Saturday, July 31, 2010

Prime Brokerage Counsel, Corporate Secretary & Financial Services Advisory

Prime Brokerage and Securities Lending Counsel job opening.
This opportunity requires an experienced Securities Counsel covering Prime Brokerage and Securities Lending. Responsibilities, Requirements... more for this job listing can be viewed at the Rosenthal Recruiting Job Board.

Also new: Corporate Secretary opening. This job listing can be viewed at the Job Board. Requires 10+ years experience maintaining Delaware and Cayman Island subsidiaries. Up to $150K.

Click the "Call Me" icon above, enter your name and number, and then click "Connect." Google will first call you at YOUR number, then connect you with Rosenthal Recruiting. Google will connect you for free. W/ a cell phone, carrier may charge for minutes.

As many in the Regulatory space prepare or already engaged on Reform or set up task forces, Rosenthal Recruiting is handling resources for client long term engagements as well as permanent opportunities.

We are now working with a major Professional Services Consultancy for its Financial Services Advisory Practice. Responsibilities, requirements/experience include assisting Asset Management, Investment Bank and Broker Dealer clients with Regulatory Compliance, Risk Management, Internal Controls and Internal Audit. View job description - apply for the Financial Services Advisory Practice, Senior Consultant.

Friday, July 23, 2010

Compliance Examiner, needed in Stamford, CT Fixed Income, Bank and Research Compliance in NY

A NEW opening for a Broker-Dealer Compliance Examiner position is now posted on the Rosenthal Recruiting Job Board. Please go to the post for full Job Description. Requirements include Examination, audit or internal testing experience. Read more/apply. This position will be as an Examiner in the Oversight and Monitoring Group for the Fixed-Income Capital Markets firm. Office Location: Stamford, CT
Another new job opening this week: Fixed Income Compliance Officer. The job is located in Midtown Manhattan, will pay a $175K base salary for the right candidate. Product and experience requirements include Treasury Securities, Interest Rate Derivatives and other Credit products. Salary 175K + a Bonus Read more/apply.

Director of Research Compliance
- job listing was posted yesterday and the Company for this opportunity is a prestigious Investment Bank. Location: New York | Salary $200k Read more/Apply.
---- has posted job opportunities and you can Subscribe to an RSS Feed. Recently we have seen Fixed Income, Bank Regulatory roles and a spate of Compliance Officer Control Room opportunities: a number of candidate interviews were held this past week with well-known Investment Banks. You can sign up for e-mail delivery at, follow Rosenthal Recruiting at LinkedIn and/or twitter.

Wednesday, July 21, 2010

Political, Regulatory Battles Await....Obama: Bill will prevent 'breakdown in our financial system'

The White House sought to rebuff criticism that key Wall Street executives were excluded today from signing for the President's financial reform legislation.

The Hill reports that the administration publicly pushed back against a Washington Post story this morning noting that among the 400 people invited to this morning's bill signing, absent from the list were the CEOs of Morgan Stanley, Goldman, Wells Fargo and J.P. Morgan, among others.

"This is a fake controversy. The CEO’s who opposed reform never expected to be invited to the bill signing and not a single one has complained to the Administration," Jen Psaki wrote on the White House blog. "In fact Administration officials have been in touch with many of the same CEOs about a number of issues over the last few days and this issue has not even registered.
Text of Obama remarks on Dodd-Frank, courtesy of MarketWatch, July 21, 2010 @ 11:43 a.m.

Friday, July 16, 2010

Bringing New Light to Derivatives

The financial overhaul bill, which the Senate cleared Thursday and sent to the president, imposes multiple new regulations on the derivatives market generally and the swaps market in particular. It requires that standardized derivatives contracts be traded on an open exchange, with prices and volumes reported publicly. The contracts must also be cleared through a third party, an intermediary who guarantees that if one party defaults, the investor holding the other side of the trade will still be paid.

Clearinghouses will perform that function by requiring parties in a derivative trade to put up collateral, or margin, to protect against a default. The bill also requires securities firms that trade derivatives to maintain certain levels of capital.
Overseeing all this activity is the Commodity Futures Trading Commission (CFTC), in the case of derivatives involving commodities like soybeans, oil or metals, and the SEC for security-based transactions.

Blythe Masters, who oversees global commodities at JPMorgan Chase, said at a conference on Thursday that in many respects the changes “are actually going to be very beneficial for the industry and derivatives market participants.”

“It’s important not to lose sight of the fact most of the best minds in the field have believed for years that there has been the need for reform in the market,” she said. Above is a summary from a Article from The New York Times

Thursday, July 15, 2010

SEC Commissioner Luis Aguilar to host DC Minority Attorney Networking Series on Mon. July 26

When: Monday, July 26 (6:45–7:15 p.m.)
Who: Commissioner Luis Aguilar
Where: St. Regis Hotel, Washington, D.C

The D.C. Minority Attorney Networking Series is co-organized by Arnold & Porter and Fried, Frank. In addition to these firms, twenty-six more leading law firms in Washington, D.C. team up and sponsor the Minority Attorney Networking Series.

SEC Upcoming Events page
lists Arnold & Porter Partner to Contact for the July 26 event: Darren Skinner (202) 942-5636 or

If you missed, Commissioner Aguilar's Sage Words About Effective Regulation, please see Bill Singer's July 1, 2010 BrokeandBroker summary copied here:

Longtime readers of BrokeAndBroker know that I am not a fan of the time-wastin' speechifyin', masturbatory roundtabling, and high-fallutin' blue-ribbon panels that enervate our government. Sadly, we are saddled with legislators and regulators who belatedly cobble together ineffective solutions for yesterday's problems, or opt for abject inaction that paves the way for tomorrow's crises. In the end, we get neither an ounce of prevention nor a pound of cure. E Pluribus Unum has been replaced with Too Little, Too Late.

Among the worst examples of institutionalized procrastination is the United States Securities and Exchange Commission (SEC). On June 30, 2010, during an open meeting of the SEC, Commissioner Luis A. Aguilar gave a speech titled: "Preventing Investor Harm Should be SEC Priority Number One." It was with some surpise that I read Commissioner Aguilar's comments because he offered a superb description of what constitutes effective regulation. Now, if only the astute commissioner could transform his vision into action, and drag his colleagues into the 21st Century!

I commend his words to you:

Regulatory oversight functions best when we have a regulatory regime that prevents misconduct in the first instance—long before investors can be harmed. If the conduct is not affirmatively prevented, investors are harmed. It's true that once investors are harmed and lose faith in the integrity of our institutions—irreversible damage has taken place. Enforcement actions are rarely, if ever, able to make investors whole, sufficiently punish all the fraudsters, and prevent a loss of investor trust in these financial institutions and the securities industry as a whole. The best course of action is to prevent the significant harm in the first place. Prophylactic rules, consistent and effective inspections, and strong enforcement must work together to protect investors.

Read Commissioner Aguilar's Entire Speech

Friday, July 9, 2010

Understanding Financial Reform - Overview at The Waldorf

Mayer-Brown provided “Understanding the New Financial Reform Legislation.” To view the summary outline of the Dodd-Frank Act used in the seminar, please follow the link to view.

Mayer-Brown invites you to the The Waldorf Astoria Hotel in New York on Monday July 12 for a comprehensive, full-day overview of the significant impact this historic legislation will have on US and global financial markets and other important topics:
You can Register to attend here
* Bank proprietary trading and private fund activities (“The Volcker Rule”)
* Bank regulation and structure, including capital requirements
* Securities markets and investors, including securitization
* Derivatives
* The regulation of systemically significant companies
* The resolution scheme for leading financial firms
Location The Waldorf Astoria Hotel | 301 Park Ave | New York

CLE credit will be available. The program includes a lunch, closing cocktail reception and there is no charge to attend.

Register here to attend Mayer Brown all-day overview:

Tuesday, July 6, 2010

Redefining Jobs of 'Prop' Traders

Volcker rule has everybody on Wall Street scrambling -- even though it hasn't yet become law and won't effect some banks for years.

Reform bill final vote will be next week in the Senate and Banks are shuffling star proprietary traders, whose roles could be put in jeopardy by the reform, according to The Wall Street Journal. Volcker rule will prevent banks from wagering their own money.

Citigroup considering moving traders onto desks that trade with clients, while other firms have moved them to customer-focused operations.

But all this shuffling could just be Wall Street-style smoke and mirrors. At some banks, prop traders are doing what they always did, just from different trading desks. At Morgan Stanley, one trader whose desk was shut down now trades using money from a desk that serves clients. At Deutsche Bank, another trader bets with the bank's money, just on a client trading desk.

Meanwhile, clients are wary about prop traders moving to desks where they can see customers' investment strategies -- and possibly steal customers' ideas for their own profit.

However, firms may be moving a little too fast: Under the reform, many banks, including Goldman and Citigroup will have till 2022 to comply with the Volcker rule. This summary courtesy of

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