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December 4, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • Exchanges and FINRA seek more time on consolidated audit trail
    The Financial Industry Regulatory Authority and stock and options market operators are planning to request more time from the Securities and Exchange Commission for submitting a plan for a consolidated audit trail. The exchanges and FINRA are supposed to submit the plan in April, but they are asking to delay the deadline to December. “The delays that are being asked for are valid since it is a heavy lift with a lot of nuances and moving parts,” said Edward Boyle, a former executive at Getco. “If we don’t allow the time for all participants to be ready, it will fall short and likely never be done properly.” Bloomberg (12/3) LinkedInFacebookTwitterEmail this Story
  • Fed unsatisfied with how lenders are handling low rates
    Federal Reserve policymakers want to know why lenders are benefiting from low rates, but the breaks aren't filtering down to home buyers. Since the Fed targeted the U.S. mortgage market in September with large-scale bond purchases, the spread between what investors reap on mortgage-backed securities and the interest rates homeowners pay has widened to record levels. Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  • Court finds in favor of credit rating agencies
    The 6th U.S. Court of Appeals in Ohio on Monday upheld the dismissal of litigation against the big three credit rating agencies. Five Ohio pension funds had been trying to get back millions of dollars lost on mortgages that went bad, claiming the ratings on those mortgage investments by Moody's Investors Service, Fitch Ratings and Standard & Poor's were faulty. Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  • SEC plans to move forward on fiduciary standard
    Creating a uniform fiduciary rule for financial advisers and brokers is a high priority next year for the Securities and Exchange Commission, the regulator says. The SEC's next chairman, Elisse Walter, is a longtime supporter of harmonizing rules that govern financial advisers and broker-dealers. AdvisorOne (12/3) LinkedInFacebookTwitterEmail this Story
  • Advanced search tech could be finance game changer
    Market players are hoping that semantic searches, a next-generation search technology, will one day make investment decisions more science than art. "There is a movement in enterprise search towards semantic tools as vendors improve the accuracy of results returned by their search tools, and Ovum expects market disruption to come from those products," said Sue Clarke, a senior analyst at technology researcher Ovum. Financial News Online (U.K.) (subscription required) (12/3) LinkedInFacebookTwitterEmail this Story
  • Analysis: Troubled companies often pay big bonuses
    Companies in financial trouble often pay top executives big bonuses shortly before filing bankruptcy petitions. A review of more than 80 bankruptcy cases over the past five years by The Wall Street Journal found that more than 1,600 insiders received payments totaling more than $1.3 billion in the months before their firms filed for Chapter 11 bankruptcy protection. The Wall Street Journal (12/3) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Aid for N.Y. gets encouraging response in Washington
    New York state's request for federal aid to rebuild after the devastation brought by Superstorm Sandy got a positive response from the White House and lawmakers during a lobbying visit Monday, Gov. Andrew Cuomo said. Cuomo, a Democrat, said House Speaker John Boehner, R-Ohio, backed passage of a supplemental appropriations bill by the end of this year. The Wall Street Journal (12/3) LinkedInFacebookTwitterEmail this Story
  • Other News
  On The Economy 
  • Corporations lack cash in U.S. but hold money offshore
    Major U.S. companies are holding a large amount of cash offshore to avoid taxes while letting cash at home dwindle to a point of borrowing for basic functions such as paying dividends, buying back shares and paying taxes. The emerging picture of corporate cash abroad is in response to pressure on companies from the Securities and Exchange Commission to give investors an accurate evaluation of liquidity. The Wall Street Journal (12/3) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • PowerShares prepares S&P 500 ETF with hedging
    Trading is set to begin Thursday for an exchange-traded fund from PowerShares that provides hedged exposure to the Standard & Poor's 500 index. The PowerShares S&P 500 Downside Hedged Portfolio will use a rules-based strategy to shift fund allocation between the S&P 500, VIX futures and cash to hedge against downside risk. (12/3) LinkedInFacebookTwitterEmail this Story
It is astonishing what force, purity and wisdom it requires for a human being to keep clear of falsehoods."
--Margaret Fuller,
American journalist and women's rights activist

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