NYSSA SmartBrief

Reading this on a mobile device? Try our optimized mobile version here: http://r.smartbrief.com/resp/eklmCfbwocfbsTiNCPRy

February 14, 2013

Daily newsletter from NYSSA for investment professionals

Top Story

SEC lacks resources to implement Dodd-Frank, Walter says
The Securities and Exchange Commission lacks the resources needed to fully implement the Dodd-Frank Act, Chairman Elisse Walter is expected to tell the Senate banking committee today. "If the SEC does not receive additional resources, I believe that many of the issues to which the Dodd-Frank Act is directed will not be adequately addressed," Walter is to say, according to prepared remarks. Reuters (2/13)

Industry Update

U.S. groups express concerns about European transaction tax
The U.S. Treasury, financial institutions and other businesses and associations argue that a proposed tax on financial transactions in Europe ignores international treaties, overreaches and would hurt the global economy. The EU is scheduled today to outline the plan, which could raise as much as €35 billion annually. Financial Times (tiered subscription model) (2/14), Bloomberg (2/14), The Wall Street Journal (2/13)

IOSCO delays derivatives rules, leaving markets wondering
Forging an agreement on collateral has delayed final rules for derivatives trading, leaving participants in the market wondering about their next steps. "We need to do more economic thinking on the balance of the overall package," said David Wright, secretary general of the International Organization of Securities Commissions, at an industry conference. Reuters (2/13)

CFTC is stuck on minimum number of swaps bids, sources say
The Commodity Futures Trading Commission's five members have been unable to agree on how to force swaps deals onto exchange-like platforms, especially regarding the minimum number of quotes needed for a deal to proceed, sources say. "The lower we go on that, the more the swaps market is going to function the way it was before Dodd-Frank," one of the sources said. Reuters (2/13)

Judge dismisses lawsuits against Facebook over IPO
Several federal lawsuits against Facebook regarding its initial public offering last year have been dismissed. U.S. District Judge Robert Sweet said the plaintiffs failed to show that corporate wrongdoing resulted in their losses. CNBC (2/13), The Wall Street Journal/The Associated Press (2/13)

New York Focus

Gov. Cuomo's proposed budget is questioned by comptroller
A budget proposed by New York Gov. Andrew Cuomo has several shortcomings, Comptroller Thomas DiNapoli says. The budget relies upon federal money that may not become available, and it assumes that wage and job growth will produce higher tax revenues, DiNapoli says. The New York Times (tiered subscription model) (2/13)

New York City starts pondering Bloomberg's legacy
The question of New York Mayor Michael Bloomberg's legacy is becoming the subject of debate, Michael Howard Saul writes. Bloomberg has been unable to deliver on some of the promises he made in 2009, but his private-sector job creation has been a notable success. The Wall Street Journal (2/13)

Career Development

Study sees more than names in CEOs' signatures
CEOs' with larger signatures tend to spend more aggressively and carelessly, according to a study of signatures on corporate filings by the Kenan-Flagler School of Business at the University of North Carolina. Other researchers say the premise is unscientific. Inc. online (free registration) (2/13)

On The Economy

Retail sales kept rising in January
U.S. retail sales increased 0.1% in January despite an increase in the federal payroll tax, the Commerce Department said. Strong gains were cited by department stores and online merchants. Bloomberg (2/13)

Financial Products

Guggenheim debuts ETF investing in Singapore dollar
Guggenheim Partners has brought to NYSE Arca an exchange-traded fund giving exposure to the Singapore dollar. The CurrencyShares Singapore Dollar Trust holds Singapore dollars directly, rather than through derivatives or short-term fixed-income securities IndexUniverse.com (2/13), ETF Trends (2/13), AdvisorOne (2/13)

SmartQuote

Mistakes are part of the dues that one pays for a full life."

--Sophia Loren,
Italian actress

Subscriber Tools

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

Advertise

Account Director: Alexandra Varipapa (302) 242-2055

Read more at SmartBrief.com
A powerful website for SmartBrief readers including:
Industry Home Readers' Choice Search Archive Grab our News Widget Get this RSS Feed Publish your Press Release Download a SmartBrief Mobile app today


	Recent NYSSA SmartBrief Issues: Wednesday, February 13, 2013 Tuesday, February 12, 2013 Monday, February 11, 2013 Friday, February 08, 2013 Thursday, February 07, 2013			Lead Editor: Bridget Lux Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004