Briefings

Archive May 2017

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Week InReview: May 26, 2017

"These plans would dramatically restructure Fannie and Freddie, and put in place a federal guarantee on certain mortgage securities. This protection would kick in after private investors have taken initial losses through the new "credit risk transfer" market. Under most of these plans Fannie and Freddie would still exist, but with a more limited role, perhaps as utility-like mortgage guarantors."

Fannie and Freddie Endgame Takes Shape
Aaron Back in the Wall Street Journal

Week InAdvance: May 22, 2017

Week InAdvance | Mon May 22 Eurogroup finance ministers in Brussels. | Tue May 23 White House releases budget outline. SEC director discusses product identifiers in NYC. | Wed May 24 Appellate lawyers argue SEC forum constitutionality. PHH Corp. v. CFPB oral arguments. FOMC meeting minutes. Budget hearings begin in DC. | Thu May 25 Global development event in DC. NOAA hurricane forecast. | Fri May 26 G7 leaders gather in the Sicilian resort of Taormina.

Week InReview: May 19, 2017

Alpha capture (investors directly pay for trade ideas they use and which perform well, rather than pay for them indirectly with trading commissions) will soon be outlawed by MiFID II rules:

One winner from [the 'alpha capture'] system: Smaller brokerages that lack the established relationships of investment firm Goliaths can now win clients by showing that their advice is superior. That worked for Conway, a quantitative analyst who says he has received payments for his trading ideas posted on TIM Group. 'Nobody had considered the performance angle before, it used to be only about price' of trading execution, said Conway. 'Now, there's an audited record of ideas. It's a very clinical system, but it's proven to work.'

Week InAdvance: May 15, 2017

Mon May 15 "Belt & Road Initiative" summit in Beijing. IOSCO board meets in Montego Bay during annual conference. | Tue May 16 Senate Banking nomination hearing. | Wed May 17 INVESTORS CMBS Council telecon. FINRA annual conference in DC. IAIS systemic risk task force in DC. | Thu May 18 Treasury Secretary gives Senate testimony. | Sat May 20 142nd Preakness Stakes is run at Pimlico.

Week InReview: May 12, 2017

The five little words that got a Citigroup trader fired, a five-word message to a rival banker - "he's a seller/fking a" - was enough to cost David Madaras his job, as Citibank Inc. fought to appease regulators probing the foreign-exchange scandal engulfing the industry. Madaras, one of five former employees to sue after the FX probe, began his employment lawsuit against the bank on Tuesday.

Week InAdvance: May 8, 2017

Mon May 8 FSOC closed meeting to discuss designation of nonbank financial companies. | Tue May 9 INVESTORS CMBS Council telecon. | Wed May 10 SEC's small & emerging companies panel meets. | Thu May 11 Fannie-Freddie role reviewed in Senate. INVESTORS MPC telecon. El Nino forecast. | Fri May 12 WTO committee meets in Geneva. | Sun May 14 IOSCO annual conference in Montego Bay.

Week InReview: May 5, 2017

"Rules taking effect next year risk sapping liquidity from corporate bonds because they'll require traders to publish prices minutes after most transactions, according to market participants scheduled to speak at the International Capital Market Association's conference in Luxembourg this week. It will be even worse for a small part of the market that has to publish prices before trades take place."

From an article about how post-trade transparency requirements may reduce bond market liquidity

Week InAdvance: May 1, 2017

Mon May 1 INVESTORS' MSC participates in Treasury PLS roundtable in DC. Senate set to confirm SEC chair nomination. Labor Day or May Day in many countries, including China, India, Russia, U.K., France, Germany, Brazil, Mexico. | Tue May 2 B20 Summit in Berlin. House panel markup of Dodd-Frank replacement bill. | Wed May 3 Basel Committee implementation meeting. FOMC rate decision. | Thu May 4 IOSCO meeting in Paris. | Fri May 5 Shadow Open Market Committee meets in NYC. | Sat May 6 The 143rd Kentucky Derby. | Sun May 7 22nd Annual Financial Markets Conference begins in Amelia Island, FL.

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