| News on the capital markets, securities and financial industry |  |
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- First CMBS sale via TALF is on track as Fed's concern eases
Federal Reserve officials had raised concerns about a closely watched commercial mortgage-backed securities transaction, but the central bank indicated that its worry is easing. The deal is expected to be a test for the U.S. government's Term Asset-Backed Securities Loan Facility. The real estate industry is hoping the debt sale will lead to other similar deals. The Wall Street Journal
(11/4)
     
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- Wells Fargo offers swap for holders of option-ARMs
Wells Fargo is offering a loan exchange to borrowers who have option adjustable-rate mortgages -- mortgages that permitted holders to pay what they pleased for a certain period, but whose payments now have gone much higher. Distressed borrowers with these mortgages are being offered a chance to take a new interest-only loan that will delay the need to pay on the balance for six to 10 years. Wells Fargo holds $107 billion in debt tied to option adjustable-rate mortgages. "We're banking on the fact the economy will improve and recover over time," said Michael Heid, co-president of Wells Fargo Home Mortgage. The Wall Street Journal
(11/4)
- ICE says most new CDS contracts to be centrally cleared
IntercontinentalExchange, which has taken the lead in the race to clear credit default swaps, said most new contracts will be centrally cleared by the end of November. Regulators urged the industry to reduce risk in over-the-counter derivatives by centrally clearing such contracts. ICE's rivals have struggled to attract interest for central clearing, but ICE has collaborated with CDS dealers. Financial Times (tiered subscription model)
(11/3)
| Regulatory Roundup | | |
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- Fed is expected to hold rates steady, signal economic improvement
Federal Reserve officials are expected to perform a balancing act as they comment on interest rates, stimulus measures and the broader economy. "They've got, for a lot of reasons, to say that it looks like what we've been doing has been working," said Robert Eisenbeis, a former research director at the Atlanta Fed who is now chief monetary economist at Cumberland Advisors. "But if they're too exuberant about it, it's going to trigger expectations of a policy move quicker than perhaps they might like to do." Bloomberg
(11/4)
- SIFMA opposes changes to MSRB's political-contribution rule
In its comment letter, SIFMA argued against a proposal from the Municipal Securities Rulemaking Board regarding political contributions. "This rule proposal would mandate the sharing of information over information walls, and would likely result in the opposite of its intent by increasing the possibility of violations of" G-37's prohibition against dealers doing indirectly what they cannot do directly, SIFMA said in a letter written by Leslie Norwood, managing director and associate general counsel. The Bond Buyer (subscription required)
(11/4)
| SIFMA News | | |
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Curious about what you might have missed out on at SIFMA's Annual Meeting 2009?
Some of the most prominent people in financial services addressed an audience of senior executives at SIFMA's Annual Meeting 2009. Mary Schapiro, chairman of the Securities and Exchange Commission, and Richard Ketchum, chairman and CEO of the Financial Industry Regulatory Authority, were only two of the speakers who addressed the crowd at the New York Marriott Marquis hotel, while Charlie Rose had conversations with Jamie Dimon, chairman and CEO of JPMorgan Chase, and Treasury Secretary Timothy Geithner. Additionally, special panels were convened to focus on three areas of the market that have attracted considerable attention: the changing landscape for financial advisers, municipal securities and market structure. See more of what you might have missed.
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Back-to-school night: Reception provides preview of 2010 Securities Industry Institute
Class was in session early on the evening of Sept. 23 when faculty from the Securities Industry Institute, the premier executive-education program for the financial services industry, provided industry practitioners a sample of what the program has to offer. Hosted by SIFMA and held at the SIFMA Conference Center in New York City, the program allowed attendees to listen to three faculty members, including Jeremy J. Siegel, talk about their perspective on markets, leadership and regaining trust. Learn more about the reception and the 2010 Securities Industry Institute.
- Frank: House will vote next month on regulatory reform
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, expects the full House to vote on financial regulatory reform in December. Frank's prediction comes even as reconciliation on some of the biggest components -- including the proposed creation of a Consumer Financial Protection Agency -- remains unresolved. Frank's committee will resume work on the reform with a hearing today. The Wall Street Journal
(11/3)
- Banks struggle to stop consumer-protection wave
Establishing the Consumer Financial Protection Agency is one of the key tenets of the Obama administration's proposed regulatory overhaul. Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said he is making a consumer-protection agency his priority. With much of the public attributing the economic downturn to the banking industry, the CFPA has support from the masses. The situation is making it increasingly difficult for the banking industry to prevent Congress from moving forward. Bloomberg
(11/3)
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- Risk aversion returns as investor uncertainty deepens
After an eight-month rally that spurred gains in equities, corporate bonds, commodities and other asset classes, investors have suddenly become risk-averse. Since mid-October, a mood of uncertainty has swept the markets. Now, as central banks in the U.S. and Europe hold policy meetings this week, investors await economic updates. "This is a risk trade that has gone a long way, and people who have definitely made money on the trade are paring back as we approach the end of the year," said Alan Ruskin, an RBS Securities strategist. Financial Times (tiered subscription model)
(11/3)
- Some bond investors expect increase in mortgage rates
Bond investors are getting worried as the Federal Reserve wraps up its program to purchase almost $1.5 trillion in mortgage-related bonds. "Once we don't have the largest incremental buyer of mortgages, who will step up to take that role?" said Todd White, who manages a bond portfolio at RiverSource Investments. "It probably won't be a smooth transition, assuming rates are near where we are currently." MarketWatch
(11/3)
 | Institutional Investors Predict the 2009 Market Close.
Read the NEW findings from TheMarkets.com's latest survey, launched to institutional investors in 22 countries. Findings also include a detailed look at investor sentiment as it differs across regions. Get your free copy of the report here. |
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