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December 10, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • FDIC, BoE offer joint plan for "too big to fail" banks
    For the first time, U.S. and British regulators have made public their common view of how to cope with financial institutions considered "too big to fail." The Federal Deposit Insurance Corp. and the Bank of England discussed the problem in a joint paper. "We believe that, for many [global systemically important financial institutions], this strategy holds the best possibility of preserving stability while removing taxpayer support," Martin Gruenberg, chairman of the FDIC, and Paul Tucker, deputy governor for financial stability for the Bank of England, write in the Financial Times. "It holds shareholders, creditors and management in a failed GSifi accountable for its losses." The Telegraph (London) (tiered subscription model) (12/10), Financial Times (tiered subscription model) (12/10) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Banks face additional mortgage securities lawsuits
    The biggest banks in the U.S. may be forced to pay tens of billions of dollars, on top of what they have paid already, in response to a new round of claims brought against them over mortgage securities. Investors, insurers, regulators and prosecutors have initiated dozens of lawsuits related to losses on more than $1 trillion of securities backed by residential mortgages. The New York Times (tiered subscription model) (12/9) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Next Treasury chief may not have deep Wall Street ties
    Given the low public estimation of the financial industry these days, the next Treasury secretary will unlikely have extensive ties to Wall Street. Among candidates considered to have a good shot at replacing Timothy Geithner are Jack Lew, the White House chief of staff; Laura D'Andrea Tyson, director of the National Economic Council under President Bill Clinton; and Mary J. Miller, Treasury undersecretary for domestic finance. Barron's (special access for SmartBrief readers) (12/8) LinkedInFacebookTwitterEmail this Story
  • FHFA told to keep closer watch on pay at Fannie, Freddie
    A federal watchdog said the Federal Housing Finance Agency should do a better job of supervising the pay of senior staff at Fannie Mae and Freddie Mac. The FHFA's inspector general called on the agency to "develop a plan to strengthen its oversight" of its expenditures to retain senior staff. Reuters (12/10) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  Asset/Wealth Management Report 
  • Fund managers say alternative investments can manage volatility
    Used correctly, alternative investments can be used to control volatility, but it is uncertain whether they reduce risk, fund managers say. "Transparency, liquidity and cost -- those are advisers' biggest concerns," said Edward Eglinsky, Direxion's managing director of alternative investments. AdvisorOne (12/7) LinkedInFacebookTwitterEmail this Story
  Hot Topics 

Top five news stories selected by SIFMA SmartBrief readers in the past week.

  • Results based on number of times each story was clicked by readers.
  SIFMA News 
  • IOSCO Secretary General David Wright to speak at SIFMA/GFMA LEI Seminar -- TOMORROW
    TOMORROW in New York City, SIFMA and GFMA are partnering to present the "Implementing a Global LEI Framework -- Ready. Set. Go." Join IOSCO Secretary General David Wright, U.S. Treasury representatives and financial services leaders as they address preparation for the December LEI deadline in the U.S. and the future of the global LEI standard. Don't miss your chance to learn more about the impact these regulations and processes will have on your firms starting this month! Register now! LinkedInFacebookTwitterEmail this Story
  • SIFMA IAS Annual Conference -- TOMORROW and Wednesday -- New York City
    There is still time to take advantage of the full program for the 2012 Internal Auditors Society Annual Conference, including keynote speakers Former SEC Chairman Arthur Levitt and SIFMA President and CEO Tim Ryan. The program also includes breakouts and panels on a variety of audit-related topics including unauthorized trading, dynamic risk assessment, vendor risk management and more. The conference will take place at the Hilton New York, tomorrow and Wednesday (Dec. 11 and 12). Register now and don't miss this opportunity to keep up to date with the latest industry trends, network with fellow audit professionals and earn CPE credits. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Alas for those that never sing, But die with all their music in them."
--Oliver Wendell Holmes Sr.,
American physician, writer and poet


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