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February 4, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • BAB payments may face higher cuts from sequestration
    The "fiscal cliff" deal enacted Jan. 2 may exacerbate cuts to Build America Bonds payments due to sequestration. The Center on Budget and Policy Priorities shifted its estimate on BAB payment cuts from 7.6% to 5.3% after the deal was struck, but that number is an annualized rate. That means "the first year sequester impact will be higher because it's across a shorter time frame," said Matt Fabian of Municipal Market Advisors. The Bond Buyer (free content) (2/1) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Possible LBO trend threatens bond investors
    An uptick in leveraged buyouts may be bad for corporate-bond investors. After years of relatively low activity, buyout risk has returned to the market as eurozone instability and U.S. regulatory risk have fallen to their lowest levels in years. As the potential for buyouts grow, institutional investors are increasingly looking to hedge their risks with credit default swaps or avoiding bonds with buyout risks altogether. The Wall Street Journal (2/3) LinkedInFacebookTwitterEmail this Story
  • ICE allays U.S. equity traders' fears over NYSE takeover
    IntercontinentalExchange said it will not do away with open-outcry trading for equities if its planned takeover of NYSE Euronext comes to fruition. U.S. equity traders, at first concerned because ICE had gone that way with its commodity pits, are breathing easier. Traders Magazine (2/2013) LinkedInFacebookTwitterEmail this Story
  • 2 Barclays execs announce retirement
    Barclays Finance Director Chris Lucas and General Counsel Mark Harding plan to leave in coming months. "Their decision to retire was theirs alone," CEO Antony Jenkins said. Lucas and Harding were close associates of former CEO Bob Diamond. Reuters (2/3), The Wall Street Journal (2/3) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • SEC expected to move forward with fiduciary duty
    The Securities and Exchange Commission could be ready this summer to seek feedback about how a uniform fiduciary duty for brokers and financial advisers would work and for ways to conduct a cost/benefit analysis. "We wouldn't expect that [request for comments] to come out before the new commission is in place," said Kevin Carroll, SIFMA's associate general counsel. Meanwhile, the idea of creating a self-regulatory organization for financial advisers appears to be fizzling. Learn more at SIFMA's Fiduciary Standard Resource Center. InvestmentNews (free registration) (2/3) LinkedInFacebookTwitterEmail this Story
  • Panel suggests creation of small-business exchange
    A Securities and Exchange Commission panel suggested that an exchange limited to small businesses should be created. The exchange would make it easier for companies to go public in the U.S. but would be limited to experienced investors better able to assess the risks involved with lower disclosure hurdles. Bloomberg (2/1) LinkedInFacebookTwitterEmail this Story
  • "Status quo is unacceptable" for repo market, Dudley says
    Problems in the repurchase market have not been solved, says William Dudley, president of the Federal Reserve Bank of New York. "We have not come close to fixing all the institutional flaws in our wholesale-funding markets," Dudley said while suggesting several changes, including limiting the market to securities that the Fed accepts and letting money market funds use a net-asset-value float as opposed to a fixed rate. The Wall Street Journal (2/1) LinkedInFacebookTwitterEmail this Story
  • Walter declines to speculate about her post-SEC plans
    Elisse Walter, chair of the Securities and Exchange Commission, says she isn't sure what she'll do after the Senate confirms Mary Jo White as the new head of the agency. "I will certainly be here until the new chairman gets confirmed and comes on board," Walter said. "I have sort of decided not to think about it right now. That may be a very short time. It may be a very long time." Reuters (2/2) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Commentary: Banks should re-evaluate security controls
    Tom Hinkel, director of compliance at Safe Systems, writes that financial institutions need to ensure they are protecting themselves against possible cyberattacks. "Preventing an attack in the first place is far better than having to detect and respond to one, and one of the best ways to prevent an attack is early recognition," Hinkel writes. Bank Systems & Technology (1/31) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • FINRA wants easier background check on advisers and brokerages
    The Financial Industry Regulatory Authority proposed a rule to make it easier for investors to investigate the background of financial advisers and brokerages. The rule would require websites of companies regulated by FINRA to link to the agency's online database BrokerCheck. Reuters (2/1) 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 
  • SIFMA and the SIFMA Foundation launch 10th Annual Capitol Hill Challenge
    Today, SIFMA and the SIFMA Foundation launched the 10th Annual Stock Market Game™ -- "Capitol Hill Challenge" (CHC), a program that matches members of Congress with teams in their district as they participate in an innovative program to teach financial literacy as well as an understanding of our U.S. government. SIFMA will host the top five teams for a three-day trip to Washington, D.C. Teams will visit the national monuments and participate in an awards reception with members of Congress. Check out highlights from the 2012 CHC, and learn more about the SIFMA Foundation, which provides financial education through innovative programs that promote financial independence. Stay tuned to SIFMA SmartBrief for updates on the progress of these young investors throughout the competition. LinkedInFacebookTwitterEmail this Story
  • SII Society Paul Tiffany Webinar Series -- Sensing Industry Change: Feb. 20
    SIFMA's Securities Industry Institute Society is hosting the second installment in a series by Dr. Paul Tiffany of the Haas School at the University of California at Berkeley. Dr. Tiffany will drill down further in the Dynamic Capabilities model with a specific focus on how the firm and its strategists "sense" the direction of their industry and the changes that -- when they occur -- will demand that the firm respond. This event is free for SII Society Members. We welcome non-members as well, and encourage you to learn more about the benefits of SIFMA Professional Societies. LinkedInFacebookTwitterEmail this Story
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