Reading this on a mobile device? Try our optimized mobile version here:

March 6, 2013
Sign upForwardArchiveAdvertise
News on the capital markets, securities and financial industry

  Morning Bell 
  • Fed, banks disagree over "stress test" release schedule
    The two-part release schedule of "stress tests" of the nation's banks has become a sticking point between major lenders and the Federal Reserve. Some lenders have asked for a one-day release of the results, but Fed officers denied the request, a source said. The central bank is scheduled to release the first round of results Thursday and the second round a week later. The Wall Street Journal (3/5) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Dow closes at record high
    The Dow Jones industrial average closed at an all-time high of 14,253.77 on Tuesday, topping a record set in October 2007. "I'm surprised at the speed of the gains, which have come at a pace that we can't annualize," said Jim McDonald of Northern Trust Global Investments. "But stocks are still not expensive, and we can expect to continue getting a reasonable advance from here." Reuters (3/6), Barron's (subscription required)/Stocks to Watch blog (3/5) LinkedInFacebookTwitterEmail this Story
  • Libor lawsuits should be dismissed, banks argue
    JPMorgan Chase, Bank of America and other banks are being sued by local governments, community banks and customers regarding possible manipulation of the London Interbank Offered Rate. The defendants have asked U.S. District Judge Naomi Reice Buchwald to dismiss the cases, arguing there is no evidence they broke the law. Reuters (3/5), Bloomberg (3/5), The Wall Street Journal (3/5) LinkedInFacebookTwitterEmail this Story
  • Regulation is expected to hit investment-banking revenue
    At JPMorgan Chase's annual investor day, a data point indicated how market-structure rules might affect revenue at investment banks. Analysts say rules governing clearing, collateral, post-trade transparency and trading on swaps-execution facilities could reduce JPMorgan's revenue as much as $2 billion annually. Analysts also have looked at how rules might affect revenue at Royal Bank of Scotland and Barclays. Financial News Online (U.K.) (free content) (3/5) LinkedInFacebookTwitterEmail this Story
  • Commentary: Financial benchmarks require careful approach
    Harry Lipman, global product manager of Bloomberg's OTC Derivatives, participated in a recent SIFMA panel discussion about global financial benchmarks. In this blog, Lipman explains the importance of such benchmarks and their regulation. "Achieving the appropriate balance to regulate financial benchmarks is crucial, as it will have a significant impact on the markets globally," Lipman writes. "It's vital that they are developed with a strong, consistent, and transparent design that creates a level playing field for all." Catch highlights from the event, The Future of Global Financial Benchmarks. Bloomberg/Bloomberg Blog (3/4) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Group wants advisers barred from forcing clients into arbitration
    State securities regulators are asking Congress to adopt legislation prohibiting investment advisers from using contracts that require clients to resolve disputes with them through mandatory arbitration. The regulators also want lawmakers to look into a ruling by a Financial Industry Regulatory Authority hearing panel that said the agency can't keep Charles Schwab from preventing clients from filing class-action lawsuits. InvestmentNews (free registration) (3/5) LinkedInFacebookTwitterEmail this Story
  • High-frequency trading attracts regulators' attention
    Members of the Quantitative Analytics unit at the Securities and Exchange Commission have been meeting with representatives from the FBI and other regulators to share expertise and tackle concerns related to high-frequency trading. The FBI's collaboration is part of an effort to keep up with quickly evolving trading strategies, sources said. Meanwhile, the North American Securities Administrators Association, which represents state securities regulators, said Tuesday that Congress should investigate high-frequency trading. Reuters (3/5), Financial Times (tiered subscription model) (3/5), Reuters (3/5) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • First clearing deadline shouldn't be an issue, Gensler says
    The first deadline for mandatory clearing should pass smoothly on March 11, Commodity Futures Trading Commission Chairman Gary Gensler says. Some firms have raised concerns that their clients may not properly register on time and will be frozen of out derivative markets after the deadline, but Gensler said no firms have sought a temporary delay because of that. (subscription required) (3/5) LinkedInFacebookTwitterEmail this Story
Are you prepared for the Invisible Opportunity?
Read our new white paper, "Women and Wealth: The Invisible Opportunity" to learn more about engaging women investors and earning their trust.

First Clearing, LLC is a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. This material is for broker-dealer and financial professional use only. First Clearing does not provide services to the general public. 1112-04385
  Asset/Wealth Management Report 
  SIFMA News 
  • SIFMA/GFOA event: Municipal Swaps -- Understanding the New World of Regulation -- March 11
    SIFMA is partnering with the Government Financial Officers Association (GFOA) on March 11 in New York City for a unique event to explore the impact of new regulations on your business. A key area of focus for users of municipal swaps are the CFTC's business conduct rules, which, when they take effect in May, will substantially alter the way state and local governments and nonprofits interact with bankers, swap dealers and swap advisors. The event would be most beneficial to state, local or nonprofit officials who have swaps currently or who may execute swaps in the future, bankers and others who work with state and local governments or nonprofits on transactions involving swaps, and attorneys and compliance professionals who support municipal swap activities. LinkedInFacebookTwitterEmail this Story
  • Program now available: SIFMA's Private Client Conference -- April 25 -- Chicago
    Check out the program for SIFMA's Private Client Conference: A Conference for Wealth Management Professionals, 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 some of the top industry thought leaders from global, regional and small firms as they discuss innovative and tactical ideas across market segments and more. LinkedInFacebookTwitterEmail this Story
SIFMA Resources  |  Advocacy  |  Educational Programs/Conferences  |  Newsroom

Legislative and Regulatory Activity  |  Member Committees  |  Newsletters

Every time you spend money, you're casting a vote for the kind of world you want."
--Anna Lappé,
American writer, speaker and activist

LinkedInFacebookTwitterEmail this Story

Subscriber Tools
Print friendly format | Web version | Search past news | Archive | Privacy policy

Sales Account Director:  Abiy Bekele (919) 931-5915
A powerful website for SmartBrief readers including:
 Recent SIFMA SmartBrief Issues:   Lead Editor:  Bridget Lux
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2013 SmartBrief, Inc.® Legal Information