Most Clicked SIFMA SmartBrief Stories
1. SEC backtracks on plan for real-time trade reporting
SIFMA SmartBrief | Feb 09, 2012
The Securities and Exchange Commission is tweaking its plan for a computer system to monitor trades, after criticism that the multibillion-dollar project would be too expensive. The agency won't require real-time reporting of trading information, as previously proposed in a consolidated audit trail system after the "flash crash." "We're going to be rational here because it's really important to get this basic structure in place sooner than later," said SEC Chairman Mary Schapiro. SIFMA's Operations Conference & Exhibit 2012 is the industry event to get the latest on consolidated audit trail developments and the most critical operations and regulatory issues facing the financial services industry. Register today. Wall Street Journal, The (02/09) Bloomberg (02/08)
2. Volcker rule needs to be reproposed, SIFMA's Ryan says
SIFMA SmartBrief | Feb 14, 2012
Tim Ryan, president and CEO of SIFMA, explains that the industry's biggest concern with the proposed Volcker rule is where to draw the line between market making and proprietary trading. Ryan said the Volcker rule needs to be reproposed. "The proposal will severely limit banking entities' ability to hedge their own risk, thereby increasing rather than decreasing the risk to banking entities and the financial system," according to a letter from SIFMA and other industry groups. Read SIFMA's news release. Bloomberg Businessweek (02/13) CNBC (02/13) Wall Street Journal, The (02/13) Bond Buyer (special access for readers of SIFMA SmartBrief), The (02/14) New York Times (tiered subscription model), The (02/13)
3. Volcker is expected to defend proposed proprietary trading ban
SIFMA SmartBrief | Feb 13, 2012
Paul Volcker, former chairman of the Federal Reserve, is expected to file a comment letter on the proposed rule that bears his name before today's deadline. Volcker is expected to argue that a ban on proprietary trading by banks will make the financial system safer and healthier, sources said. On behalf of its members, SIFMA will submit several comment letters related to the proposed rule today. See SIFMA's Volcker Rule Resource Center, including two recent studies on the impact of the proposed rule. Wall Street Journal, The (02/13)
4. Government and banks announce $25 billion settlement
SIFMA SmartBrief | Feb 10, 2012
State and federal government officials reached a $25 billion settlement with major banks over foreclosure issues. The deal will provide some relief to troubled borrowers and could help the economic recovery. However, it isn't expected to be a panacea for the housing market. "It is frankly a headline victory for both banks and attorneys general with a modest impact on the housing market," said Joshua Rosner, managing director at Graham Fisher & Co. Wall Street Journal, The (02/10) Bloomberg (02/10) Los Angeles Times (02/10)
5. Corker commentary: Volcker rule loophole is unfair
SIFMA SmartBrief | Feb 13, 2012
Sen. Bob Corker, R-Tenn., argues that the proposed exemption for government bonds from the Volcker rule is particularly ironic. "The true motivation here is as obvious as it is duplicitous," Corker writes. "Treasury and the [Federal Reserve], which collectively rely on primary dealers and traders to buy the bonds they issue, knew that if the regulation applied to Treasury securities, it would lead to higher borrowing rates for the government." Politico (Washington, D.C.) (02/12)
6. Obama's 2013 budget hits Wall Street to pay for TARP
SIFMA SmartBrief | Feb 14, 2012
President Barack Obama has delivered his $3.8 trillion budget proposal for next year and included is a proposal to generate $61 billion by taxing the largest banks to help recoup some of the money the government provided in the financial bailout. Another $10 billion would be targeted for homeowner refinancing. The amount for the Troubled Asset Relief Program rose from $30 billion a year ago as the cost grew to $68 billion. USA TODAY (02/13) Washington Post, The (02/13) Reuters (02/13)
7. U.S. regulators face foreign complaints about Volcker rule
SIFMA SmartBrief | Feb 14, 2012
Foreign banks, industry groups and governments have flooded U.S. regulators with comment letters complaining about the Volcker rule. The comments could prompt regulators to reconsider or alter the rule. Wall Street Journal, The (02/13) Reuters (02/13) Financial Times (tiered subscription model) (02/13)
8. Volcker commentary: Foreign opposition to prop-trade ban is ironic
SIFMA SmartBrief | Feb 14, 2012
Paul Volcker, former chairman of the Federal Reserve, argues that foreign entities' opposition to the ban on proprietary trading that bears his name is ironic given other proposed regulations. Financial Times (tiered subscription model) (02/13)
9. LIBOR investigation reportedly forces Citigroup write-off
SIFMA SmartBrief | Feb 10, 2012
Two Citigroup traders who were accused of trying to influence the London Interbank Offered Rate have left the bank, forcing Citigroup to write off $50 million, sources said. Financial Times (tiered subscription model) (02/10)
10. Lehman tries to recover $2.5 billion transferred to Citi
SIFMA SmartBrief | Feb 10, 2012
Lehman Brothers Holdings, in a lawsuit filed with the U.S. Bankruptcy Court, claims that soon after it filed for bankruptcy, it asked Citigroup to return money that was held in a segregated account. Citigroup refused. Lehman is seeking $2.5 billion. Wall Street Journal, The (02/09)
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