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June 3, 2011
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  Industry News 
  • BNY Mellon is confident lawmakers will not tax municipal bonds
    A report by BNY Mellon said Congress is unlikely to do away with the tax-exempt status of municipal bonds. Eliminating preferential tax treatment for the bonds would increase borrowing costs for muni issuers and put additional strain on their budgets, according to the report. "The urgent scramble to address the ballooning federal deficit will reasonably seek to uncover every scheme to broadly raise revenues, bringing all major tax expenditure loopholes under intense scrutiny," the report says. "We believe it is unlikely that municipal entities will be penalized." InvestmentNews/Bloomberg (free registration) (6/2) LinkedInFacebookTwitterEmail this Story
  • Moody's considers downgrading banks if U.S. limits aid
    Moody's Investors Service is reviewing whether the government will reduce its support for major banks, which could lead to downgrades for Bank of America, Wells Fargo and others. The ratings firm said current ratings for the banks are based on "uplift from Moody's systemic support assumptions that were increased during the financial crisis." Moody's review will "focus on whether these ratings should be adjusted to remove this unusual uplift and include only pre-crisis levels of government support." Bloomberg (6/2) LinkedInFacebookTwitterEmail this Story
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  Washington Roundup 
  • EU and U.S. promise an even playing field for financial firms
    Michel Barnier, the European Union's internal market commissioner, met with U.S. Treasury Secretary Timothy Geithner to discuss the changes in global financial regulation. The officials said they would harmonize rules as much as possible to make the playing field even for financial institutions. "The risk is clearly to enter into a negative game in which one tries to do less than the other," Barnier said. "So we have no other choice than working closely together." However, the officials continued to disagree on several points, including bankers' pay and capital buffers. Reuters (6/2), Reuters (6/2), The Wall Street Journal (tiered subscription model) (6/3), Bloomberg (6/3) LinkedInFacebookTwitterEmail this Story
  • CFTC reassures industry over deadline for rules
    The financial industry is anxious about rules from the Commodity Futures Trading Commission that are scheduled to take effect in mid-July but are not complete. CFTC Chairman Gary Gensler said he is aware of the concerns. "We're looking at how to, in essence, give the market certainty. ... It might be even considered some interim relief," Gensler said. "We have ample latitude within the statute to address any July 16 issues as I know about them." Reuters (6/2), Nasdaq.com/Dow Jones Newswires (6/2) LinkedInFacebookTwitterEmail this Story
  • GFMA says extra capital buffers could affect 26 firms
    Tim Ryan, president and CEO of GFMA, participated in a meeting of the Financial Stability Board at which additional capital buffers for global systemically important financial institutions were discussed. He said the requirements could affect as many as 26 firms. "We understand that it is likely that the number will be in the 15-26 range," Ryan wrote. "Though a capital buffer is likely, the structure, amount and implementation timeline is still undecided." Ryan and others voiced concerns about the cumulative effect of various requirements. Bloomberg (6/2) LinkedInFacebookTwitterEmail this Story
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  Operations Update 
  • Tabb stresses need to automate collateral management
    Banks, fund managers and broker dealers will have to automate the collateral management process to ensure compliance with the Dodd-Frank Act, according to a research report from Tabb Group. Andy Nybo, a Tabb Group principal and global head of derivatives, said collateral and margin management "have now become a priority and are in the forefront" and "cannot be ignored." Join the discussion on the latest developments in technology at SIFMA's Financial Services Technology Leaders Forum. Register today. Securities Technology Monitor (6/2) LinkedInFacebookTwitterEmail this Story
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  SIFMA News 
  • Program now available! SIFMA Regulatory Reform Summit focusing on Dodd-Frank Impact -- July 13
    SIFMA is pleased to announce a one-day summit "Dodd-Frank Impact Analysis: Emerging Implications for the Economy, Clients, and Your Business". Our world-class event features leading financial services executives, senior regulators and top economists focusing on the Dodd-Frank regulatory process and what it means for the economy. Program topics include: Systemic Risk Regulation and Capital Requirements Perspectives, Dodd-Frank Impact on the Individual Investor, Implications for Consumers, OTC Derivatives: A New Paradigm, Business Model and Strategy Impact, Outlook for the Financial Sector, and much more. Register now. LinkedInFacebookTwitterEmail this Story
  • New Speakers added to SIFMA's 31st Financial Services Technology Leader's Forum and Expo!
    SIFMA's Annual Financial Services Technology Leaders Forum and Expo has been the premier event for the largest financial services technology audience for over 30 years! This year, the conference explores the role of technology in an era of Dodd-Frank implementation and the increased use of social media. Don't miss the perspectives and visions of leading technology executives and industry experts in these dynamic times! Register today. LinkedInFacebookTwitterEmail this Story
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