| News on the capital markets, securities and financial industry |  |
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- Bond dealers warn Treasury about rise in borrowing costs
The Treasury Borrowing Advisory Committee of SIFMA told officials that the Federal Reserve's unwinding of its program to buy mortgage-backed securities could increase the government's borrowing costs. The program has pushed down interest rates on many securities, particularly mortgage-backed securities. "Federal Reserve purchases have taken an enormous amount of supply out of the market this past year across fixed-income markets, but next year, financial markets should expect even greater issuance with no support. Such an outcome could pressure rates," the bond dealers said. The Wall Street Journal/Real Time Economics blog
(11/4)
, MarketWatch
(11/4)
     
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- Citigroup prepares emerging-market CDO as demand returns
Bankers at Citigroup, with Sydbank of Denmark acting as a portfolio manager, are about to launch one of the first emerging-market collateralized debt obligations since the beginning of the credit crunch. "The market for CDOs was dead, but now investor interest is slowly being revived, provided they are shown the right structure," said Philip Blackwood, Sydbank's emerging-market fixed-income managing director. "Demand for these types of emerging-market currency products is definitely there." Financial Times (tiered subscription model)
(11/4)
- Covered-bond issuance in Europe could rekindle U.S. interest
Europe's covered-bond market, kick-started by the European Central Bank, is taking off, with issuance this year soaring past the 2008 total. The situation is raising the question of whether issuance in Europe can help revive the covered-bond market in the U.S. "Covered bonds could become very popular in the U.S. as they offer banks cheaper financing than other instruments and offer investors a very safe product at a time when many are still cautious," said Tim Skeet, head of covered-bond origination at Bank of America Merrill Lynch. Financial Times (tiered subscription model)
(11/5)
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| Regulatory Roundup |  | |
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- SEC focuses on 2 high-frequency trading issues
David Shillman, associate director of the trading and markets division at the Securities and Exchange Commission, said the agency is working on a proposal to address "sponsored naked access" to markets. He said the SEC is looking into whether monitoring must be done before the trade or whether post-trade monitoring is sufficient. The commission is also assessing who should be responsible for monitoring. Reuters
(11/4)
- SEC to examine mechanics of shareholder voting
Mary Schapiro, chairman of the Securities and Exchange Commission, said the agency plans to conduct a comprehensive review of shareholder voting. The SEC will look into why fewer retail investors are voting, how proxy votes are cast and the accuracy of vote tabulation. "Our goal is to determine if some information we already require should be omitted and if some information we don't require should be added," according to Schapiro's prepared remarks about the initiative. "Our efforts will be targeted at making sure that investors are receiving the right information and not just more information." The Wall Street Journal
(11/4)
| SIFMA News | | |
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SIFMA Research Quarterly for Q3 is available
SIFMA released its third-quarter 2009 Research Quarterly. The report provides market participants and observers research and statistics on key areas of capital markets. Areas of the markets that are featured in the report include municipal bonds, Treasuries, federal agency debt, funding and money-market instruments, mortgage-related securities, asset-backed securities, collateralized debt obligations, corporate bonds, equity, and leveraged loans. Read the complete SIFMA Research Quarterly.
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SIFMA Foundation hosts professional-development day for teachers in New York City
The SIFMA Foundation for Investor Education hosted The Stock Market Game Professional Development Day in New York. The event, sponsored by Fidelity Investments, brought 140 teachers together to gain valuable insight into methods for raising students' scores in mathematics, economics and personal finance by using The Stock Market Game in their classroom. New York state Sen. Daniel Squadron spoke at the event. "The financial crisis our country is weathering makes it clear how important it is for all Americans to be financially fluent," he said. "That's why the work the SIMFA Foundation does to bring financial-fluency training to teachers is so important." Learn more about the SIFMA Foundation.
| Legislative Update | | |
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- House panel approves Investor Protection Act
In a 41-28 vote, the House Financial Services Committee approved legislation that would require the Municipal Securities Rulemaking Board to comprise a majority of public members. The bill also would require municipal-market financial advisers to register with the Securities and Exchange Commission. The legislation also aims to ensure MSRB board members have financial expertise by directing the SEC to develop qualifications for the position. The Bond Buyer (subscription required)
(11/5)
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Regulators raise concern about state oversight of hedge funds: The House Financial Services Committee approved legislation that would give states oversight authority for investment advisers, a group that includes hedge funds, managing less than $100 million. Larger advisers would be supervised by the Securities and Exchange Commission. Regulators said the change could undermine lawmakers' goal. The Wall Street Journal
(11/5)
- Sen. Dodd set to introduce bill on regulatory reform
Senate banking committee Chairman Christopher Dodd, D-Conn., plans to introduce legislation that would overhaul the financial regulatory system. Dodd said he will introduce the package of bills next week even if he still lacks Republican support. "My intention is to go forward. This is an area that demands our attention," Dodd said. He added that he expects to have a bill out of committee by early next month. Bloomberg
(11/4)
, Reuters
(11/4)
- Treasury nominee touts Build America Bonds program
Michael Mundaca, acting assistant Treasury secretary for tax policy and President Barack Obama's nominee for the post, urged lawmakers to extend the Build America Bonds program. Mundaca told the Senate Finance Committee that the program is "too successful to simply allow it to expire." The program is set to expire at the end of next year. "It's opened up markets to states and localities to place their bonds beyond where other state and local bonds could be placed," Mundaca said. "We need to seriously consider whether and how to extend it." The Bond Buyer (subscription required)
(11/5)
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