressed into a very short time span, no doubt encouraged by high investor receptivity to structured product given expectations of low base rates and volatility," said Christopher Sullivan, chief investment officer at the United Nations Federal Credit Union. "The demand for spread has risk assets very much the focus, especially in this new and now newly extended era of financial repression." International Financing Review (free content) (9/15) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  Career Development 
  • Why being first isn't always best in innovation
    Being first isn't always desirable when it comes to disruptive innovation, but you should be aware of new trends in the marketplace, Greg Satell writes. You can do this by creating an innovation unit and by giving your leadership team the training it needs to identify critical new ideas. (9/11) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  Financial Products 
  • Advantus launches dividend-focused index mutual fund
    Advantus Capital Management introduced an index mutual fund that buys equities, with the objective of generating a higher yield than fixed-income securities. Under most circumstances, 50% or more of the Strategic Dividend Income Fund will be allocated to real estate securities. (9/13) LinkedInFacebookTwitterEmail this Story
  Featured Content 

  NYSSA News 
  • Oxford Debate Series -- Oct. 18
    Analysts are inadequately trained for today’s global economic and financial environments. For the first time, on Oct. 18, NYSSA will gather two teams -– one pro and one con -– to debate the resolution before the house in the first in a series of big picture issues: The NYSSA Oxford Debate Series. LinkedInFacebookTwitterEmail this Story
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  Editor's Note 
  • Updated SmartBrief privacy policy
    SmartBrief has updated its privacy policy to better reflect the state of the digital world. View the updated policy. LinkedInFacebookTwitterEmail this Story
Until you value yourself, you won't value your time. Until you value your time, you won't do anything with it."
--M. Scott Peck,
American psychiatrist and author

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