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17/01/2012 Sifma

Morning Bell

Commentary: Overly complex regulations won't prevent crises
Columnist Joe Nocera writes that Jamie Dimon, CEO at JPMorgan Chase, and other industry experts are raising concerns about the onslaught of regulations hitting the financial sector. Nocera explains that the regulations are often too complex, contradictory, or both, and that they are unlikely to prevent crises. The New York Times (tiered subscription model)(1/16)

Industry News

Industry studies idea of "mutual recognition" for new rules
A coalition of industry groups, including SIFMA and AFME, commissioned the law firm Clifford Chance to study the idea of "mutual recognition" of regulations in the EU and the U.S. Financial Times (tiered subscription model)(1/16)

Pandit: Financial system needs more market-driven reform
Citigroup CEO Vikram Pandit writes that the financial system can be improved by increasing transparency and giving markets more tools to discipline firms that use too much leverage. Financial Times(tiered subscription model)(1/10)

Dealers shift from corporate securities to Treasurys
As of Dec. 28, the Federal Reserve's 21 primary dealers held a combined $74.7 billion in U.S. Treasurys and $61.1 billion in corporate bonds. It is the first time that the largest bond-trading firms on Wall Street have held more Treasurys than company debt. Bloomberg Businessweek(1/17)

Prosecutors intensify investigation of S&P
U.S. prosecutors are moving faster in their investigation into possible misconduct by credit rating agency Standard & Poor's in the marketing of mortgage-backed securities. Investigators are trying to find out whether firms selling the securities pressured analysts to weaken standards normally used to rate bonds backed by mortgages. The Wall Street Journal(1/17)
Expert offers insight into financial pay practices
Alan Johnson, a financial compensation specialist, helps determine how financial companies pay employees. "The misunderstanding many people have about this industry is that pay is whimsical," Johnson said "It’s not." The New York Times (tiered subscription model)(1/16)
Other News
Morgan Stanley to notify employees of shrinking bonuses
The Wall Street Journal (1/17)

Washington Roundup

Proposed U.S. rules will hit securitizations, insiders say
U.S. regulators recently published draft trading book capital rules that banks say are insensitive to risk. The rules would subject the industry to capital requirements on securitizations and other assets that are significantly higher than required under global rules known as Basel 2.5. Risk.net (subscription required)(1/12)
Lawmakers will question regulators about Volcker rule
House members on Wednesday will question regulators about plans to implement the Volcker rule. "From the beginning there have been serious concerns that this complex regulation will hinder American markets, competitiveness and job creation," said Rep. Spencer Bachus, R-Ala. Oliver Wyman recently released a studyon the implications of the Volcker rule on the U.S. corporate bond market. The Hill/On the Money blog(1/16)
Fiduciary duty debate turns to cost-benefit analyses
Efforts by the Labor Department and the Securities and Exchange Commission to impose fiduciary standards on investment advisers have slowed in recent months. Conducting cost-benefit analyses of the proposed fiduciary duties has been difficult. InvestmentNews (free registration)(1/16)
IRS looks into possible mispricing in muni market
Officials at the Internal Revenue Service want to work with municipal bond market participants to develop policies to prevent mispricing schemes and detect possible problems. The IRS is also monitoring data from the Municipal Securities Rulemaking Board to detect suspicious pricing. The Bond Buyer (free content)(1/17)

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