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Swaps Rule Splits: (Nov. 14) Mark Carney, chair of the Financial Stability Board ("FSB") and governor of the Bank of England, said nations should intensify work to counter swaps rule clashes, and that implementation by G20 members of agreements on derivatives regulation "is uneven and behind schedule." Read more.
INVESTORS At Private FSOC Meeting: (Nov. 12) Staff members of the Treasury's Financial Stability Oversight Council ("FSOC") and its member agencies met with more than a dozen organizations, including the Association of Institutional INVESTORS, regarding proposals on how the FSOC communicates with companies being analyzed for systemic designation and possible changes to how the council operates. Read more.
Swaps Rules: (Nov. 12) CFTC Commissioner J. Christopher Giancarlo withdrew from an SEF conference after unsuccessfully seeking a waiver of government ethics rules that view his past work with swaps brokers firms as a conflict. In a released statement he said the commission's swaps trading rules are mismatched with global markets and are ill-suited for market stability. Read more.
The SEC Looks Ahead: (Nov. 10) The SEC is focusing on market structure resiliency in 2015, said Chair Mary Jo White. And, according to Andrew Ceresney, the agency's director of enforcement, the SEC plans to impose penalties more frequently in $3.7 trillion securities market.
Read more about market structure.
Read more about munis.
The Fed in Paris: (Nov. 7) Fed Chair Janet Yellen and NY Fed President William C. Dudley, were among those to use a Paris conference of policy makers to warn that financial markets could, once again, suffer a bout of turbulence when they begin to withdraw monetary stimulus. Dudley acknowledged that the U.S. central bank failed to stem the credit bubble that gave rise to the 2008 financial crisis, and said it has an obligation to support global stability. Read more.
This is not an all-inclusive list of congressional, agency and market participant actions related to these issues. It is a snap-shot of what we believe is of most interest to institutional investors. Some links are to subscriber-only sites.
Be sure to check our website for this InReview, upcoming events, and all our INVESTORS updates. www.association.institutionalINVESTORS.org
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