The House and Senate conferees worked hard to today to reconcile their versions of financial reform. Agreement was reached on private funds, insurance regulation and the merger of bank regulators. A sticking point was on Subtitle C of Title IX which covers credit rating agencies. I’d like to recommend to Chairman Barney Frank and others that they propose [...]
Filed in Creativity, Launching..., Liquidity, Open engines, Regulatory, Restructuring, Transparency
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Also tagged confidence, Congress, credit ratings, equivalent disclosure, Fitch, Moodys, Reg FD, Regulatory, regulatory abritrage, S&P
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Tomorrow the House and Senate conference committee is finalizing the language for credit rating agencies. The push and shove is in full flight… Senator Al Franken is promoting his amendment to establish a “ratings board” that will assign a specific rater (Nationally Recognized Statistical Rating Organizations [NRSRO]) to rate structured finance deals. If adopted his amendment [...]
Fitch Announces Recalibration of U.S. Municipal Bond Ratings NEW YORK–(BUSINESS WIRE)–Fitch Ratings is proceeding with the recalibration of certain of its U.S. Public Finance credit ratings. Fitch initially announced the initiative in July 2008, but suspended it in October of that year in the midst of the financial crisis. This recalibration will affect ratings in [...]
Tuesday, February 16, 2010
Standard and Poor’s will begin using an identifier to distinguish between their ratings on structured finance products and other ratings… this is a good step forward for the markets… (H/T Credit Risk Chronicles) ~~~”As market participants will be aware, under the European Regulation on Credit Rating Agencies (Regulation (EC) No 1060/2009) in force from December 2009 (the [...]
Thursday, February 11, 2010
From Jesse’s Cafe a useful view into the relative contribution of states to GDP… Who will backstop California?
Wednesday, February 3, 2010
From a recently published academic paper: “Populist Retribution and International Competition in Financial Services Regulation” Adam C. Pritchard University of Michigan Law School ~~~ “… The bottom line for Roosevelt was that populist anger against the bankers provided him with the political capital he needed to fundamentally reshape the financial sector in the United States. Roosevelt succeeded [...]
Tuesday, November 3, 2009
** FREEDOM FOR FINANCIAL MARKETS ** PUBLIC DOMAIN DEDICATION AND TERMS Public Domain Dedication. Bloomberg Finance L.P., a limited partnership organized and existing under the laws of the State of Delaware with offices at 731 Lexington Avenue, New York, New York 10022 (“Bloomberg”), hereby dedicates BSYM Identifiers to the public domain and makes BSYM Identifiers [...]
Filed in Creativity, Launching..., Liquidity, Open engines, Pricing, Recession busters..., Regulatory, Restructuring, Trading, Transparency
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Also tagged Bloomberg, CUSIP, SEC, securities, Wall Street
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XBRL and Credit Ratings View more presentations from catelong. This is a short presentation that I gave at the W3C and XBRL conference at the FDIC… it is very general because I gave it to a mixed audience of technologists and regulators. I’ll be putting up a concept piece done to create semantic mapping for [...]
Friday, September 18, 2009
The SEC approved additional rules for credit rating agencies yesterday. This follows on numerous rulemakings over the past several years… Kudos to the Commission and staff for their effort to shape rules for this space. Credit rating agencies lie at the nexus of credit markets. Their “opinions” determine pricing and credit availability for all rated entities. [...]