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February 15, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Experts scrutinize Europe's transaction-tax proposal
    Market participants and other interested parties are voicing opposition to Europe's proposed tax on financial transactions, including stocks, bonds and derivatives. The tax could be collected by 11 nations as early as next year. AFME says the levy could become "another brake on economic growth" and that a transaction tax "with extraterritorial reach runs counter to that important objective" of cooperation among Group of 20 countries. Bloomberg (2/14) LinkedInFacebookTwitterEmail this Story
  • Editorial: Obama is right to oppose European transaction tax
    The White House has voiced opposition to a proposed tax on financial transactions, such as stocks, bonds and derivatives, in 11 European nations. Concerns include how the levy would affect the economy, its cross-border reach and double taxation. "The Obama Administration is right to oppose the tax on grounds that it will punish American investors," this editorial argues. The Wall Street Journal (2/14) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Not all electronic bond-trading platforms will survive, exec says
    Niall Cameron, HSBC Holdings' global head of credit trading, says the proliferation of electronic corporate-bond trading platforms from banks means some likely will struggle. "Liquidity is very fast moving. People will see there is another model with more liquidity, better spreads or better execution, and they'll move their business over by the flick of the switch," Cameron said. "It is a Darwinian process as lots of models will start, but they won't all work. Within two to three years, we should see a map of the winning strategies. There could be up to 10 winning platforms." Bloomberg (2/14) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Sen. Tester urges SEC to focus on fiduciary duty for brokers
    Sen. Jon Tester, D-Mont., is pressuring Elisse Walter, chairman of the Securities and Exchange Commission, to move forward with a regulation that would hold brokers to a fiduciary duty. SIFMA supports a uniform fiduciary duty for brokers and investment advisers, but has encouraged the SEC to implement the rule carefully. "The SEC as the expert agency needs to roll up its sleeves and define for the first time what a fiduciary standard of care is and provide clear guidance on how a multiservice financial institution can comply with that fiduciary standard of care and service its customers," said Ira Hammerman, SIFMA's general counsel. InvestmentNews (free registration) (2/14) LinkedInFacebookTwitterEmail this Story
  • MA definition will be narrower, SEC chairman says
    Elisse Walter, chairman of the Securities and Exchange Commission, said the final definition of municipal advisors for regulatory purposes will be more narrow than previously proposed. "We anticipate that the final rules would address, among other things, the well-publicized concerns about the need for an exception from registration for appointed board members of municipal entities," Walter told senators at a hearing. "In addition, the staff is continuing to discuss ... a final rule that requires appropriate registration of parties engaging in municipal advisory activities without unnecessarily imposing additional regulation." Register now for SIFMA's Muni Bond School. Reuters (2/14), The Bond Buyer (free content) (2/14) LinkedInFacebookTwitterEmail this Story
  • EU and U.S. agree to implement Basel III ASAP, Barnier says
    EU Internal Market Commissioner Michel Barnier says he and Federal Reserve Governor Daniel Tarullo have "agreed it was essential that effective implementation of the new regulatory framework should be done as soon as possible." The EU and the U.S. missed a January deadline for launching a six-year phase-in of Basel III rules. Learn more at SIFMA's Basel III Resource Center. Reuters (2/14) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • More advisers favor life insurance for college savings
    Life insurance with a cash balance that can be withdrawn for college expenses is becoming increasingly popular with financial advisers who are helping parents prepare to pay for higher education. A survey by Financial Research found that in 2012, 29% of advisers recommended life insurance for college savings, compared with 23% in 2011 and 21% in 2009. InvestmentNews (free registration) (2/14) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA's Private Client Conference -- April 25 -- Chicago
    SIFMA's Private Client Conference: Keeping the Trust and Earning Results is North America's premier conference for Private Client Groups at all levels. On April 25 in Chicago, this exceptional program will address tactical ways to enhance client service, advice, and, perhaps most crucially, trust, to help investors achieve their financial goals. Join industry experts from global, regional, and small firms as they discuss innovative and tactical ideas across market segments and more. LinkedInFacebookTwitterEmail this Story
  • Program available -- SIFMA Ops: Marking 40 Years of Progress -- April 28-May 1 -- Boca Raton, Fla.
    SIFMA Ops 2013 offers a comprehensive and substantive program, tailored specifically for financial services operations professionals in a unique, three-day forum to explore pressing industry developments and build important relationships. For 40 years, SIFMA Ops has been the go-to resource for trusted, expert, up-to-date information about the financial services operations industry. At SIFMA Ops, operations professionals identify and streamline redundant and manual processes in a quest to continually enhance firm efficiency and performance. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
If you want to live a happy life, tie it to a goal. Not to people or things."
--Albert Einstein,
German-born theoretical physicist


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