Change may be afoot at one of the nation’s most powerful, but sometimes opaque regulators. On Friday, Vice Chairman for Supervision of the Federal Reserve, Randal Quarles, laid out a suite of changes he intends to implement aimed at bringing more transparency to the regulatory regime.

In a speech announcing his proposed changes, Quarles acknowledged the difficult act of balancing responsible, robust supervision with fairness and efficiency, stating, “we have a public interest in a confidential, tailored, rapid-acting and closely informed system of bank supervision. And we have a public interest in all governmental processes being fair, predictable, efficient, and accountable. How do we square this circle?”

In Quarles’ estimation, this complex and consequential question has received too little attention for too long. SIFMA has long advocated exactly this point and based on the Vice Chairman’s speech, we are optimistic that his seemingly well-thought out...

In a speech delivered on Friday, January 16, Vice Chairman for Supervision of the Federal Reserve, Randall Quarles, laid out a suite of changes he intends to make to the Central Bank’s oversight of financial institutions, particularly around transparency, accountability, and fairness. In this podcast, we discuss his proposed changes and what they could mean for U.S. capital markets.

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Washington, D.C., January 16, 2020 – SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, applauding the Senate’s passage of the United States, Mexico and Canada Agreement (USMCA) and strongly supporting its adoption:

“USMCA includes a robust financial services chapter and SIFMA welcomes its passage by the Senate. For the first time in any U.S. trade agreement, USMCA includes a prohibition on forced data localization for financial services. This is a critically important outcome and it should be replicated in future trade and investment agreements beyond USMCA.”

In addition to how USMCA treats data, the agreement also enhances cross-border financial services flows by:

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Washington, D.C., January 15, 2020 – SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, regarding signing of the agreement between the United States and China on a phase one trade deal. Mr. Bentsen attended the agreement signing ceremony at the White House.

“SIFMA welcomes this historic trade and investment agreement between the United States and China. We commend the Trump administration for its focus on securing this critical outcome and recognizing the vital importance of financial services in the bilateral relationship. SIFMA has long supported the globalization of China’s capital markets. We will examine this agreement closely including what it specifically means for our members in terms of its implementation and enforcement.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our...

Join the leading names in social media and experts in wealth management for an industry discussion on the best practices, compliance considerations and latest developments in the use of digital communications platforms.

The #SIFMAsocial seminar program explores a wide range of topics including:

New York, N.Y., January 14, 2020 — SIFMA has confirmed its previous recommendation for a full market close on Monday, January 20 for the trading of U.S. dollar-denominated fixed income securities in the U.S., U.K. and Japan in observance of the U.S. Martin Luther King, Jr. Day Holiday.

This recommendation applies to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit.

SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions.

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SIFMA is the leading trade association for broker-dealers, investment banks...

Capital markets fund 65% of economic activity in the United States; their depth, liquidity and efficiency is key to the success of our country. From market activity to public policy and industry-wide initiatives, our 2020 Outlook explores what matters to the U.S. capital markets.

SIFMA’s Anti-Money Laundering & Financial Crimes Conference brings together leaders from the securities industry, regulatory agencies and law enforcement to discuss the latest developments and priorities in the AML and financial crime space. Throughout the two-day program, attendees will hear directly from the industry’s regulators; participate in closed-door sessions; and network with policymakers and peer compliance professionals.

Celebrating its 20th year, this is the only conference in the AML and financial crime space tailored to broker-dealers and other members of the securities industry.

The SIFMA Economic Advisory Roundtable brings together Chief U.S. Economists of over 20 global and regional financial institutions. The twice-annual U.S. Economic Survey compiles economic forecasts from roundtable members, published prior to the upcoming Federal Open Market Committee (FOMC) meeting. This report analyzes economists’ expectations for: GDP growth, unemployment rate, inflation rate, interest rates, etc. It also reviews expectations for policy moves at the upcoming FOMC meeting, as well as discussing key macroeconomic topics and how these factors could impact monetary policy.

Compared with the June survey, the economists surveyed increased their GDP growth estimates for 2019 by 0.05% to a median forecast of 2.2%, on a fourth quarter over fourth quarter basis. For 2020, the median forecast was lowered by 0.1% to 1.8%, on a fourth quarter over fourth quarter basis.

“Despite the markdown in 2020 GDP growth, the economy is still expected to...

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The publication of LIBOR is not guaranteed beyond 2021. Much work lies ahead in order to implement a successful reference rate change and time is of the essence. In this primer, published as we gather for a LIBOR Transition Briefing with policymakers at the center of the transition, SIFMA Insights provides an overview of the LIBOR transition – as well as an actionable checklist – with a focus on the proposed U.S. alternative reference rate, Secured Overnight Financing Rate (SOFR). Read more.

For 52 years, SIFMA’s C&L Annual Seminar has served as the preeminent event for compliance and legal professionals working in financial services. Throughout the three-day program, participants hear directly from industry leaders and regulators on the latest developments and trends and build professional relationships to collaborate better.

With focused discussions by noted keynote speakers and subject matter experts, attendees will have the opportunity to earn CLE credit, including diversity and ethics credit, and network with peers.

Discover the 2020 C&L program tracks here!

Washington, D.C., January 7, 2020 – In testimony delivered today, SIFMA expressed strong concern over a Massachusetts proposal to create a state-specific fiduciary standard for broker-dealers and their representatives, and urged the Commonwealth to defer to Regulation Best Interest (Reg BI) – a new nationwide best interest standard which was approved by the SEC in June 2019 and is fully operational in June 2020.

“Reg BI has meaningfully raised the bar for financial professionals and includes many important investor protections while preserving investor choice.  We are very concerned that the proposal exceeds the state’s authority, will diminish investor access to advice, products and services and will increase investor costs,” SIFMA President and CEO Kenneth E. Bentsen, Jr. said in testimony today.  “We respectfully suggest that you delay any decision making until after Reg BI is fully implemented and the SEC, FINRA, and the Division and other state...

Washington, D.C., January 7, 2020 – In testimony delivered today, SIFMA expressed strong concern over a Massachusetts proposal to create a state-specific fiduciary standard for broker-dealers and their representatives, and urged the Commonwealth to defer to Regulation Best Interest (Reg BI) – a new nationwide best interest standard which was approved by the SEC in June 2019 and is fully operational in June 2020.

“Reg BI has meaningfully raised the bar for financial professionals and includes many important investor protections while preserving investor choice.  We are very concerned that the proposal exceeds the state’s authority, will diminish investor access to advice, products and services and will increase investor costs,” SIFMA President and CEO Kenneth E. Bentsen, Jr. said in testimony today.  “We respectfully suggest that you delay any decision making until after Reg BI is fully implemented and the SEC, FINRA, and the Division and other state...

Capital markets fund 65% of economic activity in the United States; their depth, liquidity and efficiency is key to the success of our country.

SIFMA’s members represent the broker-dealers, investment banks and asset managers who match capital to ideas, driving growth and investment opportunity. From market activity to public policy and industry-wide initiatives, our 2020 Outlook explores what matters to the U.S. capital markets. Explore by section, including:

New York, N.Y., December 16, 2019 — SIFMA has confirmed its previous holiday recommendations for the U.S., the U.K., and Japan in observance of the New Year’s Day holiday and Japan Bank holidays.

These recommendations apply to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit.

SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed-income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions.

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our...

In this series of short films, executives from across the financial services industry discuss the biggest ideas in the capital markets today, including fintech and regulatory recalibration, and the case for capitalism.

The Dodd-Frank Act requires large financial institutions to submit resolution plans. Within the plan, firms are required to describe capital and liquidity resources that would be available in resolution and to provide a roadmap for an orderly resolution without taxpayer support.

Many significant steps have been taken by banks and federal regulators during the past decade to help ensure the strength and safety of our financial system. In this podcast, we discuss those milestones and what they mean for U.S. capital markets.