Thursday, December 4, 2008
Just some background for those not familiar with the process for rulemaking at SEC… it goes like this…
~~~~ ” Concept Release:The rulemaking process usually begins with a rule proposal, but sometimes an issue is so unique and/or complicated that the Commission seeks out public input on which, if any, regulatory approach is appropriate. A concept releaseis issued [...]
Tuesday, November 25, 2008
The derivatives news is flowing out… everyone is focused on the problem and pushing solutions… excellent… this monster will likely not be slayed but will suffer severe damage… keep beating friends…
“Creditex and Markit today announced the compression of $1.036 trillion in notional value of credit default swap (CDS) transactions since the successful launch of a [...]
Monday, November 24, 2008
Bloomberg News interview with Former FDIC Chairman William Isaac… guess what he says? “Mark-to-market is gumming up the system…” …. he thinks that the banks are a lot healthier than they appear to be… “nobody is looking at these assets (MBS)… just looking at an index that is being manipulated by traders…”
Dear Mr. Isaac… no [...]
Monday, November 24, 2008
The WSJ.com reports ~~~~ ” Amid the uncertainty that Sept. 16, Millennium Partners LP, a hedge fund with $13.5 billion in assets, asked to pull out $800 million of the more than $1 billion of assets it kept at Morgan Stanley, according to people familiar with the withdrawals. Separately, Millennium had also shorted Morgan Stanley’s [...]
Saturday, November 22, 2008
I was in Washington this week to attend the SEC’s open meeting for rulemaking on credit rating agencies… that agenda item was postponed but I had a chance to visit with Mark Story of the SEC. I got to know Mark through the SEC’s informal “blogger network”.
Mark had wonderful news that he shared with me… [...]
Monday, November 17, 2008
From CFO.com…
~~~~ The regulator (SEC) releases its roadmap for transitioning U.S. companies to international accounting rules, and estimates the costs….
…Under the SEC’s proposed timeline, released on Friday, all publicly traded U.S. companies would be required to use IFRS within six years. However, at least 110 companies could use the international rules as early as next [...]
Friday, November 14, 2008
Excellent progress today on the CDS front…
From BBG: ~~~~ “The Fed, Commodity Futures Trading Commission and Securities and Exchange Commission signed memorandum of understanding (MOU) today that they said will provide consistent oversight of the clearinghouses and the credit-default swap market. The group laid out guidelines they said would provide more public information on potential [...]
Wednesday, November 12, 2008
From WSJ.com ~~~~ ” WASHINGTON — The Securities and Exchange Commission is expected to vote for rules next week aimed at limiting conflicts of interest at credit-rating firms, but it isn’t expected to adopt more substantial changes for the time being.
The rules would bar ratings companies from having the same officials negotiate fees with clients [...]
Transparency for credit rating agencies
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Wednesday, November 5, 2008
This is outstanding… determination … it is the best…
Reuters reports:
~~~~ “WASHINGTON/NEW YORK (Reuters) - U.S. securities regulators will help speed efforts to create a central counterparty for the $55 trillion credit default swap market by temporarily exempting exchanges, dealers and other applicants from lengthy registration requirements, according to a document obtained by Reuters on Tuesday.
Among [...]