Archive April 2017

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Week InReview: April 28, 2017

Members of the INVESTORS Mortgage Securitization Council (MSC) were invited to attend a roundtable discussion at the U.S. Department of Treasury on Monday, May 1, from 1 - 4 p.m. The roundtable will be hosted by Craig Phillips, counselor to Treasury Secretary Steven Mnuchin, and will include a diverse group of market participants with an interest in the private label securitization markets.

The goals of the MSC are to represent the interests of INVESTORS members and their clients in encouraging gradual, well-planned GSE reform, combined with a process for reinvigorating the non-agency RMBS market.

The focus of the MSC's commentary at the Treasury roundtable will most likely be the need for better investor protections, including the deal agent, bond holder communication, and standardized reps and warranties.

Week InAdvance: April 24, 2017

Mon Apr 24 CPMI-IOSCO committees meet in DC & Amsterdam. | Tue Apr 25 Clearinghouse safety on CFTC panel's agenda. Fed meets on financial markets, institutions, infrastructure. | Wed Apr 26 Dodd-Frank rollback hearing. INVESTORS Cyber Security Council & Monthly Members meetings. | Thu Apr 27 IAIS working group in NYC. | Fri Apr 28 Federal government funding expires at midnight.

Week InReview: April 21, 2017

"What does it tell you about the fiduciary rule that (1) big brokerages are shifting to fee-based accounts even before the rule goes into effect (and even though it may never go into effect), (2) investors seem happy about that, and (3) the brokerages are even happier about it?

'Besides positioning themselves to better compete with the rise of smaller, independent rivals and investors' growing preference for passive investments, brokerage executives found that fees for advice and services could be more lucrative over the longer term compared with commissions. Researcher Morningstar Inc. says fee-based accounts can yield as much as 50% more revenue than commission accounts.' On the one hand, it does suggest that some criticism of the rule - that it would make retirement advice more expensive - might be correct.

On the other hand, people seem happy to pay more for better, unconflicted advice. And perhaps it doesn't matter much one way or the other: If everyone switches to fee-based accounts without the fiduciary rule, then the debates about the fiduciary rule will seem a little pointless."
Matt Levine Fraud, Satisfaction and Bubbles

Week InAdvance: April 17, 2017

Mon Apr 17 121st running of the Boston Marathon, the world's oldest annual marathon. | Tue Apr 18 IMF-World Bank meetings in DC (thru Sun). IMF publishes World Economic Outlook. | Wed Apr 19 Bretton Woods meeting in DC. | Thu Apr 20 G20 finance ministers and central bank governors meet in DC (thru Fri). | Sat Apr 22 Earth Day 2017.

Week InReview: April 14, 2017

"Underneath the relative stability in headline measures of activity and pricing, there are signs of banks being less willing to undertake repo market intermediation, compared to the period before the crisis. The volatility in prices and volumes around balance sheet reporting dates can be associated with banks in some jurisdictions contracting their repo exposure in order to 'window dress' their regulatory ratios." The Bank for International Settlements in a report about repo market functioning

Week InAdvance: April 10, 2017

Mon Apr 10 G7 foreign ministers gather in Tuscany. WTO, IMF, World Bank in Berlin. | Tue Apr 11 CPMI-IOSCO meeting in Hong Kong. | Wed Apr 12 IMF's Lagarde speaks in Brussels. | Thu Apr 13 INVESTORS Market Practices telecon. | Fri Apr 14 The Friday before Easter Sunday is a holiday in many nations including the U.S., Canada, the U.K. and Germany. In the U.S., bond markets close at noon and equity markets are closed all day -- although the federal government is open. Major European stock and bond markets are closed.

Week InReview: April 7, 2017

Those crowdsourced, DIY quant trading platforms - "The bet of quantitative-retail platforms is that, if extensive real-time data from financial marketplaces is available to anyone, anywhere, with the talent to write algorithms, might we be living in an era where a smart kid in Bangkok with a mathematical bent and a modest grasp of JavaScript can attract investors in the way that a Wall Street investment bank can?"
Trading places: the rise of the DIY hedge fund - Wired magazine

Week InAdvance: April 3, 2017

Tue Apr 4 2nd annual SSgA-OMFIF roundtable. Basel III meetings in London. SEC official at DC forum to discuss cybersecurity. Senate vote on SEC chair. | Wed Apr 5 SEC panels to discuss Rule 611 and immunity exchanges have from lawsuits. FOMC minutes. | Thu Apr 6 G20 digital ministers meet in Dusseldorf. | Fri Apr 7 Senate votes on Supreme court nominee. ECOFIN meets informally in Malta.