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October 25, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Big banks unlikely to get relief even if Romney wins, experts say
    A panel of analysts and economists at SIFMA's Annual Meeting said that although Republican presidential candidate Mitt Romney is pro-capital, large banks might not necessarily benefit much if he wins the election. "There is no relief for big banks irrespective who wins. There may be some relief for community banks," said Brian Gardner of KBW. Check out some of the highlights from SIFMA's Annual Meeting. (10/24) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Nasdaq chief says he isn't worried about a slowing of HFT
    Nasdaq OMX Group CEO Robert Greifeld says a drop in the volume of high-frequency trading won't affect the exchange, noting that HFT brings in about $50 million in annual revenue, while Nasdaq had $1.69 billion in revenue last year. New regulations in Europe or the U.S. are expected to trim HFT by up to 20%. Nasdaq OMX reported Wednesday that its third-quarter profit was down 19% because of a 30% decline in stock trading. The Wall Street Journal (10/24), Reuters (10/25), Financial Times (tiered subscription model) (10/24) LinkedInFacebookTwitterEmail this Story
  • New high-yield bond trading platform launches
    Vega-Chi U.S. Limited is the first electronic bond-trading platform that cuts out brokers. The platform caters to institutional investors trading in high-yield bonds and other distressed securities. For the launch, 40 customers were lined up, but an additional 60 are poised to get in on the action, the company said. (10/24) LinkedInFacebookTwitterEmail this Story
  • Barclays hearing might prove crucial for future Libor cases
    In a preliminary hearing, Barclays will face a claim for damages from a care-home operator that alleges mis-selling of swaps by the bank because of manipulation of the London Interbank Offered Rate. Thousands of small U.K. companies think they were mis-sold swaps, and a ruling against Barclays could open the floodgates. Monday's hearing will determine whether the allegation has enough merit to go to trial. Reuters (10/24) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Plan for forex-swaps exemption is expected after election
    A plan by the U.S. Treasury Department to exempt foreign exchange swaps from rules will be presented after the Nov. 6 election, a banking industry source said. The plan was supposed to be finalized by an Oct. 13 deadline for swaps-dealer registration. "I think that we have reason to expect that the Treasury will act before the end of the year," the unidentified source said. "We also have reason to believe they will act with consistency to what they proposed last year." Reuters/Financial Regulatory Forum blog/Thomson Reuters Accelus (10/24) LinkedInFacebookTwitterEmail this Story
  • Watchdog clashes with Fed and Treasury over use of Libor
    The special inspector-general for the Troubled Asset Relief Program said the Federal Reserve and Treasury Department need to discontinue use of the London Interbank Offered Rate in rescue efforts. "American taxpayers who funded TARP may have been at risk and continue to be at risk from the manipulation of Libor," the watchdog said. The Treasury and Fed have rejected the request, saying they don't have "the authority to change unilaterally the interest rate on the small number of remaining loans that rely on Libor," said Timothy Massad, assistant secretary for financial stability at the Treasury. Reuters (10/25), Bloomberg (10/25) LinkedInFacebookTwitterEmail this Story
  • New head of SEC muni-bond office plans to use report as blueprint
    John Cross, new head of the Office of Municipal Securities at the Securities and Exchange Commission, said a report the agency released in July will be instrumental. "In short, that's our roadmap for priorities," Cross said. The report calls for increased oversight of the municipal securities market. Reuters (10/25) LinkedInFacebookTwitterEmail this Story
  • Basel official defends regulatory complexity as necessity
    Complexity is a necessary part of Basel III banking rules, which cannot be reduced to a simple formula and must not be discarded, said Wayne Byres, secretary general of the Basel Committee on Bank Supervision. He also said debt limits shouldn't be regarded as a panacea. "Despite its apparent simplicity, an internationally comparable leverage ratio is anything but simple to design," Byres said. Financial Times (tiered subscription model) (10/24), Reuters (10/24), Bloomberg (10/24) LinkedInFacebookTwitterEmail this Story
  • Other News
  SIFMA News 
  • SIFMA FATCA Symposium -- Nov. 19 -- New York City
    Once the rules implementing the Foreign Account Tax Compliance Act (FATCA) become effective, the 2010 law will fundamentally alter the relationships financial firms maintain with their clients and each other. Join us for SIFMA's FATCA Symposium where key regulators, industry leaders and tax experts will offer an in-depth analysis of the latest published guidance and provide practical insights as to how to best comply with and implement the regulations within your organization. LinkedInFacebookTwitterEmail this Story
  • SIFMA IAS Annual Conference -- Oct. 29-30 -- New York City
    The full program for the 2012 Internal Auditors Society Annual Conference includes keynote speakers former SEC Chairman Arthur Levitt and SIFMA President and CEO Tim Ryan. The program also includes breakouts and panels on a variety of audit-related topics including unauthorized trading, dynamic risk assessment, vendor risk management and more. The conference will take place at the Hilton New York from Oct. 29 through 30. Register now and don't miss this opportunity to keep up to date with the latest industry trends, network with fellow audit professionals, and earn CPE credits. LinkedInFacebookTwitterEmail this Story
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In any field, find the strangest thing and then explore it."
--John Archibald Wheeler,
American theoretical physicist

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