It’s still spooky in the credit markets… From the Economist:
“Historians of the financial markets will recognise that what the SIVs and some hedge funds were doing was, at heart, the oldest game in the business: borrowing short and lending long. The strategy depends on the continual ability of investors to renew their funding […]
Retail alternative trading system Bonddesk has announced extraordinary volume during the August credit storm… from the release…
“Trading in August on the BondDesk platform set a new record at 457,941 trades, representing more than $38 billion in par value traded for the month. August also saw the highest volume traded in a single day on the […]
Wednesday, October 17, 2007
SEC Announces New Unit to Lead Global Move to Interactive Data… super cool…
“Securities and Exchange Commission Chairman Christopher Cox today announced the creation of a new office within the 74-year old agency to lead the transformation to interactive financial reporting by public companies, and tapped David Blaszkowsky, an 11-year veteran of McGraw-Hill, as the agency’s Director […]
Wednesday, October 17, 2007
Commissioner Annette Nazareth has announced that she is leaving the SEC. We thank her for her exceptional service. She addressed many issues of importance to retail bond investors in her time as head of the Division of Market Regulation and as a Commissioner.
We especially thank her for her work on the development and launch of […]
Wednesday, October 17, 2007
From Secretary Paulson’s speech at Georgetown University Law Center on Tuesday:
…”Treasury and the President’s Working Group are conducting a comprehensive review of such issues, including two areas that have a direct relationship to the events in the mortgage markets.
First, it is clear that we must examine the role of credit rating agencies including transparency […]
Thursday, October 11, 2007
From Politico.com:
“Congress has also begun questioning the role of the credit rating industry in the subprime crash and subsequent credit crunch. Lawmakers are looking into what they see as Enron-esque conflicts of interest and a veritable monopoly held by ratings giants Moody’s and Standard & Poor’s.”
“Politically, the companies are in a tough spot. Ideologically, […]
Thursday, October 4, 2007
The Nationally Recognized Statistical Rating Organizations (NRSRO) have published their applications to be recognized by the SEC as required by law. Here are the links:
AM Best
Dominion Bond Rating Service
Egan-Jones
Fitch Ratings
Japan Credit Rating Agency
Moody’s Investor Services
Ratings and Investment Information
Standard & Poors
It’s a complex issue… this NRSRO issue… but we have created remedies for far more difficult problems… here are some of the proposed solutions… (updated November 27th)
Allow the SEC inspection to be completed - hold additional action (CC)
Adopt “equivalent disclosure” for issuer communication with NRSROs (JC) (CK) (CL)
Confer additional regulatory authority to the SEC (SS)
Increase the […]
