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December 20, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • SIFMA's Helck advocates cautious approach to Dodd-Frank rules
    SIFMA Chairman Chet Helck said he was OK with a slow approach to drawing up market regulations. "Only about a third of the required rules for Dodd-Frank have been done. ... It is late, but frankly, it's important to go through this in a thoughtful and considered way. If they make rules just to make them on time, and those rules don't work, it can lead to the same types of dislocation that having no regulation would bring," Helck said. Reuters (12/19) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Basel plan treats securitizations unfairly, experts say
    Market participants are expressing concerns about a Basel Committee on Banking Supervision consultation regarding securitization. At issue is the uniform amount of capital that banks must hold against various securitizations. There is "concern that once again, policymakers may have fallen into the trap of characterizing all securitizations with the poor performance of certain markets during the crisis, namely U.S. subprime and [collateralized debt obligations]," said Richard Hopkin, a managing director at AFME. Learn more at SIFMA's Basel III Resource Center. Reuters/International Financing Review (12/19) LinkedInFacebookTwitterEmail this Story
  • JPMorgan is back on top in investment banking revenue
    JPMorgan Chase captured the investment banking crown for 2012, securing for 7.6% of the market on $4.8 billion of revenue, according to Dealogic. That is likely enough for the bank to reign supreme for the fourth year in a row, even though this year's mark is down from last year's 8.1% market share. Bank of America's Merrill Lynch ($4.1 billion) was second, followed by Goldman Sachs ($3.7 billion) and Morgan Stanley ($3.5 billion). The Wall Street Journal/Deal Journal blog (12/19) LinkedInFacebookTwitterEmail this Story
  • Libor fixing may have cost Fannie and Freddie billions
    According to a memo from the inspector general of the Federal Housing Finance Agency, manipulation of the London Interbank Offered Rate may have cost Fannie Mae and Freddie Mac $3 billion. From September 2008 through 2010, Fannie and Freddie held more than $1 trillion worth of Libor-based securities. Reuters (12/19), The Washington Post (12/19) LinkedInFacebookTwitterEmail this Story
  • Commentary: Firms should capitalize on tools to fight fraud
    Lou Anne Alexander, chief market development officer for Early Warning Services, explains how financial institutions continue to face threat posed by fraud. However, many companies are improving the tools they use and enhancing their approach to battling fraudulent activity. "Today, we are in a unique position to use shared data and analytics to proactively identify -- and in some cases, warn -- about high-risk individuals, scammers, thieves and even networks of money launderers operating in the financial ecosystem," Alexander writes. Register today to save with early-bird pricing for SIFMA's Anti-Money Laundering and Financial Crimes Conference, Feb. 26-27, 2013, in New York City. Bank Systems & Technology (12/19) LinkedInFacebookTwitterEmail this Story
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  Washington Roundup 
  • SEC's Walter, Rep. Hensarling and DOL's Borzi are ones to watch
    Elisse Walter, the new chairman of the Securities and Exchange Commission; Rep. Jeb Hensarling, upcoming chairman of the House Financial Services Committee; and Phyllis Borzi, assistant secretary for the Employee Benefits Security Administration at the Department of Labor are expected to play key roles in the financial adviser sector in 2013. AdvisorOne (12/19) LinkedInFacebookTwitterEmail this Story
  • Fed will give up collective opinion on economic forecast
    The Federal Reserve said it will no longer try to forge a consensus opinion about a forecast of the U.S. economy. Federal Reserve Bank of Dallas President Richard Fisher suggested that Fed Chairman Ben Bernanke's news conferences can still be relied on to show the way. Reuters (12/19) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Citi consolidates global data center footprint
    Five years ago, Citigroup launched a global data center consolidation effort. It has since gone from having 70 data centers to operating 20 today, says Jagdish Rao, head of enterprise operations and technology. "We are near to the end of a five-year data center consolidation strategy," Rao said. "This is a massive consolidation that follows our global operational model." Wall Street & Technology (12/19) LinkedInFacebookTwitterEmail this Story
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  Asset/Wealth Management Report 
  • Most investors have multiple advisers, analysis shows
    About 70% of clients have placed their assets under the management of more than one financial adviser or directed brokerage account, but few advisers are aware of the situation, according to an analysis by Cerulli Associates. Only 17% of advisers are aware of clients' accounts that aren't under their supervision, Cerulli found. InvestmentNews (free registration) (12/19) LinkedInFacebookTwitterEmail this Story
REGISTRATION NOW OPEN for SIFMA's Compliance & Legal Society Annual Seminar March 17-20 in Phoenix, AZ. This premier event will have more than 60 dynamic and informative panels in addition to leading industry experts to the latest regulatory developments and industry trends.
  SIFMA News 
  • SIFMA's 2013 Insurance- & Risk-Linked Securities Conference -- March 5-6 -- New York City
    Register now and save on registration! SIFMA's Insurance- & Risk-Linked Securities Conference will address the key issues and strategies for insurance- and risk-linked securities professionals for the coming year. Join your peers and industry experts as they discuss issuance perspectives from public entities, the evolving role of reinsurers in the ILS market, and more. Also, hear from guest speaker Tim Marshall, meteorologist and principal engineer at Haag Engineering, for his insights of this specialized issue. LinkedInFacebookTwitterEmail this Story
  • SIFMA Social Media Seminar -- Feb. 28 -- San Francisco
    This popular event moves to the West Coast for a full-day seminar featuring in-depth panels on marketing, business and practitioner experience with social media as well as practical advice on the legal and compliance issues faced by the expanding use of interactive technology for business purposes. Learn the practices and processes that will help your firm navigate these new communication platforms. LinkedInFacebookTwitterEmail this Story
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No man for any considerable period can wear one face to himself and another to the multitude, without finally getting bewildered as to which may be the true."
--Nathaniel Hawthorne,
American author

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