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June 2015

Feature Article

Protecting our student interns.

by Jim Toes

In order for our industry to compete on a global scale it needs to attract and retain the brightest minds of every generation. Ensuring that a young person's first experience in the financial services industry is a positive one helps achieve that goal.

Student internships, which are often an individual's first experience in the workforce are a good area for us to look at for improving our ability to attract tomorrow's leaders. As we are all aware, obtaining an internship in the financial services industry is a highly competitive process. In addition, we also know that some students seeking internships lack the knowledge to determine one that provides a good opportunity - from another one which does not. In almost any industry when strong demand is coupled with uninformed buyers, the potential for those buyers to be exploited rises.

With that in mind, the STA has begun circulating a letter to university career placement officers which mentions our concerns regarding the potential for students seeking internships to be taken advantage of by those less scrupulous. In our letter, we recommend that career placement officers employ FINRA's Broker Check® to screen firms and individuals who offer student internships in the financial services industry.

To be clear, we are not claiming any laws are being broken, nor are we calling for a congressional hearing or a new regulation on this topic. We are however hoping that our letter causes career placement officers to consider the policies and procedures they have in place for choosing which firms are allowed to offer internships to their university's students. Our concern is acute to those internships whereby the student is paying the university who, in return, grants the student credits toward their degree upon completing their internship. In these situations, a student who may discover that the internship is not what they signed up for is less likely to quit due to the fact that failure to complete the internship results in a loss of credits and money. Scenarios like these are a poor and non representative reflection on our industry at large. So if you are directly working with a career placement officer, please encourage them to do their due diligence.

A copy of our letter is here.

Please feel free to share it.

News From the Hill

Opening Remarks of SEC Chair Mary Jo White before the SEC Advisory Committee on Small and Emerging Companies: Chair Mary Jo White - June 3, 2015

"I am pleased to note that since your last meeting, the Commission in March adopted Regulation A+. I know this Committee was eager for that rule to be finalized, as were we. I believe the rule we adopted will provide an additional and effective path to raising capital that also provides strong investor protections. I look forward to seeing companies put the rules to good use to raise capital". Read full remarks here

Quality Data and the Power of Prevention: SEC Commissioner Kara M. Stein - June 10, 2015

"The events of 2008 are indelibly etched into my memory. I remember when many of our country's economic leaders began closed-door briefings with members of Congress. Concerned about the unfolding financial crisis, the Chair of the Federal Reserve and the Secretary of Treasury plead for help and for an unprecedented financial intervention to stave off another Great Depression." Read more

House Financial Services Committee hearing with US Treasury Secretary Jacob J. "Jack" Lew -June 12, 2015

The HFSC held a hearing to receive the "Annual Report of the Financial Stability Oversight Council" ("FSOC") and the Secretary of the Treasury's testimony on the report. The FSOC issued its fifth annual report on May 19, 2015. The report's findings and recommendations are organized around what the FSOC identifies as several "key potential emerging threats" to financial stability.

HFSC hearing memorandum here W&J report here

STA files comment on Proposed Exemptions to the Trading Activity Fee ("TAF") for Proprietary Trading Firms - June 19, 2015

The STA compliments FINRA for analyzing the potential impact of the TAF to proprietary firms and for acknowledging that such a regime could result in a: "significant TAF obligation for these firms that may be disproportionate to FINRA's anticipated costs associated with the financial monitoring and trading surveillance of these firms, in large part because these firms do not have customers". STA encourages FINRA to continue its analysis and recommends a reduction in the TAF be considered in conjunction with exempting certain transactions. STA letter here

SEC Publishes Request for Public Comment on Exchange-Traded Products - June 12, 2015

The Securities and Exchange Commission today announced that it is seeking public comment to help inform its review of the listing and trading of new, novel, or complex exchange-traded products (ETPs). Read full press release here

82nd Annual STA Market Structure Conference

September 30 - October 2, 2015

For information on sponsoring this year's event and to see a full list of STA sponsors go here

View 2015 Sponsors

Taking Stock

brought to you by JonesTrading

Advice to Summer Interns: Own the Lunch Print

by Jim Toes

Spring semester for college and graduate students ended a few weeks ago, which means thousands of our nation's brightest minds will begin their summer internships. These young adults will have ten weeks to impress senior management in the hopes of obtaining a job in the financial services industry.

A key factor in determining who ultimately gets a job offer and who does not will undoubtedly come down to the accolades or criticisms by mentors in the written review process at the completion of the internship

Read full article here

Charitable Giving

This year, we are pleased to announce that STA National is supporting the Semper Fi Fund.

The Semper Fi Fund, and its program America's Fund, provide immediate financial assistance and lifetime support to post 9/11 wounded, critically ill and injured members of all branches of the U.S. Armed Forces, and their families, ensuring that they have the resources they need during their recovery and transition back to their communities.

Learn more about the Semper Fi Fund HERE

UPCOMING EVENTS

2015 MSDA Summer Conference
July 9-10
registration & details

The STA Events calendar keeps you informed on both national and local STA events. Join other security trading professionals to connect, learn and be inspired by the wide variety of panel discussions, keynote speakers, exhibitors and networking opportunities.

Brought to you by KCG

STA EVENTS CALENDAR