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’Further further reading
The “Further further readings” post usually runs in the late afternoon US time, but in this case you can file it under “we forgot to hit publish”. Doh! Or consider it a Tokyo special. Either way, sorry about this.
Former Nomura fund chairman fingers Nomura Asset Management to the SEC
It’s a bit of an odd one this. So here’s a straight story to start:
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Nomura Asset Management USA, the American offshoot of the Japanese bank’s asset management business, has been reported to the Securities and Exchange Commission by the former chairman and chief executive of one of its funds.
Contrary indicators, US regulator edition
Investigators have put the entirety of Wall Street on the naughty step over subprime securities in recent days — and tough financial reform is zipping through the Senate.
But fear not, banks — everything will be fine.
Schapiro on the flash crash: no evidence of a fat finger
Well, there goes that theory.
According to the testimony of SEC chair Mary Schapiro before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises on the flash crash of May 6 (emphasis in the original):
Schapiro defends regulators. Again.
Mary Schapiro must be getting a bit bored of having to mount lengthy defences of the regulatory bodies she has headed.
Under her tenure, for instance, FINRA failed entirely to investigate numerous tips that Allen Stanford and Bernard Madoff might not have been on their best behaviour.
Repo 105: the fun starts all over again
Securities and Exchange Commission head Mary Schapiro is on the case of Lehman-esque Repo 105-style shenanigans – where ever they may be.
As Reuters reported on Monday:
RTRS-SEC’S SCHAPIRO SAYS AGENCY
Myners enters the HFT debate
City minister Paul Myners on Tuesday became the first mainstream UK politician to wade into the current debate on the dangers of high frequency trading (HFT).
Though his contribution will no doubt drown under certain other news,
How to ruin a business journalist’s weekend, Bernard Madoff edition (UPDATED)
It might be bank failure Friday, but it’s also “closer look at how the SEC utterly embarrassed itself r.e. Bernard Madoff” day.
The SEC has released a detailed archive of exhibits compiled in support of the recently published report on the regulator’s failure to uncover Bernard Madoff’s epic Ponzi scheme.
SEC chief urges sweeping legislative reform
US securities laws are outdated and legislation is needed to govern new investment products that blew up during the financial crisis, SEC chairman Mary Schapiro said on Tuesday. Speaking as Congress is already drafting legislation to wind down big financial companies,
In defence of Goldman Sachs
By Goldman Sachs…
A 50-odd page presentation from the former investment bank has surfaced – prepared by three Goldman MDs for a meeting with SEC officials back in September.
The document provides a detailed defence of the benefits of high frequency trading,
Schapiro really is on the HFT case
So, it wasn’t just an afterthought. The SEC has clearly woken up to the possible unfair advantages enjoyed by those practising the art of high frequency trading.
Alternative trading systems, co-location services,
Dark pools and HFT finally catch Schapiro’s eye
Blink and you’ll have missed it:
Finally, we are also reviewing the rise of high-frequency electronic trading strategies, broker arrangements that can give their customers direct access to the markets,
SEC chief in call for funding shake-up
America’s SEC should fund itself directly from industry fees, a system that would allow it to tackle more complex investigations and invest more in technology and skilled people, Mary Schapiro, its chairman,
The Buffett effect
The pre-market action in Moody’s:
The back story here is that Warren Buffett’s Berkshire Hathaway revealed on Wednesday a lowered holding of 17 per cent in the ratings agency, down from 20 per cent previously.
SEC to focus on ‘dark pools’
The increasingly popular trading venues known as “dark pools’’ are to come under fresh scrutiny from US regulators concerned about the emerging risks they pose to the wider markets, Mary Schapiro,
On Swiftian regulation: “Dear Chairman Schapiro…”
Via Felix Salmon at Reuters, a lesson in dry satire. We hope.
Truth # 5: The SEC’s Job Is To Stay Out Of The Market When It’s Rising And Step In To Appropriately Alter The Rules When It’s Falling.
The SEC’s regulatory mandate in a laissez-faire economy is two-fold.
Madoff, Finra, and the woman who would be SEC chair
Mary Schapiro is Barack Obama’s nominated candidate for the post of SEC Chair. Today she faced a grilling from the Senate, which by all appearances, should have been a tough one.
Why? Primarily because of the Obama camp’s pointed recent criticism of SEC incumbent Chris Cox.