Archive December 2016

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Week InReview: December 30, 2016

Where Goest Thou, Title VII? | Global Bank Regulators Take the Gloves Off | CLOs Face Daunting Prospects | Restorative Cocktails in Binge Reading Disorder

Week InAdvance: December 27, 2016

Quiet week ahead

Week InReview: December 23, 2016

Barclays to face off against U.S. over 'craptacular' loans - U.S. sues over defaults on billions in securitized mortgages; investors were deceived about risk of securities, DOJ says; two individuals named; summary of the complaint (Dec 22) | Red flag on recession crops up in NY Fed's coincident economic index - Last time the index declined was in November 2009 (Dec 22) | Who owns blockchain? Goldman, BofA amass patents for coming wars Established firms seek exclusive rights in threat to startups; beyond techno-utopian roots, blockchain seen reshaping finance (Dec 21) | SEC maintains stance on regulatory audits for advisers - Since Chair Mary Jo White announced she was leaving the SEC in January, registered investment advisers have speculated whether this signals a change in SEC enforcement trends (Dec 20) | The $12 trillion credit risk juggle - After the financial crisis, regulators were worried about too much risk being concentrated in too few hands; they are still concerned, but the hands have changed (Dec 16)

Week InAdvance: December 19, 2016

Mon 12/19 Electoral College meets. | Wed 12/21 Winter Solstice. | Fri 12/23 Bond market closes at 2 pm EST; stock markets close at normal time. | Sat 12/24 Risk retention rules become effective.

Week InReview: December 16, 2016

Watch the Most Important Moments of 2016 in 4 Minutes: A year of division, loss, and hope | 'Year In Search 2016' Is As Grim As You'd Expect, But Hopeful: Take a look back at what was most searched for this year (mostly things we would all like to forget) | 2016's Most Striking News Photos: Powerful images come together to illustrate a world full of joy, tragedy, wonder and delight

Week InAdvance: December 12, 2016

Mon 12/12 OECD's New World Forum in Paris. | Tue 12/13 IOSCO CRA Meeting in NYC. | Wed 12/14 Fed rate decision. | Thu 12/15 Fed open meeting on G-SIBs. | Fri 12/16 CFPB research conference.

Week InReview: December 9, 2016

Things that make you say 'Hmm....' If I can't read the annual report, should I invest? A cautionary tale reminiscent of "if you have to ask you probably can't afford it." "We find that less readable annual reports are associated with less favorable credit ratings from S&P and Moody's and more frequent and larger magnitude disagreements between S&P and Moody's about the initial rating of a new bond. We also find evidence that less readable annual reports are associated with higher costs of debt financing. In terms of magnitude, we find that if a company improved its readability from the 75th to 50th percentile in our sample, then it would save approximately $440,000 annually in interest for a bond with a face value of $430 million, the average in our sample." An excerpt from Does Readability of Financial Disclosures Affect the Bond Market? in The CLS Blue Sky Blog

Week InAdvance: December 5, 2016

Mon 12/5 "Financial Crises: Shadow Banks, Short-term Debt, and Structural Issues" conference in DC. | Tue 12/6 Top SEC officials address accounting conference. | Wed 12/7 SEC panel to discuss board diversity. OCC risk & compliance workshops in Philly. House panel meets on unconventional monetary policy. | Thu 12/8 SEC panel to discuss 2017 investor protection priorities. House GSE panel meets. | Fri 12/9 MiFID II/Dodd-Frank conference in London.

Week InReview: December 2, 2016

"Zombanakis and his team came up with a solution: charging borrowers an interest rate recalculated every few months and funding the loan with a series of rolling deposits. The formula was simple. The banks in the syndicate would report their funding costs just ­before a loan-rollover date. The weighted average, rounded to the nearest eighth of a percentage point plus a spread for profit, became the price of the loan for the next period. Zombanakis called it the London interbank offered rate."

An excerpt from Gavin Finch and Liam Vaughan's forthcoming Libor scandal book "The Fix" describing the 1969 invention of Libor by Manufacturers Hanover banker Minos Zombanakis as a way o make floating-rate syndicated loans