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October 24, 2012
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Regulatory Overview 
See all the highlights from the SIFMA annual Meeting: http://www.sifma.org/events/2012/sifma_2012_annual_meeting/highlights/
Recapping the SIFMA 2012 Annual Meeting
The SIFMA 2012 Annual Meeting was a power-packed event that featured appearances by former Federal Reserve Chairman Dr. Alan Greenspan, CFTC Chairman Gary Gensler, SEC Chairman Mary Schapiro, Senators Saxby Chambliss, R-Ga., and Mark Warner, D-Va., and a host of leaders from within the financial services industry. With the election and "fiscal cliff" looming, the event also offered attendees the chance to hear insight from political experts and renowned economists.

Each participant offered views on the landscape for the financial services industry as it navigates the post-Dodd-Frank environment amid political and fiscal uncertainty. Viewpoints from experts and leaders from across the industry made the SIFMA 2012 Annual Meeting an invaluable event.
Correction 
  • SIFMA Chair Chet Helck: Industry can improve how it is perceived
      
    SIFMA Chairman Chet Helck, chief executive of Raymond James' Global Private Client Group, said the financial services industry needs to emphasize transparency and risk management in an effort to improve how it is perceived. "Let's face it, feeling good about being in our business has been a challenge lately. We know that it's hard to do our job in this environment. We know that sometimes it doesn't feel good at the end of the day," Helck said. "The thing is, we know that we do good, but does anybody else believe that?" Read Helck's full remarks. CNBC (10/23) , OnWallStreet.com (10/23) LinkedInFacebookTwitterEmail this Story

  • SIFMA questions CFTC swap-dealer registration rule
    SIFMA CEO Tim Ryan said at the organization's Annual Meeting in New York that the Commodity Futures Trading Commission's plans to make all "non-U.S. persons" register as swap dealers in the U.S. are too extreme. Ryan said the proposal "breaks from standards of international comity by giving U.S. regulators unprecedented regulatory scope over activities taking place in Europe, Asia and other jurisdictions." Securities Technology Monitor (10/23) LinkedInFacebookTwitterEmail this Story
  • SIFMA's Ryan: Regulatory, fiscal reforms need to be prioritized
      
    Source: Fox Business
    The many federal agencies responsible for implementing the Dodd-Frank Act are proposing regulations with no coordination and without any consideration toward the sequence needed to put them into effect, said SIFMA President and CEO Tim Ryan. "The regulations are not really prioritized the way they should be," he said. "Let's figure out what's the highest priority. Let's focus on the highest priorities," he adds. Ryan also said lawmakers in Washington need to work hard to ensure a solution is found to prevent the U.S. from going over the "fiscal cliff." Read Ryan's opening remarks from the 2012 SIFMA Annual Meeting. Fox Business (10/23) , Bloomberg Television (10/23) LinkedInFacebookTwitterEmail this Story

Gain Unique Insight with Pershing's IndustryWatch
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From SIFMA 

  • Gensler discusses regulatory changes
      
    Gary Gensler, chairman of the Commodity Futures Trading Commission, emphasizes the need to ensure a level playing field in the financial markets as he discusses the agency's efforts to require registration for swap dealers. Gensler said the regulatory changes will help bring transparency to the markets and could lower costs for investors. Gensler also discusses possible changes in the commodities sector. Read Gensler's full remarks. CNBC (10/23) , Reuters (10/23) LinkedInFacebookTwitterEmail this Story

  • Schapiro discusses Knight Capital, fiduciary standard
    Mary Schapiro, chairman of the Securities and Exchange Commission, said that although the agency looks into trade rules after incidents such as the Knight Capital Group glitch Aug. 1, it is not considering changing the rules at this time. "We will always be revisiting rules after particular experiences," Schapiro said. "But I wouldn't say there is anything concrete planned" after the Knight trading issue. Schapiro also expressed confidence that progress would be made on establishing a uniform fiduciary standard of care during 2013. Traders Magazine Online (10/23) , AdvisorOne (10/23) LinkedInFacebookTwitterEmail this Story
  • Industry can work more closely with regulators, James says
    Thomas James, executive chairman at Raymond James, said he thinks it is possible for the financial services industry and regulators to work more closely together on ways to improve the financial system. "Today, I think most of the people in here would be a little paranoid that if they took a problem to a regulator, they might get a visit next week from the [regulatory] team," James said at SIFMA's Annual Meeting. "You really need to have a mechanism so that you can meet reform that enables you to meet and talk about future problems." OnWallStreet.com (10/23) LinkedInFacebookTwitterEmail this Story
  • PIMCO's Hodge urges financial firms to regain client trust
    Douglas Hodge, chief operating officer at PIMCO, told participants at SIFMA's Annual Meeting that financial services firms need to refocus their efforts to serve clients in an effort to gain back trust and help sidestep another crisis. "We have a trust deficit," Hodge said. "We have to quit screwing up [and] hold ourselves to higher standards of conduct." Hodge emphasized the need for stewardship to be the industry's guiding principle. Read Hodge's full remarks. MarketWatch (10/23) LinkedInFacebookTwitterEmail this Story
  • Home loans will become more difficult to get, Petrou says
    Less-than-perfect borrowers who want to buy homes in the U.S. will find it more difficult to qualify for mortgages next year due to unintended consequences of overlapping mortgage rules, according to a study released this week by Federal Financial Analytics that was commissioned by SIFMA. "Regulators in every cubicle at all of the agencies are tightening each of their rules so drastically that the combination of all of them will stifle a return of private capital to securitization, blocking constructive change at the GSEs to end their conservatorship and limiting credit availability for all but the most gold-plated borrower," said Karen Shaw Petrou, the author of the study who also spoke at the SIFMA Annual Meeting. Bloomberg (10/24) LinkedInFacebookTwitterEmail this Story
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Industry News & Trends 
  • Is the pending "fiscal cliff" delaying your firm's plans for growth and development?
    Yes  52.22%
    No  47.78%
  • Is the pending "fiscal cliff" negatively affecting investor confidence?
    Yes  84.44%
    No  15.56%
  • How will lawmakers address the "fiscal cliff" in the lame-duck session?
    With a 6-month extension of existing policies  75.23%
    They won't -- we will go over the "fiscal cliff"  22.94%
    With a long-term reform package (tax reform, budget reductions, debt-limit increase)  1.83%
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CFTC Weekly Swaps Report 
  • Lawmakers and economists weigh in on election, "fiscal cliff"
    A pair of U.S. senators who likely will play a key role in the drama surrounding the "fiscal cliff" visited Wall Street on Tuesday to share their views on the upcoming election and the budget negotiations. The message that Sens. Saxby Chambliss, R-Ga., and Mark Warner, D-Va., delivered at the SIFMA Annual Meeting was clear and concise: The fiscal cliff is serious and Wall Street can play a role in avoiding it. Jeremy Siegel, a finance professor at the University of Pennsylvania's Wharton School, said he expects postelection Washington to move past its recent rancor and come together to address not just the fiscal cliff, but also issues such as entitlements, tax reform and housing reform. SmartBrief/SmartBlog on Finance (10/24) , The Washington Post (tiered subscription model) (10/23) LinkedInFacebookTwitterEmail this Story
News from the Event 
  • CFTC prepares HFT rules for feedback
    Commodity Futures Trading Commission Chairman Gary Gensler said Tuesday that proposals are in the works for reining in high-frequency trading. Gensler said he hopes that the concept release will go before the whole commission soon, and that it will fuel public discussion. Reuters (10/23) LinkedInFacebookTwitterEmail this Story
More Resources 
  • Latest SIFMA Research Resource: 2012 Fact Book
    SIFMA Research reports include regular outlooks and forecasts, research quarterlies and essential industry factbooks and yearbooks. SIFMA recently released its 2012 Fact Book. This annual resource contains comprehensive data on the securities industry, capital markets, market activity, investor participation, global markets, savings and investment, and much more. The SIFMA 2012 Fact Book is now available and has more than 120 pages of tables and charts with decades of historical data (through 2011), plus website locations of key industry data sources. Purchase the SIFMA 2012 Fact Book and have the latest data at your fingertips. LinkedInFacebookTwitterEmail this Story
Upcoming Events 
  • Joint SIFMA/ISDA/FIA member call: CFTC no-action letters, FAQs and Q-and-A's -- noon Eastern on Thursday
    As the compliance date for several of the Commodity Futures Trading Commission's Title VII rule makings approached Oct. 12, the CFTC released a flurry of no-action letters, frequently asked questions and question-and-answer sessions to provide much-needed relief to market participants. These releases covered several rule-making categories, including which swaps to include in de minimis threshold calculations for swaps dealers and major swaps participants, cross-border scope, securitizations, foreign exchange forwards and swaps, and commodity pools and eligible contract participants. SIFMA, the International Swaps and Derivatives Association and the Futures Industry Association will hold a joint member briefing at noon Eastern on Thursday to discuss what relief was provided, whether it goes far enough and what more can be expected. Registration for this call is required. A dial-in number will be provided upon registration. This call is closed to the media and nonmembers. To check your firm's membership status, see these directories: SIFMA full members, SIFMA associate members, ISDA members and FIA members. Or contact SIFMA's Office of Member Engagement at (212) 313-1152 or inquiry@sifma.org. LinkedInFacebookTwitterEmail this Story
  

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