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December 13, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Bank execs will discuss Volcker rule at House panel hearing
    The House Financial Services Committee is poised to hold a hearing today regarding the Volcker rule, which was mandated by the Dodd-Frank Act. Representatives from financial institutions are prepared to argue against an outright ban on proprietary trading in favor of higher capital standards. "It's obvious that since they haven't put anything out they are having difficulty among the members of the ruling class in trying to decide what the outcome is going to be," SIFMA President and CEO Tim Ryan said referring to regulators working on the measure. Bloomberg (12/13) LinkedInFacebookTwitterEmail this Story
  • Schapiro works on Volcker rule right up to the end
    Securities and Exchange Commission Chairman Mary Schapiro has been spending the last days of her term -- Friday is her final day -- meeting with regulators to resolve concerns about the Volcker rule, the Dodd-Frank measure that curbs banks' proprietary trading. But her exit could stall the SEC's movement on the issue and render her recent work on this and other rules moot. Ira Hammerman, general counsel at SIFMA, is optimistic that commissioners will be able to finalize the Volcker rule and other swaps regulations. Learn more at SIFMA's Volcker Rule Resource Center. Bloomberg (12/12), The Wall Street Journal (12/11) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • JPMorgan's Dimon and Goldman's Blankfein discuss "fiscal cliff"
    Andrew Ross Sorkin of the New York Times discusses the "fiscal cliff" with JPMorgan CEO Jamie Dimon and Goldman Sachs CEO Lloyd Blankfein. Dimon says he expects lawmakers to do something regarding the issues between Dec. 21 and 28. Dimon also said that while JPMorgan will be fine, he's concerned about how the consequences of tax hikes and spending cuts will affect his firm's customers and the global financial system. Blankfein also offers some insight into the negotiations over averting the fiscal cliff. CNBC (12/12), CNBC (12/12) LinkedInFacebookTwitterEmail this Story
  • Central bankers gather regularly in search of ideas
    Prominent central bankers who gather bimonthly in Basel, Switzerland, to discuss the state of the global economy are open to ideas. They're also tapping into the training of those who have studied or taught at the Massachusetts Institute of Technology, including Federal Reserve Chairman Ben Bernanke. "They are taking risks because it is an experimental strategy," said Kenneth Rogoff, an economics professor at Harvard University. The Wall Street Journal (12/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Washington Roundup 
  • CFTC to yield ground on swaps to foreign counterparts
    The Dodd-Frank Act increased oversight of swaps deals to include any foreign financial institution doing substantial business with "U.S. persons." The Commodity Futures Trading Commission, in a gesture to rally foreign regulators around U.S. efforts to rein in trading, said it plans to temporarily define "U.S. persons" to mean only U.S. residents and firms incorporated in the U.S., a change from language announced over the summer. Bloomberg (12/13), The Wall Street Journal (12/12) LinkedInFacebookTwitterEmail this Story
  • Sen.-elect Warren's Banking Committee assignment approved
    The Democratic Steering Committee approved Sen.-elect Elizabeth Warren's assignment to the Senate Banking Committee. "She'll need some time to get in the swing of things, understand protocol, and work on an agenda of her own," said Harvey Pitt, former chairman of the Securities and Exchange Commission. "Ultimately, she'll be an active member of the committee, but it seems silly to expect her to assume a major role right out of the box, so to speak." Reuters (12/12), The Hill/Ballot Box blog (12/12) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
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  SIFMA News 
  • SIFMA's 2013 Insurance- & Risk-Linked Securities Conference -- March 5-6 -- New York City
    Register now and save on registration! SIFMA's Insurance- & Risk-Linked Securities Conference will address the key issues and strategies for insurance- and risk-linked securities professionals for the coming year. Join your peers and industry experts as they discuss issuance perspectives from public entities, the evolving role of reinsurers in the ILS market, and more. Also, hear from guest speaker Tim Marshall, meteorologist and principal engineer at Haag Engineering, for his insights of this specialized issue. LinkedInFacebookTwitterEmail this Story
  • SIFMA Social Media Seminar -- Feb. 28 -- San Francisco
    This popular event moves to the West Coast for a full-day seminar featuring in-depth panels on marketing, business and practitioner experience with social media as well as practical advice on the legal and compliance issues faced by the expanding use of interactive technology for business purposes. Learn the practices and processes that will help your firm navigate these new communication platforms. LinkedInFacebookTwitterEmail this Story
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