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December 12, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • Senate panel to look into high-speed trading
    Sen. Jack Reed, D-R.I., has called a hearing of the Senate banking subcommittee on securities to look into whether new regulations are needed governing high-speed computerized trading. Lawrence Leibowitz, chief operating officer at the New York Stock Exchange, Eric Noll, vice president of transaction services at Nasdaq OMX Group, and executives from ITG and Credit Suisse are scheduled to testify. Reuters (12/11) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • IOSCO chief proposes treaty for global regulatory regime
    An international treaty is in order to establish a regulatory framework needed for increasingly interconnected financial markets, says David Wright, secretary general of the International Organization of Securities Commissions. The goal would not be to impose a single set of rules but to ensure agreed principles are applied consistently across jurisdictions, he says. Wright also predicted that by 2032, there will be 20 capital-market centers worldwide, making legal-entity identification all the more necessary. The Trade News (U.K.) (12/11), Securities Technology Monitor (12/11) LinkedInFacebookTwitterEmail this Story
  • FSB moves forward with legal entity identifier system
    The Financial Stability Board is hammering out the details on legal entity identifiers, including outlining plans to include hierarchical and relationship data with LEIs. Also, the FSB is planning to establish a governance body for the LEI system early next year. Meanwhile, legal experts are looking into the suitability of Switzerland as the home of the LEI foundation. (12/11) LinkedInFacebookTwitterEmail this Story
  • BIS: Global fundamentals don't support market prices
    The Bank for International Settlements is warning that equity and fixed-income prices might be out of line with the weak state of the global economy. "Market participants attributed a significant part of the rally in asset prices to further loosening by central banks, notably the Federal Reserve," according to a BIS quarterly review. CNBC (12/11) LinkedInFacebookTwitterEmail this Story
  • Many money market funds have come under stress, SEC says
    The Securities and Exchange Commission recently reported that many money market mutual funds have sought the agency's permission to use cash from parent companies to shore up the funds. "So investors may have been unaware that their money market fund had come under stress," the SEC report said. However, the industry points out that not all of the funds that requested aid ended up needing it. The Washington Post (12/12) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • N.J. state Sen. Buono to challenge Gov. Christie
    New Jersey state Sen. Barbara Buono filed paperwork to run for governor, making her the first Democrat to formally challenge the incumbent Gov. Chris Christie, a Republican. "It's time for a leader in Trenton who will put the middle class first -- lifting our schools instead of scapegoating our teachers; protecting property taxpayers rather than pushing income tax cuts for millionaires," she wrote in an e-mail message to backers. New Jersey Online/The Star-Ledger (Newark, N.J.) (12/12) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  Financial Products 
Thinking is like loving and dying. Each of us must do it for himself."
--Josiah Royce,
American philosopher

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