Archive October 2016

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Week InAdvance: October 31, 2016

Mon 10/31 Jack Lew addresses Oxford Union on global economic integration. | Tue 11/1 ISDA swaps & margining conferences in NYC & San Francisco. | Wed 11/2 FOMC rate decision. | Thu 11/3 FSB's secretary general & OCC's Curry at Chatham House, London. BBA's MiFIR / MiFID conference in London. International banking conference at Chicago Fed. | Fri 11/4 CFTC considers changes to automated trading proposal. Paris Climate Agreement comes into effect.

Week InReview: October 28, 2016

Thousands of subsidiaries go missing from bank SEC filings - More than 5,300 subsidiaries disappeared from the SEC filings of three major U.S. banks - Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. - in the last eight years; most of the subsidiaries still exist, but loose SEC regulation and enforcement allowed them to disappear from public view (Oct 25)

Week InAdvance: October 24, 2016

Mon 10/24 | Margin rules for non-cleared swaps on ISDA's Singapore agenda. MetLife, U.S. argue SIFI lawsuit appeal in court. | Tue 10/25 ISDA security-based swaps conference in NYC. | Wed 10/26 SEC to weigh changing universal proxy card use. GPFI conference in Basel. | Thu 10/27 OFR big data conference. Margin rules for non-cleared swaps on ISDA's Tokyo agenda. | Fri 10/28 IOSCO LEI meeting in Tokyo.

Week InReview: October 21, 2016

Interview of the Week - The IMF's Managing Director Christine Lagarde held a Sunday morning breakfast chat with Michael Lewis, best-selling author of The Big Short, about the U.S. housing bubble and the 2007-08 financial crisis, and Liar's Poker, based on his experience as a Wall Street bond salesman in the 1980s. Asked by Lagarde whether the behavior of big banks had changed since then, Lewis said there had been some progress-for example in compensation and reducing proprietary trading by big institutions - but that big problems remain. Lewis advocated for putting more women in senior financial roles to offset the effects of "male over-confidence." He also noted the difficulty of communicating to the public on sophisticated financial issues. He said outsiders like him can help institutions like the IMF explain complex issues in simple terms. "I can speak about these things in looser terms. But if you try to communicate with people who know nothing whatsoever about finance in a way they will understand, it would cost you with the people you have to deal with every day." "We deal with finance ministers, we deal with governors of central banks, who themselves are hostage to their own governments first, and to public opinion and the next election," Lagarde said. "We need to... reach out to public opinion, to explain what the positive outcomes and the benefits could be of doing this, that, or the other."

Week InAdvance: October 17, 2016

Mon 10/17 Habitat III in Quito, Ecuador. | Tue 10/18 BIS fintech/cybersecurity webinar. EIOPA conference in Frankfurt. | Wed 10/19 FSB's SRC committee in DC. Basel Committee in Mexico City. FDIC weighs cybersecurity safeguards. Fed's Beige Book. | Thu 10/20 IOSCO board in Hong Kong. NY Fed conference on reforming culture in the financial services industry. ISDA conference in Sydney. | Fri 10/21 B20 in Basel.

Week InReview: October 14, 2016

Quote of the Week:  "I spent last Friday at the Notre Dame conference on current topics in financial regulation, at which there was a certain amount of worrying about bond market liquidity. For instance, Jens Dick-Nielsen presented a paper on 'the cost of immediacy for corporate bonds,' and Stacey Jacobsen presented one on 'capital commitment and illiquidity in corporate bonds, both of which try to answer the question: If bond market liquidity has gotten so bad, why doesn't it show up in any statistics about bid-ask spreads, price impact, etc.? One short answer is that it does show up if you know where to look: in measures of how much capital dealers will commit to trades, and of how much funds pay to access immediacy around index-drop events. Also Itay Goldstein presented on 'investor flows and fragility in corporate bond funds,' because if you are worried about bond market liquidity, worries about runs on bond mutual funds can't be far behind."

Matt Levine
Bloomberg View

Week InReview: October 7, 2016

Irene Bergman, 101 years old, the European refugee who became a financial adviser and the longest-working woman on Wall Street, died Thursday at her home in Manhattan. Last year, just before her 100th birthday, she offered some advice for enjoying a long career in the financial industry: "Don't do anything stupid."

Week InAdvance: October 3, 2016

Week in Brief | Mon 10/3 Supreme Court begins new nine-month term. | Tue 10/4 Day one of IMF & World Bank annual meetings. | Wed 10/5 SEC's Advisory Committee on Small and Emerging Companies meets. | Thu 10/6 CFTC roundtable on CPMI-IOSCO guidance on CCP resilience and recovery. | Sun 10/9 IMF Managing Director Christine Lagarde one-on-one conversation with Michael Lewis, author of "The Big Short" (live webcast).