Wednesday, April 21, 2010

Compliance and Regulators - Understanding Structured/Securitized products and Derivatives

In a Wall St Journal Op-Ed WSJ today, Gary Gensler CFTC chairman: addresses how OTC Derivatives should be routed through a central clearinghouse.
Not being cleared in a central location cause markets to be "too interconnected to fail. This part of the reform bill will greatly reduce interconnectedness and the need for future bailouts," Gensler writes. Read WSJ Op-Ed.
JOB Opportunities for Compliance Officers:
-who understand structured/securitized products and derivatives.
-have worked with and directed IT to develop Sales and Trading exception reports from development through implementation.

There is an excellent opportunity that was just added to the Rosenthal Recruiting Job Board: Job Title is Equity, Derivatives, Fixed Income - Surveillance Officer and this job listing can be viewed now.

Another current listing calls for a Senior Futures Compliance Officer - see job description. The role will be responsible for the administration of a comprehensive futures compliance program for Institutional Securities, including coverage of both sales and proprietary futures trading.
Meanwhile you can read how Investigators and Congress are taking a closer look at Collateralized Debt Obligations (CDOs), embedded in the SEC case against Goldman. A SIFMA analysis shows that synthetic CDOs made up a little more than 10% of the market in 2007, with cash-bond CDOs making up the rest. Market insiders are delving deeper into the complex transaction to calculate potential legal costs. Media reports today on Washington and Bank analysts looking to determine whether other banks, beyond Goldman, might face legal action, exposing them to potential liabilities. NYT article "Questions for Banks That Put Together Deals."

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