Most Clicked SIFMA SmartBrief Stories
1. Facebook's IPO prompts investor lawsuits
SIFMA SmartBrief | May 24, 2012
A number of lawsuits have been filed against Morgan Stanley and other banks alleging that last week's Facebook initial public offering was mishandled. Morgan Stanley agreed to review, trade by trade, orders for Facebook shares placed by its retail brokerage clients. If it is determined that those clients overpaid, price adjustments will be made, said people familiar with the issue. Meanwhile, lawmakers have started looking into what happened during Facebook's IPO. Hill, The (05/23) New York Times (tiered subscription model), The (05/23) Financial Times (tiered subscription model) (05/23) Wall Street Journal, The (05/23)
2. A single-agency MBS is possible, SIFMA says
SIFMA SmartBrief | May 25, 2012
Reaching the Federal Housing Finance Agency's goal of creating a single mortgage-backed security will require careful planning, but it can be done "in time," said Chris Killian, SIFMA Securitization Group's managing director. "The complexity and timing will depend on the ultimate scope of the project, which is not clear to the market at this point," he said. "...It is a complicated process that must be carefully planned and executed, but we believe it should be achievable." Market News International (05/24)
3. Wharton's Siegel sticks to prediction that Dow will hit 15,000
SIFMA SmartBrief | May 23, 2012
Jeremy Siegel, finance professor at the University of Pennsylvania Wharton School and academic director of the Securities Industry Institute, offers insight into Europe's sovereign-debt crisis, the financial markets and the economy. Siegel continues to expect the Dow to reach 15,000 by the end of 2013. He also said he would not be surprised to see the euro drop to parity with the U.S. dollar. Check out highlights from this year's Securities Industry Institute. Bloomberg (05/22)
4. Demand for 10-year Treasurys still outstrips supply
SIFMA SmartBrief | May 29, 2012
After four years of $1 trillion budget deficits, investors' demand for 10-year U.S. Treasury securities still far exceeds the amount the government is ready to sell. Such debt yields 24 basis points more than the average for debt issued by AAA-rated nations, including Germany and Australia. Bloomberg (05/29)
5. Former SEC enforcement chief will help JPMorgan investigate trading loss
SIFMA SmartBrief | May 23, 2012
Reuters (05/22)
6. DTCC looks into accelerating settlement of securities
SIFMA SmartBrief | May 23, 2012
Depository Trust & Clearing hired Boston Consulting Group to look into the benefits and costs related to settling trades in less than three days, said DTCC Vice President Elena Staloff. "I'm hoping we get an independent read on where the industry is now in terms of its readiness to shorten the settlement cycle," Staloff said. "Shortening the settlement cycle should help our member firms with their capital and liquidity needs but we don't know what the costs would be." DTCC is working with SIFMA to assess the idea of a shorter settlement cycle. Bloomberg Businessweek (05/22) Financial Times (tiered subscription model) (05/22)
7. Ryan commentary: Let's not politicize Volcker rule
SIFMA SmartBrief | May 23, 2012
Some politicians, commentators and other market observers have seized on recent events as evidence that U.S. authorities need to tighten regulations, particularly the Volcker rule. Tim Ryan, president and CEO of SIFMA, urges caution and calls on policymakers to avoid politicizing the rule. "More than any other set of regulations, it is critical to the financial system that the Volcker rule is done right to ensure the continued efficient functions of financial markets," Ryan writes. Roll Call (free content) (05/23)
8. SEC examines "areas of high risk," official says
SIFMA SmartBrief | May 29, 2012
Julius Leiman-Carbia, a senior official at the Securities and Exchange Commission, said the agency is looking into "several areas of high risk," including broker-dealer due diligence, "dark pools" of liquidity and net-capital levels at broker-dealers. Leiman-Carbia said he is concerned that some brokers might not fully understand all the products they sell. Register today for the SIFMA Market Structure 2012 Conference in New York City. InvestmentNews (free registration) (05/27)
9. Analysis: JPMorgan sells profitable securities to cover losses
SIFMA SmartBrief | May 29, 2012
Reuters (05/29)
10. Regulators focus on "layering" and "spoofing" of orders
SIFMA SmartBrief | May 24, 2012
An official at the Securities and Exchange Commission said investigations on issues related to the use of high-speed electronic access to financial markets are nearly done. The inquiries are focused on "spoofing" and "layering" trading techniques, the official said. Securities Technology Monitor (05/23)
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