| News on the capital markets, securities and financial industry |  |
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| Industry News | | |
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- Group suggests paring Libor variations
The British Bankers' Association says that to restore trust in the London Interbank Offered Rate, only 30 of 150 variations should be allowed to survive. The group laid out a phased plan to make the transition. Reuters
(11/8), Financial Times (tiered subscription model)
(11/8)      
- Firms advised to segregate U.S. business to avoid Dodd-Frank
Citing concerns over extraterritorial issues relating to the Dodd-Frank Act, Celent is advising clients to consider segregating their business with U.S. counterparties. The advice comes after numerous appeals by foreign governments and regulators to the Commodity Futures Trading Commission to curb rules that fall outside U.S. jurisdiction. The Trade News (U.K.)
(11/8)
| Washington Roundup | | |
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- Regulators cool to industry's money funds plan
Federal regulators are not bowled over by the money market industry's proposal to head off government-imposed rules. The industry has suggested a fee for those who withdraw money during a crisis. The Securities and Exchange Commission fears it could trigger bank runs and that the measure could do more to protect investors. The Wall Street Journal
(11/8)
- Warren might land on Senate banking committee
U.S. Sen.-elect Elizabeth Warren, D-Mass., has a good chance of securing a seat on the Senate banking committee, senior Senate Democratic aides say. It is rare for a freshman senator to get such a highly coveted spot, but Warren is seen as a logical fit. "The leadership and committee chairmen usually work together to try to accommodate incoming senators' preferences, within reason," an aide said. "If Sen.-elect Warren indicates she'd like to serve on the banking committee, given her prominent work on those issues, she would certainly have a very good shot." Reuters
(11/8)
- Battle brews over bill for cost-benefit analysis
Legislation to force U.S. regulators to improve cost-benefit analysis of rules is facing opposition. Critics say the bill is designed to paralyze agencies and block initiatives. Supporters argue that the measure would force regulators to develop strong justification for rules. The Washington Post
(11/8)
| Operations Update | | |
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- Cyberattack concerns reportedly emerge at SEC
Some staffers in the Securities and Exchange Commission's Trading and Markets Division left their computers open to cyberattacks, sources said. The computers contained highly sensitive stock exchange information and the staffers failed to encrypt the devices, the sources said. The SEC's interim inspector general is poised to release a report regarding the incident. Reuters
(11/8)
| SIFMA News | | |
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- SIFMA & 85Broads present: Transforming the Street -- RESCHEDULED to Dec. 5
Please join us for an educational evening with Blythe Masters, head of global commodities at JP Morgan and chair emeritus at SIFMA, on Dec. 5 in New York City. The discussion will be moderated by Sharon Epperson of CNBC and focus on the evolution of the financial services industry; how new regulations will strengthen it; and new opportunities for women on Wall Street. SIFMA Professional Society Members attend free.
- Canadian-U.S. Securities Summit hosted by IIAC and SIFMA -- Nov. 13 -- NYC
Be a part of SIFMA's and IIAC's Canadian-U.S. Securities Summit and hear from senior buy- and sell-side executives as they discuss the opportunities this two-way trade provides, and the regulatory considerations and concerns that investors and financial institutions face. Confirmed speakers include: Keynote Eric Sprott, Chief Executive Officer, Chief Investment Officer, Senior Portfolio, Sprott Asset Management; Evan W. Siddall, Special Advisor to the Governor, Senior Representative, Toronto Regional Office (Financial Markets), Bank of Canada; Susan Wolburgh, President and CEO, Investment
Industry Regulatory Organization of Canada; John Taft, Head of U.S. Wealth Management, RBC; Peter Kane, Principal, Greenwich Consultants, and many more.
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