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January 4, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Volatility curb may not start until April, Bats says
    Bats Global Markets said this week that the limit-up/limit-down rule, which was supposed to take effect in February, might not be implemented until April due to "substantial operational and interpretive issues." SIFMA welcomed the delay. "Because the plan is such an important market development, our member firms want to make sure they have sufficient time to test the necessary systems and coding changes so that the implementation is successful," said T.R. Lazo, SIFMA managing director and associate general counsel. Read SIFMA's comments to the Securities and Exchange Commission. Bloomberg (1/3) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Morgan Stanley, BofA take the lead as CMBS makes comeback
    Bank of America and Morgan Stanley plan to start selling $1.4 billion worth of commercial mortgage-backed securities next week. That is just the tip, Deutsche Bank says, adding that Wall Street in total has as much as $8 billion lined up in the vehicles just for January. That would put the monthly volume at its highest since December 2007. Bloomberg (1/3) LinkedInFacebookTwitterEmail this Story
  • LCR deadline extension is expected from Basel Committee
    The Basel Committee on Banking Supervision is expected to grant a time extension for banks to increase capital buffers against financial shocks. The regulator's revision to its liquidity-coverage ratio, which a source says will be announced Sunday, would come in response to demands from banks and others who fear that a sudden move to build up buffers would sap liquidity at a time when markets are struggling. Reuters (1/3) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • OCC signals banks will have more time to wall off swaps trading
    Companies that engage in swaps trading and receive federal deposit insurance are required under the Dodd-Frank Act to spin off some swaps trading into a separate branch. However, the Office of the Comptroller of the Currency says that if banks ask for a transition period, the request will be "considered favorably." SIFMA's Ken Bentsen welcomed the additional time, but said that Congress should reconsider the provision. "We continue to believe that the underlying swaps push out provision is bad policy," Bentsen said. Reuters (1/3), Bloomberg (1/3) LinkedInFacebookTwitterEmail this Story
  • "Fiscal cliff" deal includes 401(k) conversion measure
    The deal Congress struck to avoid the "fiscal cliff" allows 401(k) retirement plan participants to convert such plans to a Roth 401(k), if their employer offers such a plan. The money will then be taxed when the plan is converted rather than when it is withdrawn. AdvisorOne (1/3) LinkedInFacebookTwitterEmail this Story
  • Fate of Dodd-Frank might be decided this year, analysts say
    Because rhetoric over the Dodd-Frank Act has softened and political alliances across the aisle have formed, 2013 could be the year that meaningful regulation comes out of Congress, analysts say. "There is no repealing Dodd-Frank, but there will be efforts to eliminate duplicative parts of the law to avoid unintended consequences," said Jaret Seiberg, senior policy analyst at Guggenheim Partners. The Washington Post (1/2) LinkedInFacebookTwitterEmail this Story
  • Schaeuble urges U.S. to implement Basel III
    German Finance Minister Wolfgang Schaeuble says he is confident Europe will implement tougher capital rules for banks this year, and he put pressure on the U.S. to do the same. "I am confident that in the course of the year we will complete [details] in time to be able to start building up the additional capital required in the timeframe set by Basel III," Schaeuble wrote in an essay. "I also expect from our American partners that they too stick firmly to the political decision to introduce the new set of rules." Reuters (1/3) LinkedInFacebookTwitterEmail this Story
  • Fed meeting notes reveal concerns about stimulus
    Investors were taken aback by notes released Thursday from the December Federal Reserve policy meeting in which members showed reluctance to further boost the central bank's $2.9 trillion balance sheet. "Several (officials) thought that it would probably be appropriate to slow or to stop purchases [of assets] well before the end of 2013, citing concerns about financial stability or the size of the balance sheet," according to the minutes. Markets pulled back from the strong gains attributed to the "fiscal cliff" resolution after the news. Reuters (1/3) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA member call: The "Fiscal Cliff" -- 9 a.m. Eastern TODAY
    At 9 a.m. Eastern today, SIFMA will hold a members-only call on recent developments related to the U.S. "fiscal cliff," specifically the American Taxpayer Relief Act of 2012, which Congress passed Tuesday to avert the cliff. The call will focus on individual- and corporate-tax provisions in the law and provide insight into tax and spending debates to occur in February when the Treasury Department is expected to exhaust its use of "extraordinary measures" to prevent the U.S. from defaulting in 2013. Registration is required. Participants can register using conference ID 10023239. This call is closed to the media and nonmembers. Check your firm's membership status online, or contact SIFMA's Office of Member Engagement at (212) 313-1152 or inquiry@sifma.org. LinkedInFacebookTwitterEmail this Story
  • REGISTRATION NOW OPEN: SIFMA C&L Society Annual Seminar -- Mar. 17-20 -- Phoenix, Ariz.
    Last year, SIFMA's Compliance & Legal Society Annual Seminar 2012 was attended by 1,700+ financial industry legal and compliance professionals and featured more than 60 panels and sessions, creating the premier forum to discuss the issues and share expertise and insights into critical topics for varied interests. This year's 2013 program in Phoenix, Ariz. on March 17-20 will be no different. Registration is now open for this industry tradition. Be sure to attend this year and give yourself the opportunity to engage leading industry experts on the latest regulatory developments and industry trends. Act now and register before the early-bird rates expire Feb. 1. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Beware the fury of a patient man."
--John Dryden,
British poet, critic and playwright


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