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January 31, 2013
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News on the capital markets, securities and financial industry

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  • Lebenthal worries about tax law's effect on munis
    Source: CNBC
    Alexandra Lebenthal, president and CEO of Lebenthal & Co., is concerned about how possible tax changes will affect municipal bond investors. However, she remains optimistic about the overall direction of the economy, and doesn't expect the country to slip back into recession, citing positive trends in the local economic level. SIFMA's 10-session Muni School starts Feb. 12. Register today and go back to school to learn from Jim Lebenthal of Lebenthal & Co. and municipal securities experts from Morgan Stanley, Assured Guaranty, and Standard & Poor's. CNBC (1/30) LinkedInFacebookTwitterEmail this Story

  Industry News 
  • Clearinghouses cite OTC clearing volumes for Oct., Nov.
    Central counterparties had a solid October and November for clearing over-the-counter derivatives, Dan Mannetti writes. LCH.Clearnet cleared $39 trillion worth of interest-rate swaps in October and $37 trillion in November. CME Group reported an increase in volume in October, including more than $40 billion in credit default swaps, the clearinghouse's second-highest monthly total. Futures Industry (1/2013) LinkedInFacebookTwitterEmail this Story
  • Europe's transaction tax prompts concerns
    As the full scope of Europe's proposed tax on financial transactions becomes public, experts are voicing concern that its wide reach will stunt growth. "If you tax the nominal value of derivatives, flow will migrate elsewhere as these contracts can be traded globally," said Diego Valiante of the European Capital Markets Institute. That could lower volume and make European markets less competitive, experts say. The Trade News (U.K.) (1/30) LinkedInFacebookTwitterEmail this Story
  • Analysis: Investor optimism overlooks problems
    There's no sense in denying that the global economy is recovering, but the wave of optimism sweeping through financial markets ignores serious and fundamental problems with the economies of Europe, the U.S. and Japan, according to The Economist. "The latest bout of optimism in the markets is welcome, but governments should not let it infect them with a dangerous complacency," the magazine notes. "Politicians may have avoided catastrophes, but their policies are still flawed," it adds. The Economist (tiered subscription model) (1/26), Knowledge@Wharton (1/30) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Commentary: SEC must get tougher
    Columnist David Weidner writes that it is time for the Securities and Exchange Commission to toughen up. While some argue that the SEC improved under Mary Schapiro's chairmanship, a couple of new developments could prove helpful, Weidner writes. Recently introduced legislation would strengthen the regulator's abilities to levy stiff penalties. "The second development is nomination of former federal prosecutor Mary Jo White as SEC chairman," Weidner writes. "The choice of Ms. White is a significant departure from a series of chairmen that have been political payoffs, lifelong bureaucrats or industry participants." The Wall Street Journal (1/30) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Glitch delays tri-repo trade settlement, traders say
    Market participants said operational issues delayed settlement of some tri-party repurchase agreements by a few hours Tuesday. The Federal Reserve Bank of New York kept open its Fedwire Securities Service for longer than usual to deal with the delayed trades. Reuters (1/30) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
Check out the program for SIFMA's Anti-Money Laundering and Financial Crimes Workshops and Conference on Feb. 26-27, the industry's premier event for AML compliance and practices. Hear from newly-appointed FinCEN Director Jennifer Shasky Calvery, and OFAC Director Adam Szubin on their 2013 agendas.
  SIFMA News 
  • SIFMA C&L Society Annual Seminar early-bird rates end tomorrow
    Act now and register before the early-bird rates end tomorrow -- Feb. 1. 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. Hear from featured speakers: U.S. Attorney for the Southern District of New York Preet Bharara and FINRA Chairman and CEO Richard Ketchum. This year's program in Phoenix, Ariz., on March 17-20 will be no different. Registration is 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. LinkedInFacebookTwitterEmail this Story
  • SIFMA's 2013 Insurance- & Risk-Linked Securities Conference -- March 5-6 -- New York City
    The program is now available for SIFMA's Insurance- & Risk-Linked Securities Conference, which 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 speakers: Tim Marshall, meteorologist and principal engineer with Haag Engineering, and professor S. Jay Olshansky of the School of Public Health at the University of Illinois at Chicago, to hear their insights of this specialized market sector. LinkedInFacebookTwitterEmail this Story
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Any workout which does not involve a certain minimum of danger or responsibility does not improve the body -- it just wears it out."
--Norman Mailer,
American writer

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