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February 8, 2013
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • 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) LinkedInFacebookTwitterEmail this Story
  • Volcker rule forces banks to change private-equity business
    The Volcker rule, set to be finalized this summer, is poised to significantly reduce Goldman Sachs' investment in its private-equity funds. Meanwhile, a spokeswoman for Bank of America says the company has decided to exit the private-equity business. Citigroup is looking at its options, a spokeswoman said. The Wall Street Journal (2/7) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • 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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • 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) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • 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) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • 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) LinkedInFacebookTwitterEmail this Story
If you want to make enemies, try to change something."
--Woodrow Wilson,
28th U.S. president

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