DIRS.INFO The most relevant business & tech news

☆ Top Wall Street analysts pick these 3 dividend stocks for higher returns
▼ + stars: | 2024-04-21 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

Here are three attractive dividend stocks, according to Wall Street's top experts on TipRanks, a platform that ranks analysts based on their past performance. Enterprise Products PartnersThis week's first dividend stock is Enterprise Products Partners (EPD), a midstream energy services provider. (See EPD Technical Analysis on TipRanks)Goldman SachsLet's move to Goldman Sachs (GS), one of the leading investment banks in the U.S. In the first quarter, Goldman Sachs returned $2.43 billion of capital to shareholders through share repurchases worth $1.5 billion and dividends of $929 million. (See Goldman Sachs Stock Buybacks on TipRanks)Cisco SystemsFinally, let's look at Cisco Systems (CSCO), a networking equipment maker.

Persons: Wall, Elvira Scotto, Scotto, TipRanks, Goldman Sachs, Stephen Biggar, Tal Liani, Cisco's, Liani Organizations: Wall Street, Enterprise Products, Enterprise Products Partners, RBC Capital, U.S, Goldman, Biggar, Securities Industry, Financial Markets Association, Cisco Systems, Cisco, Bank of America Securities Locations: Delaware, industrywide

☆ Meet the JPMorgan executive emerging as a dark horse to succeed Jamie Dimon
▼ + stars: | 2024-01-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +9 min

Read previewA longtime JPMorgan executive who has kept a low public profile while cultivating a reputation as a successful trader with a talent for managing risk is emerging as a contender to succeed Jamie Dimon as chief executive. His new position through the internal shuffle has vaulted him more publicly and prominently into the most closely watched succession race on Wall Street. JPMorgan executive David Hudson told the publication that he returned to JPMorgan after working at Nomura in 2010 "to work for Troy." Rohrbaugh's other stops at JPMorgan have been head of global markets and head of macro markets. A senior JPMorgan executive who works with Rohrbaugh recalled that time during the pandemic.

Persons: —, Jamie Dimon, Dimon, Troy Rohrbaugh, Jennifer Piepszak, Wall, Marianne Lake, Rohrbaugh, Goldman Sachs, Euromoney, Eddie Wen, David Hudson, He's, Gary Gensler's, Goldman, Cantor Fitzgerald, Tim Soulas, Cantor, Johns Hopkins, you've, he'll, Kaja Whitehouse, Alex Morrell Organizations: Service, JPMorgan, Wall, Business, CIB, North America, Goldman, Nomura, Troy, Federal Reserve Bank of New, Global, Securities, Exchange, Banque Nationale, CooperNeff, Philadelphia Stock Exchange, World Trade Center, New York Daily News, Gilman School, Johns Hopkins University, Alpha Delta Phi, Baltimore Sun, Bloomberg Locations: Dimon, North, JPMorgan's, Canadian, Manhattan, Baltimore, Maryland, New York

ICBC's U.S. unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. The Chinese parent then injected capital into the U.S. unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said.

Persons: Tingshu Wang, BNY Mellon, ransomware, ICBC, SIFMA, Janet Yellen, Lifeng, Scott Skyrm, Jack McIntyre, Harry Robertson, James Pearson, Naomi Rovinick, Yoruk, Davide Barbuscia, Chris Prentice, Mike Derby, Carolina Mandl, Laura Matthews, Paritosh, Zeba, Megan Davies, Dhara Ranasinghe, Alexander Smith, Richard Chang, Anna Driver Organizations: Asset Management, Fair for Trade, Services, REUTERS, Commercial Bank of China, U.S ., ICBC Financial Services, Securities Industry, Financial Markets Association, ICBC, Treasury, China, U.S, New York Federal Reserve, Securities, Depository Trust, Clearing Corp, Thomson Locations: Beijing, China, ICBC's U.S, U.S, San Francisco, Treasuries, Hong Kong, Shanghai, London, Amsterdam, Carolina, New York

☆ Exclusive: ICBC hack led to unit temporarily owing BNY $9 bln - sources
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is seen at its branch at its headquarters in Beijing, China, March 30, 2016. BNY has since been paid back, the sources said. The attack, confirmed by ICBC on Thursday, is the latest in a string of ransom demands by hackers this year. ICBC Financial Services, the bank's U.S. unit, said on Thursday it was investigating the attack that disrupted some of its systems, and making progress toward recovering from it. Reporting by Paritosh Bansal; editing by Megan DaviesOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, BNY, ICBC, Paritosh, Megan Davies Organizations: Industrial, Commercial Bank of China, REUTERS, Commercial Bank of China's, U.S, Bank of New York Mellon, ICBC Financial Services, Securities Industry, Financial Markets Association, Thomson Locations: Beijing, China, U.S

☆ Exclusive: ICBC injected capital into U.S. unit after hack - sources
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is seen at its branch at its headquarters in Beijing, China, March 30, 2016. The rest of Wall Street has cut off the bank’s connection to their systems pending the review, the sources said. The attack, confirmed by ICBC on Thursday, is the latest in a string of ransom demands by hackers this year. ICBC Financial Services, the bank's U.S. unit, said on Thursday it was investigating the attack that disrupted some of its systems, and making progress toward recovering from it. Reporting by Paritosh Bansal and Lananh Nguyen; additional reporting by Carolina Mandl; editing by Megan DaviesOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, ICBC, SIFMA, Paritosh Bansal, Lananh Nguyen, Carolina Mandl, Megan Davies Organizations: Industrial, Commercial Bank of China, REUTERS, Securities Industry, Financial Markets Association, ICBC Financial Services, Thomson Locations: Beijing, China, U.S

China's foreign ministry said on Friday the lender is striving to minimise risk impact and losses after the attack. "We don't often see a bank this large get hit with this disruptive of a ransomware attack," said Allan Liska, a ransomware expert at the cybersecurity firm Recorded Future. TRADES CLEAREDICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. Some market participants said trades going through ICBC were not settled due to the attack and affected market liquidity. The Treasury market appeared to be functioning normally on Thursday, according to LSEG data.

Persons: Kim Kyung, ICBC, Wang Wenbin, Wang, Lockbit, Allan Liska, Scott Skrym, Michael Gladchun, Loomis Sayles, SIFMA, Urvi, Pete Schroder, Gertrude Chavez, Davide Barbuscia, Carolina Mandl, Paritosh Bansal, Joe Cash, Stephen Coates, Tomasz Janowski Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, Commercial Bank of China's, U.S . Treasury, ICBC Financial Services, Cybersecurity, Infrastructure Security Agency, Boeing, U.S . Treasury Department, Treasury, Securities, Financial Times, U.S . Securities Industry, Financial Markets Association, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington, Carolina

Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowNov 9 (Reuters) - A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday, the Treasury Department said. In ransomware attacks, hackers encrypt an organization's systems and demand ransom payments in exchange for unlocking them. The Financial Times reported earlier on Thursday that the U.S. Securities Industry and Financial Markets Association (SIFMA) told members that ICBC (601398.SS) had been hit by ransomware that disrupted the U.S. Treasury market by preventing it from settling trades on behalf of other market players. We continue to monitor the situation," a Treasury spokesperson said in a response to a question about the FT report.

Persons: Kim Kyung, Urvi, Pete Schroder, Zeba Siddiqui, Alexander Smith, Michelle Price, Lisa Shumaker Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, U.S . Treasury, Treasury Department, Financial Times, U.S . Securities Industry, Financial Markets Association, Treasury, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington

☆ Congress Must Aid Fight Against Illicit Use of Crypto, Treasury Official Says
▼ + stars: | 2023-11-08 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

Deputy Treasury Secretary Wally Adeyemo. Photo: daniel leal/Agence France-Presse/Getty ImagesA senior Treasury Department official said the Biden administration wants new powers from Congress to aid in a crackdown on the illicit use of cryptocurrencies, citing digital asset flows allegedly connected to Palestinian militant group Hamas. Treasury has been in communication with Democrats and Republicans about actions that they could take, Deputy Treasury Secretary Wally Adeyemo said Tuesday in Washington at the annual meeting of the Securities Industry and Financial Markets Association, a trade group.

Persons: Wally Adeyemo, daniel leal, Biden Organizations: Agence France, Treasury Department, Hamas, Treasury, Securities Industry, Financial Markets Association Locations: Washington

☆ US SEC proposes banning volume-based trading discounts for stock brokerages
▼ + stars: | 2023-10-18 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. FollowOct 18 (Reuters) - Wall Street's top regulator on Wednesday proposed new regulations it said should level the playing field among broker-dealers operating on U.S. stock exchanges by ending pricing schemes that tend to favor bigger players. At a public meeting in Washington, a divided five-member U.S. Securities and Exchange Commission voted 3-2 to propose banning stock exchanges from offering lower transaction prices and rebates to brokerages with higher trading volumes, something officials said creates unfair competitive advantages for larger firms. The ban on transaction price discounts and rebates would not apply when brokerages trade for themselves, SEC officials said in advance of the meeting. In those cases, stock exchanges will have to disclose pricing tiers and the number of exchange members who qualify to the SEC, which will make this available to the public.

Persons: Jim Bourg, Gary Gensler, Hester Peirce, Ellen Greene, Douglas Gillison, Jonathan Oatis Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, AddSekkei Inc, Exchange, Republican, American Securities Association, Securities Industry, Financial Markets Association, Thomson Locations: Washington, brokerages

☆ Hedge funds using computers to sell up to $30 billion of stocks soon - UBS
▼ + stars: | 2023-10-02 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsLONDON, Oct 2 (Reuters) - Hedge funds using computers to trade equities are expecting to start selling to the tune of $20 billion to $30 billion in the next two weeks given retreating stock markets, a UBS (UBSG.S) note seen by Reuters shows. Hedge funds using algorithms to follow market trends have turned neutral from bullish on stocks, the UBS note said. This will be the first time these hedge funds will be net short equity markets since November 2022, the bank said. The size of the U.S. stock market is estimated to be $46.2 trillion, according to the Securities Industry and Financial Markets Association.

Persons: Denis Balibouse, CTAs, Nell Mackenzie, Dhara Ranasinghe, Alison Williams Organizations: Swiss, UBS, REUTERS, Reuters, Securities Industry, Financial Markets Association, Currency, Bank for International, Thomson Locations: Zurich, Switzerland, U.S

The Treasury Department subsequently kicked off a rule-making process to implement the order, and financial firms have been rushing to meet a Sept. 28 to provide input. "It could apply to companies that are outside of China but are subsidiaries of Chinese companies or controlled by a Chinese person." While the U.S. already has restrictions on some Chinese investments in the U.S. and U.S. investments in China, the order creates a new program. The program proposes exempting publicly traded securities and index and mutual funds, but financial firms want those securities to be more tightly defined. Financial firms say they support the administration's national security goals but worry about increased liability and the economic costs of restricting capital flows.

Persons: Florence Lo, Joe Biden, Timothy Keeler, Mayer Brown, Jen Fernandez, Sidley Austin, Jay Clayton, Sullivan, Cromwell, Keeler, Peter Matheson, Fernandez, Pete Schroeder, Carol Mandl, Michelle Price, Deepa Babington Organizations: REUTERS, WASHINGTON, Treasury Department, Foreign Investment, Treasury, Former Securities and Exchange, DE, Financial, U.S, Securities Industry, Financial Markets Association, Thomson Locations: China, U.S, United States

LONDON, Sept 15 (Reuters) - The world's five biggest hedge funds have doubled their footprint in the U.S. stock market through leverage and trading positions since 2014, according to a Goldman Sachs (GS.N) note to clients seen by Reuters. "At this point, we estimate that multi-manager hedge funds hold 30% of the gross market value in U.S. equities," said the note referring to just the hedge fund industry's market footprint in U.S. stocks. Goldman calculates that the biggest hedge funds have about 1% of this stock. The size of the assets held by the biggest hedge funds also outstripped the rest of the industry, growing by 21% in the last 12 months versus 9% for the rest of the hedge fund industry, the note said. This was the first time in Goldman's data that multi-manager hedge funds underperformed the risk free rate, or core government bond yields, Goldman said.

Persons: Goldman Sachs, Goldman, Nell Mackenzie, Dhara Ranasinghe, Mark Potter Organizations: Reuters, Securities Industry, Financial Markets Association, Goldman, Thomson Locations: U.S, Carolina

The groups argued that banks cannot properly respond to the proposal, which would require lenders to hold more cash to absorb losses, without that analysis. The Fed drafted the rules with the Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC). The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. The U.S. central bank has estimated it will increase industry capital requirements by $170 billion. "These capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital."

Persons: Rick Wilking, Goldman Sachs, Morgan Stanley, Banks, David Solomon, Jamie Dimon, Morgan Stanley's, Dan Simkowitz, Pete Schroeder, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Michelle Price, Paul Simao, Deepa Babington Organizations: Deposit Insurance Corporation, REUTERS, Rights, Federal Reserve, JPMorgan Chase, Citigroup, APA, Fed, Federal Deposit Insurance Corp, Currency, OCC, Banking, Reuters, JPMorgan, FDIC, Republican, Financial, Bank Policy Institute, American Bankers Association, Financial Services, Institute of International Bankers, Securities Industry, Financial Markets Association, Chamber of Commerce, Thomson Locations: Westminster , Colorado, U.S, Washington

☆ US SEC approves new fee rules on market data surveillance system
▼ + stars: | 2023-09-06 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 6 (Reuters) - Wall Street's top regulator on Wednesday approved new rules on the funding of a comprehensive market data surveillance system to split its operating costs among buyers, sellers and the stock exchanges where they trade. This shifts away from a structure based on message traffic and market share, while allowing stock exchanges several years to recoup hundreds of millions already spent. The new rules aim to split the cost burden into equal thirds between exchanges, buyers and sellers, according to SEC officials. While the CAT system is partially operational, buyers and sellers have yet to begin paying in, officials said prior to the vote. A year ago, the SEC cited CAT data in the prosecution of an alleged $47 million front-running scheme.

Persons: Andrew Kelly, Kara Stein, Douglas Gillison, Chizu Nomiyama, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Audit, CAT, SEC, The Securities Industry, Financial Markets Association, Thomson Locations: Washington ,

☆ US SEC poised to adopt rules for $20 tln private fund industry
▼ + stars: | 2023-08-17 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

Signage is seen at the headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsAug 17 (Reuters) - Wall Street's top regulator is set next week to adopt new transparency rules for the $20-trillion private investment fund industry, according to an official notice, acting on a proposal that has drawn sharp industry objections. In early 2022, the SEC proposed a set of changes for private fund advisers that would, among other things, require them to produce quarterly statements on performance and fees and submit to annual audits. Under current rules, some broker-dealers who perform proprietary trades on exchanges of which they aren't members need not join FINRA. The proposal would now require FINRA membership for such broker-dealers unless they are members of national securities exchanges and carry no customer accounts.

Persons: Andrew Kelly, Mary Jo White, Douglas Gillison, Andy Sullivan, Alistair Bell Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, Financial Industry Regulatory Authority, Democratic, Industry, Securities Industry, Financial Markets Association, Thomson Locations: Washington ,

HONG KONG, Aug 15 (Reuters Breakingviews) - Hong Kong has lost some permanent appeal. The introduction of two sets of approvals was mandated three decades ago when foreign investors wanted additional protections to invest in the first wave of Chinese firms listing in Hong Kong. China's domestic securities laws have since developed and global investors can now directly buy shares onshore through various channels. That could lead to more onshore shares being issued relative to offshore shares, further diluting minority owners in Hong Kong. In 2020, Hong Kong shareholders vetoed the Bank of Zhengzhou's proposal to avoid such an outcome.

Persons: Hong Kong, HKEX, Una Galani, Thomas Shum Organizations: Reuters, Hong Kong Exchanges, HK, China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, Corporate Governance Association, China Life Insurance, Wall, Hong, Bank of, Companies, Global, Hang Seng China Enterprise Index, Graphics Global, Thomson Locations: HONG KONG, Hong Kong, China, Shanghai, Shenzhen, Hong

☆ Goldman Sachs says chief of staff John Rogers to step back from longtime role
▼ + stars: | 2023-08-08 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

John Rogers, who joined Goldman in 1994 and served as chief of staff to four of the bank's CEOs, is giving up that role next month, Solomon said in the employee memo. For decades, Rogers, 67, wielded outsized influence at Goldman, an institution sometimes called "Government Sachs" because former executives have gone on to presidential administration roles. While Rogers is ceding his chief of staff responsibilities to Russell Horwitz, a former deputy of his who was most recently global affairs chief of Citadel, he is retaining other roles. As incoming chief of staff, Horwitz, who spent 16 years at Goldman before departing in 2020, will oversee corporate communications and government and regulatory affairs. "Please join me in thanking John for his long and impactful tenure as chief of staff, as well as his continued commitment to Goldman Sachs in his other firmwide responsibilities, and in welcoming Russell back to Goldman Sachs," Solomon said.

Persons: John Rogers, Goldman Sachs, David Solomon, Goldman, Solomon, Rogers, Sachs, Hank Paulson, Russell Horwitz, Horwitz, John, Russell Organizations: Securities Industry, Financial, Washington , D.C, Goldman, The New York Times, Citadel Locations: Washington ,

By increasing the degree of risk attributed to certain assets, the proposed rules would require banks to hold proportionately more capital, potentially eating into returns on equity and profits. Making such lending more expensive will shrink credit available to historically under-served borrowers, something the industry is likely to fight, he said. Chen Xu, an attorney in the financial institutions group at Debevoise & Plimpton, said the new rules viewed high-revenue business lines as higher risk. Morgan Stanley (MS.N) analysts say the largest banks may take up to four years to set aside profits to comply with the new capital rules. Dennis Kelleher, head of the financial reform advocacy group Better Markets, said the banking industry had made similar complaints in the past which he believed had proven unfounded.

Persons: Mike Segar, Joe Saas, Chen Xu, Plimpton, Michael Barr, JPMorgan Chase, Jamie Dimon, Wells Fargo, Kevin Stein, Morgan Stanley, Richard Ramsden, Goldman Sachs, Ramsden, Dennis Kelleher, Douglas Gillison, Tatiana Bautzer, Nupur Anand, Saeed Azhar, Megan Davies, Anna Driver Organizations: Wall, New York Stock Exchange, REUTERS, Industry, Financial Services, Bank Policy Institute, Securities Industry, Financial Markets Association, Debevoise, JPMorgan, CNBC, Citigroup, Bank of America, Klaros Group, Banking Supervision, Better, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Wells, Basel

☆ US bank regulators announce sweeping proposals on capital rules
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, July 27 (Reuters) - U.S. regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk. If fully implemented, the proposal would raise capital requirements for large banks by an aggregate 16% from current levels, with the brunt felt by the largest and most complex firms, regulators said. Here are key quotes about the proposal:FINANCIAL SERVICES FORUM CEO KEVIN FROMER"There is no justification for significant increases in capital at the largest U.S. ANDY DUANE, ATTORNEY AT POLUNSKY BEITEL GREEN "Raising capital requirements could see regional banks shift away from mortgage lending. Even larger bank lenders could continue to retreat from mortgage lending or impose sharp increase in fees passed along to borrowers."

Persons: KEVIN FROMER, RICK MECKLER, CHERRY, MAYRA RODRIGUEZ VALLADARES, KENNETH BENTSEN, BRIAN MOYNIHAN, ANDY DUANE, GREG BAER, Pete Schroeder, Matt Tracy, Tatiana Bautzer, Nupur Anand, Sinead Carew, Lananh Nguyen, Nick Zieminski Organizations: Regulators, NEW VERNON, NEW, MRV, AMERICA, FOX, Thomson Locations: U.S, CHERRY LANE, NEW JERSEY, Basel, United States, Washington, New York

☆ The SEC wants corporate America to tell investors more about cybersecurity breaches and what's being done to fight them
▼ + stars: | 2023-07-26 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The Securities and Exchange Commission wants corporate America to tell investors more about cybersecurity breaches and what's being done to fight them. The SEC has voted 3-2 to adopt new rules on cybersecurity disclosure. It will require public companies to disclose "material" cybersecurity breaches within 4 days after a determination that an incident was material. Corporate America is pushing back, claiming that the short announcement period is unreasonable, and that it would require public disclosure that could harm corporations and be exploited by cybercriminals. Current cybersecurity rules are fuzzyCurrent rules on when a company needs to report a cybersecurity event are fuzzy.

Persons: Gary Gensler, Hope, cybersecurity, CISA, SIFMA, Gensler, Jensen Organizations: Securities, Exchange Commission, SEC, Corporate America, Federal Register, prudential, Securities Industry, Financial Markets Association, Industry, NYSE Group, Nasdaq, FBI, Infrastructure Security Agency, Department of Homeland Security, Williams Locations: America

☆ SEC punts on whether syndicated loans are securities, in closely watched appeal
▼ + stars: | 2023-07-19 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Law firm alerts have gone so far as to call the appeal an “existential threat” to the entire syndicated loan market. The SEC later added to the suspense by requesting two more extensions from the 2nd Circuit, noting the complexity of the issue. On the other hand, any remaining uncertainty will be resolved as soon as the 2nd Circuit issues a ruling. But it’s a good bet that the trustee's lawyers from McKool will urge the 2nd Circuit to read the SEC’s silence as proof of the complexity of the issue. An earlier version incorrectly reported that Judge Michael Park was part of the 2nd Circuit panel that heard oral argument.)

Persons: Cromwell, JPMorgan Chase, Marc Kirschner, Paul Gardephe, Manhattan, Gardephe, McKool Smith, Jose Cabranes, Joseph Bianco, Myrna Perez, ”, Malcolm Stewart, Christopher Johnson, McKool, SEC wouldn’t, Michael Park, Alison Frankel, Leigh Jones Organizations: Sullivan, U.S . Securities, Exchange Commission, U.S, Circuit, SEC, 2nd, JPMorgan, Millennium, U.S . Justice Department, District, Trading Association, Securities Industry, Financial Markets Association, Justice Department, U.S . Treasury Department, Thomson, Reuters Locations: U.S .

☆ US SEC scraps contentious pricing proposal in final money market fund reforms
▼ + stars: | 2023-07-12 | by ( John Mccrank | ) www.reuters.com time to read: +3 min

Money market funds saw massive outflows in March 2020 at the onset of the COVID-19 pandemic, prompting the U.S. government to intervene to stabilize them. The panic was reminiscent of 2008 when a run on money market funds threatened to freeze up global markets and prompted the government to backstop the sector. Critics have said money market funds, which are a key source of short-term corporate and municipal funding, now enjoy an implicit government guarantee. In December 2021, the SEC proposed new liquidity requirements for money market funds, as well as scrapping redemption fees and restrictions. "I believe that liquidity fees, compared with swing pricing, offer many of the same benefits and fewer of the operational burdens."

Persons: Gary Gensler, John McCrank, Douglas Gillison, Michelle Price, Nick Zieminski, Emelia Organizations: YORK, U.S . Securities, Exchange Commission, SEC, BlackRock, Vanguard, Fidelity, U.S, Securities Industry, Financial Markets Association, Investment Company Institute, U.S . Chamber of Commerce, Thomson

☆ SEC to vote on new money-market rules Wednesday that industry opposes
▼ + stars: | 2023-07-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

The SEC is expected to vote on new rules for money-market funds Wednesday. Increase in liquidity requirements Most money market funds invest exclusively in cash or government securities. Some, known as "prime" money market funds, also invest in commercial paper. All are subject to liquidity requirements (some assets have to be readily convertible to cash), including levels of daily and weekly liquidity requirements. The Securities Industry and Financial Markets Association (SIFMA), an industry trade group, wrote to the SEC, expressing "substantial concerns" about the liquidity requirements.

Persons: Jon, Luc Dupuy, SIFMA, Kenneth Bentsen, Brad Sherman, Sherman, Dupuy, redemptions Organizations: SEC, Federal, Bloomberg, CNBC, Asset Management, Investment Funds, Securities Industry, Financial Markets Association

Banks typically provide research to clients as part of a broader offering of services, but that changed when the European Union introduced the Markets in Financial Instruments Directive (MiFID) II laws in 2018 to improve transparency. "It took about a year for us to become compliant to MiFID II laws -- it was a long, intense process," said Candace Browning, head of BofA Global Research. U.S. financial firms were initially given an exemption by the U.S. Securities and Exchange Commission, which expires on July 3. "Companies continue to face challenges complying with the MiFID II unbundling requirement and U.S. law," said Joe Corcoran, SIFMA's managing director and associate general counsel for capital markets. 'EXPENSIVE AND COMPLICATED' In Europe, asset managers under MiFID II are not allowed to pay for research through broker commissions on trading -- instead, investors are billed separately by banks for research.

Persons: Banks, Candace Browning, Joe Corcoran, SIFMA's, SIFMA, MiFID, Michael Eastwood, Jefferies, Jesse Forster, BofA, salespeople, Browning, Forster, Russell Sacks, Nupur Anand, Lananh Nguyen, Deepa Babington Organizations: YORK, Bank of America Corp, Jefferies Financial, European Union, Financial, BofA Global, U.S . Securities, Exchange Commission, Securities Industry, Financial Markets Association, SEC, Jefferies, Coalition, King, Spalding, Thomson Locations: Europe, U.S, Greenwich, Coalition Greenwich, New York

☆ Asia lobby group pushes for easing of China's offshore listing rules
▼ + stars: | 2023-06-27 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, June 27 (Reuters) - China's new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules, Asia's largest financial lobby group said on Tuesday. China's long-awaited rules for offshore stock exchange listings came into effect on March 31 as part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. Chao said the concept of such papers is vaguely defined, and also gave rise to disputes among investment banks and law firms over which side was primarily responsible for storing the documents. It's not good for Chinese companies who need to seek capital from the world," Chao said. The slowing Chinese economy, dimming offshore fundraising prospects, and heightened geopolitical tensions have prompted Wall Street and European banks to layoff investment bankers working on China deals in the last few months.

Persons: China's, Lyndon Chao, ASIFMA, Chao, Goldman Sachs, It's, Hong, Wall, Selena Li, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Susan Fenton, Himani Organizations: China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, JPMorgan, UBS, Thomson Locations: HONG KONG, Beijing, New York, Hong Kong, China

Search resuls for: "Financial Markets Association"

25 mentions found