Wednesday, July 30, 2008

Fed Keeps Window Open; Short Extension

Also late yesterday SEC announced an extension for its emergency ban on naked short sales in 19 financials, noting this will be the last extension of the rules. Get Shorty at FOXBusiness and All news on Shorts today.

Barron's editorial on SEC naked short rule "Swatting an Imaginary Fly,"

SEC Naked Short Sale Plans Could Transform Stock Loan Game? one of a few organizations positioned to cash in.

Thursday, July 24, 2008

Wednesday, July 23, 2008

SEC Alerts Compliance Officers

New ComplianceAlert letter identifies common deficiencies that SEC examiners recently found during examinations of registered firms.
Areas include: Personal Trading, Soft Dollars, proxy votes, valuation and collateral, BD affiliated insurance, mortgage financing as credit for securities, Supervisory and compliance controls over OSJs and Transfer agent practices.

Thursday, July 17, 2008

Bank-Broker Stocks post- Rumor, Bloomberg

Short Sale Rule Could Spur More CDS Shorts
New rules on naked short sales may push more use of Credit Default Swaps. Hedge Funds and others use CDS in place or in addition to using equity shorts. Move could also move more transactions offshore: derivatives can be put on to fly under radar. SEC emergency order to curb improper shorts in financials effective Mon.7/21-should exclude Market Makers acc. to WSJ.

Wednesday, July 16, 2008

Bulge Bracket Questioned Over Rumors

Subpoenas also sent to more than 50 hedge funds, “a new front in the broadest U.S. investigation of Wall Street trading since state and federal regulators targeted mutual-fund abuses in 2003.” Links to WSJ (Subscription Req'd) and Bloomberg

Tuesday, July 15, 2008

Plan to Shore Up Fannie, Freddie | Argument for Clear Capital Rules, not Fed

WSJ includes article and video link on why Washington and Fed decided to shore up confidence in mortgage buyers Fannie Mae and Freddie Mac.
Cox Testifies on Regulatory Responses to Financial Markets
Argument for Clearer Capital Rules, Not a Fed Role In WSJ, Carnegie Mellon professor and author of “A History of the Federal Reserve,” intones, “Investment banks don’t need the Fed to regulate them. Some clear rules on capitalization would suffice.”

Promotions at Legend

Stuart Rosenthal Vice President, Compliance joined Legend following a successful career in compliance. Stuart has developed a vast database of contacts in the compliance business over 20 years. He has successfully leveraged his network over this last year and as a result, is building a reputation as a top industry talent. Stuart has introduced Legend to numerous and creative marketing techniques including Legend's blog which provides current news, all in one place, about the world of compliance and which is updated routinely. Stuart is ready and willing to help and is a pleasure to work with.

Wednesday, July 2, 2008

Calls for Overhaul of Bank Regulations

Overview and Paulson video link To complement regulatory efforts, called for strong market discipline to reinforce the stability of markets. A tougher regulatory system can allow financial institutions to fail without wider turbulence. Paulson also said the Fed needs sweeping powers that would make it easier to get information — and intervene if necessary. Fed and SEC to Compare Notes, Hank Paulson Blesses Union- Dealbreaker

Global Regulations Need Bolstering, F.S.A. Chief Says “Throughout the world, regulation has been found wanting. In very many countries there have been examples of regulatory inadequacies.” Highlighted problems with risk management at Citi, SocGen and RBS.

Tuesday, July 1, 2008

Little Compliance Hiring in Chicago

Article on Little Compliance Hiring in Chicago
Summary: While compliance jobs abound in NY, San Fran and other parts of U.S., in Chicago the market remains sluggish. "Some (financial) firms are adding on the compliance side, but things are moving slower in Chicago," says Stuart Rosenthal of Legend Global Search, a New York-based recruiting firm which specializes in compliance and legal placement. Rosenthal, who does considerable business in Chicago, adds, "A lot of searches are getting put on hold."

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