| News on the capital markets, securities and financial industry |  |
| Morning Bell |  |  |
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- Favorable tax treatment of munis is still up for debate
The tax break that municipal bonds retained in the resolution to the "fiscal cliff" may be short-lived as lawmakers still have to contend with sequestration. President Barack Obama has suggested limiting the tax break at 28% instead of 39.6%, the current top level. "If and when there is a serious attempt to make substantial reforms to the tax code, I think that there's a risk that the tax exemption could be curtailed or eliminated," said Michael Decker, managing director at SIFMA. Bloomberg
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- Moody's reports drop in default rate for high-yield debt
Moody's Investors Service says the global default rate for high-yield bonds reached 2.6% in the fourth quarter, declining 0.6 percentage point from Q3. The rate was lower than the historical average of 4.8% dating to 1983. Moody's says the rate likely will hit 3.3% in Europe and 3% in the U.S. this year. Bloomberg
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| Washington Roundup | | |
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- Banks are told not to leverage LCR's delayed introduction
National regulators are telling banks they cannot shrink buffers already put in place to comply with Basel III's liquidity-coverage ratio simply because implementation has been changed to a staggered timeline. "It's still possible the liquidity requirements ... are in fact providing an incentive for banks to either deleverage or expand their lending by less than they would have otherwise done," Bank of England Governor Mervyn King said. Risk.net (subscription required)
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| SIFMA News | | |
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- Early-bird rates: SIFMA C&L Society Annual Seminar -- March 17-20 -- Phoenix, Ariz.
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. The 2013 program in Phoenix, Ariz. on March 17-20 will be no different. Registration is now 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. Act now and register before the early-bird rates expire Feb. 1.
- SIFMA Social Media Seminar -- Feb. 28 -- San Francisco
This popular event moves to the West Coast for a full-day seminar featuring in-depth panels on
marketing, business and practitioner experience with social media, as well as practical advice on the
legal and compliance issues faced by the expanding use of interactive technology for business purposes. Learn the practices and processes that will help your firm navigate these new communication platforms.
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