In Focus

  • Week InReview: October 20, 2017

    • Friday, October 20, 2017

    Things that make you say hmmm... Under European regulations, banks are required to charge explicit prices for research. U.S. regulations will also allow them to charge those prices. However, brokers claim an SEC technicality requires them to register with the agency as an investment adviser in order to sell stand-alone analysis, thus subjecting them to a much stricter level of oversight. "The moves may disappoint investor advocates and some officials at U.S. pension funds because they've been urging the SEC to to go even further. They want the regulator to allow what's happening in Europe to also happen in the U.S. -- a system where investors can easily buy research from one brokerage, while paying another to execute trades." Wall Street Is Said Poised to Get Key SEC Reprieve on MiFID

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  • Week InAdvance: October 16, 2017

    • Monday, October 16, 2017

    Mon Oct 16 NAFTA Round 4 continues. Compliance professionals national conference in DC. DC CyberWeek kicks off. | Tue Oct 17 ESMA conference in Paris. | Wed Oct 18 INVESTORS CMBS Council telecon. Fed issues Beige Book. IOSCO board meets in Madrid. High-level BCBS meeting in Basel. OECD Codes meeting in Paris. Financial stability conference in Berlin. | Thu Oct 19 Muni bond women's forum in Chicago.

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  • Week InReview: October 13, 2017

    • Friday, October 13, 2017

    On Bond Market Liquidity - "In corporate bonds, the different measures of liquidity tell a mixed story. Record trading volumes and low bid-ask spreads indicate good liquidity, while reduced frequency of block trades suggest more difficulty in moving large blocks of risk. However, these oft-cited measures do not capture the full story. For example, bid-ask spreads have decreased primarily for retail investors, rather than for institutional investors. "Moreover, measures of trading activity only capture activity that has occurred, not trades foregone by market participants because liquidity was not available or the cost was too high. Liquidity metrics also generally do not convey the reduction in immediately available trading opportunities. Such opportunities have declined as more dealers act as agents, and accordingly customers must wait until the opposite side of the trade has been found. Finally, market participants report that dealer willingness to make markets in size, take on risk, and provide firm quotes have all declined." - The Treasury report on capital markets deregulation

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