Financial services trade association and lobbyist SIFMA and similar groups in Europe have weighed in on the Transatlantic Trade and Investment Partnership (T-TIP) deal between the U.S. and E.U., and they want better regulatory cooperation to avoid any further market fragmentation. The T-TIP has not gotten the same amount of attention as the controversial Trans-Pacific… Read More >>
T+2 Systems Will Get Built in 2016: DTCC
(Editor’s note: The push for a shortened settlement cycle got major boosts last year when SEC Chair Mary Jo White gave a provisional nod to the two-day settlement cycle (T+2), and when the U.S. T+2 Industry Steering Committee (T+2 ISC) submitted its Implementation Playbook to the SEC and released it publicly. The T+2 ISC is… Read More >>
ISC Creates a Map for T+2 Move
The nitty gritty of shorter settlement cycles is getting clearer as the U.S. T+2 International Steering Committee (T+2 ISC) has submitted its Implementation Playbook to the SEC on December 18 and released to the industry on Dec. 21 to provide the industry with a timeline to help them move to a two-day settlement cycle (T+2)… Read More >>
SEC Targets Mutual Funds, ETFs via Curbs on Derivatives
As expected, the SEC has voted to propose new derivatives rules that would limit leverage and other risks for mutual funds, exchange-traded funds (ETFs) and other registered investment companies in the derivatives markets. After a 90-day comment period, the commission is likely to move forward on the new rules. New rules are needed, the commission… Read More >>
Q&A: Firms Still in Limbo over T+2 Changes
(Editor’s Note: Matt Rodgers, senior manager at business consultancy Sapient Global Markets, thinks that it’s a little premature to know what IT infrastructure and solution changes will be required for the transition to trading day plus two settlement (T+2). The efforts of the DTCC, the Securities and Financial Market Association (SIFMA) and major industry players… Read More >>
SIFMA Raises ‘Serious Concerns’ About Cybersecurity Bill
A key Wall Street advocacy group is registering “serious concerns” about the U.S. Senate’s passage by a bipartisan 74 to 21 vote the Cybersecurity Information Sharing Act of 2015, a bill that supporters say will help prevent cyber-attacks upon personal privacy by facilitating the sharing of data about potential cyber threats. The bill, sponsored by… Read More >>
Top Wall Street Firms Begin Overhauls for T+2
Some of the largest buy- and sell-side firms have begun the hard work needed to revamp infrastructures, workflows and budgets to facilitate the move to the shorter T+2 settlement cycle, according to participants at the recent T+2 Symposium, hosted by the Securities and Financial Markets Association (SIFMA). Key industry players, including SIFMA, the DTCC and… Read More >>
SEC’s White: Don’t Wait for Us on T+2
The securities industry’s desire for regulatory certainty on shorter settlement cycles based on the trade date plus two business days (T+2) faces a bit of setback as SEC Chair Mary Jo White suggested the industry continue its work on achieving T+2 without waiting for the SEC to propose the necessary rules. The SEC strongly supports… Read More >>
Should Glass-Steagall Be Revived to Stop ‘Too Big to Fail?’
(Editor’s note: This is the first part of a two-part series on whether in the wake of the repeal of the Glass–Steagall Act of 1932 there are financial institutions that have become “too big to fail” because they have essentially bet too much of the firm’s money on highly risky capital markets. The recent turmoil… Read More >>
SIFMA and FSR Urge Congress to Pass Cybersecurity Bill
Two industry advocacy trade groups, the Securities Industry and Financial Markets Association (SIFMA) and the Financial Services Roundtable (FSR), have called on the U.S. Senate to move forward quickly, after August recess, to pass the Cybersecurity Information Sharing Act (CISA). The bill, also introduced in 2014, has already passed the House. “The bill will allow… Read More >>
