WALL STREET @MainandWall™: Fw: Sen. Baldwin questions delay of Volcker provision

Tuesday, December 23, 2014

Fw: Sen. Baldwin questions delay of Volcker provision

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From: "NYSSA SmartBrief" <nyssa@smartbrief.com>

Date: Tue, 23 Dec 2014 06:01:41 -0600 (CST)

To: <mainandwall@aol.com>

Subject: Sen. Baldwin questions delay of Volcker provision

Sen. Baldwin questions delay of Volcker provision | CBOE to shift regulatory oversight to FINRA next week | Fed's 2015 bank stress tests will account for rate hike

Created for mainandwall@aol.com | Web Version

December 23, 2014

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CBOE to shift regulatory oversight to FINRA next week
CBOE Holdings said Monday that most of the regulatory duties it oversaw will transfer to the Financial Industry Regulatory Authority on Jan. 1. More than 100 CBOE workers have accepted FINRA's offer of jobs. Reuters (12/22)

Fed's 2015 bank stress tests will account for rate hike
Federal Reserve policymakers have been spare in their guidance on when near-zero interest rates will rise next year, but its 2015 bank stress test will account for the possibility of an increase in short-term interest rates. The stress test includes a "hypothetical adverse scenario" that could force an increase in bank funding costs, said Janet Yellen, head of the central bank. MLex (subscription required) (12/22)

Private equity firms lead purchase of rating agency
Warburg Pincus, The Carlyle Group and a consortium of investors from Canada have agreed to buy the world's fourth-biggest credit rating agency, DBRS. "While our Canadian franchise and culture will continue to be at the core of DBRS' operations, the breadth and depth of both Warburg Pincus and Carlyle's international presence will be invaluable to DBRS," said Walter Schroeder, founder of DBRS. Reuters (12/22), Bloomberg (12/22), The New York Times (tiered subscription model)/DealBook blog (12/22)

Investment-banking fees hit 7-year high as M&A climbs
With the value of mergers and acquisitions reaching the highest level since before the financial crisis, fees for investment banking have increased 7% this year, also the highest since 2007. As of Wednesday, fees had reached $83.9 billion, up from $78.4 billion in the same period last year, according to Thomson Reuters. Reuters (12/22)

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New York Focus

N.Y. congressman reportedly will plead guilty in tax-fraud case
Rep. Michael Grimm is expected to plead guilty today in a tax-fraud case, according to a source. The New York Republican who owned a fast-food business was charged with failing to report more than $1 million in restaurant sales and wages. USA Today (12/22)

Mayor de Blasio tries to balance competing views of the police
Two days after two police officers were killed, New York Mayor Bill de Blasio stepped back into the public spotlight after maintaining a relatively low profile. He spoke to a nonprofit police group, visited the families of the officers who were killed and called for a suspension of demonstrations over the death of an unarmed man who was placed in a choke hold by a police officer. The New York Times (tiered subscription model) (12/22)

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On The Economy

Fed, BIS differ on how best to shepherd economy
A difference in philosophy on how to keep an economy going divides the Federal Reserve, which sees changing interest rates as a last resort, and the Bank for International Settlements, which cites a risk of asset bubbles if interest rates go on the back burner. The Wall Street Journal (tiered subscription model)/MoneyBeat blog (12/22)

Financial Products

Direxion debuts ETF focused on stable income
Direxion Investments has joined forces with Hilton Capital Management to launch an exchange-traded fund that delivers a consistent return while preserving capital. The Direxion Hilton Tactical Income Fund buys bonds and income-producing equities. ThinkAdvisor (12/20), Bloomberg (12/22)