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| Industry Update | | |
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- Senate panel sets hearing to check Dodd-Frank progress
Next week, the Senate banking committee will hear from seven regulatory officials on their progress in instituting Dodd-Frank Act rules. Elisse Walter, chairman of the Securities and Exchange Commission; Gary Gensler, chairman of the Commodity Futures Trading Commission; and Richard Cordray, director of the Consumer Financial Protection Bureau, are among those scheduled to testify. Reuters
(2/7)      
- Commentary: Be wary of slowing down HFT
High-frequency trading helps to create efficient markets in a high-information world, and ill-considered regulations can create market distortions that do more harm than good, writes Holly Bell, an assistant professor at the University of Alaska Anchorage. The Wall Street Journal
(2/7)
| New York Focus | | |
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- Major ratings agencies face N.Y. investigation, source says
Standard & Poor's, Moody's Investors Service and Fitch Ratings are facing an investigation by New York Attorney General Eric Schneiderman, a source says. Schneiderman's move follows a U.S. Justice Department lawsuit against S&P over its rating of mortgage bonds before the global financial crisis. The Justice Department's decision to sue S&P and not other rating agencies has prompted questions and speculation among investors and other market participants. Reuters
(2/7), Bloomberg
(2/7)
- NYSE plans to close NYBX because of lack of interest
The New York Stock Exchange told regulators that it will shut down the New York Block Exchange on Feb. 28. "The exchange is ceasing operations of NYBX facility because after years of operations the facility has not garnered enough volume to achieve critical mass," NYSE said. Bloomberg
(2/7)
| People & Personalities | | |
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- Commentary: White is wrong for SEC chief
Mary Jo White's history as a lawyer for Wall Street firms is likely to make her too soft on the financial industry, despite her having been a federal prosecutor more than a decade ago, Susan Antilla writes. White may be too concerned about how pressuring the banks will affect her eventual return to the private sector, Antilla writes. Bloomberg
(2/7)
| On The Economy | | |
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- Analysis: Signs of recovery are seen in jobless claims
Initial jobless claims decreased by 5,000 last week, and retailers reported a 5% increase in same-store sales last month compared with January 2012, pointing to a slow but real recovery in the U.S. economy, Jason Lange writes. The slow pace of improvement, however, leads many experts to think the Federal Reserve will continue stimulus well into next year. Reuters
(2/8)
| Financial Products | | |
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- Schwab widens commission-free ETF trading
Charles Schwab is expanding its program of commission-free exchange-traded funds by joining with Invesco and State Street. "This is about responding to investors, and investors tell us that commissions are a barrier to trading," said Beth Flynn, Schwab's vice president of ETF platform management. Bloomberg
(2/7)
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