John Lothian Newsletter: MF Global trustee warns of pay-out shortfall; SEC, Exchange Officials Meet On Market Supervision; NYSE says no more concessions for Deutsche Boerse merger

Jan 13, 2012

MF Global’s bankruptcy trustee warns that it may not be able to fully reimburse 100% of the amount that customers are missing. The “flash crash” fallout continues as the SEC steps up enforcement actions and gag orders against exchanges. NYSE Euronext deputy chief executive Dominique Cerutti claims the exchange won’t make any further concessions to gain approval from EU regulators of their merger with Deutsche Boerse. And NYSE Liffe U.S. is named ‘Exchange Of The Year’ By Risk Magazine.

Observations – Statistics – Commentary

[Video] What happens if DB/NYSE fails?
Financial Times
Antitrust regulators in Brussels have recommended that the Deutsche BoerseNYSE tie-up be blocked. Jeremy Grant and Philip Stafford of FT Trading Room discuss the implications.


Insight: SEC tightens leash on exchanges post “flash crash”
Reuters via Yahoo! News
NEW YORK/WASHINGTON (Reuters) – The May 2010 “flash crash” was bad for almost everyone involved in the stock market, but for the Securities and Exchange Commission, it was a disaster. With $1 trillion in shareholder equity wiped out in a matter of minutes – however temporarily – alarmed investors demanded answers.


Tech Beat: Monitoring the market
By Philip Stafford – Financial Times
The mini-flash crash in the energy securities market last week reminded the world that for all the investigations, the sophisticated technology used in trading leaves markets open to more unexplained plunges.


Press Release
CHICAGO (January 12, 2012) – The Options Industry Council (OIC) announced today its seminar schedule for the winter and spring season. Seminars focusing on basic, intermediate, volatility, and options on ETFs topics will be offered as well as a new seminar for experienced traders on advanced options strategies. The pilot seminar will cover vertical spreads, butterflies and condors and will be introduced in Philadelphia, Chicago, and New York in February and March.


Kansas City Board of Trade Clearing Corp. Elects Officers, Directors for 2012
Press Release
Kansas City-January 12, 2012- Michael L. Dean, Cargill, Inc., yesterday was elected president of the Kansas City Board of Trade Clearing Corp., a wholly owned subsidiary of the Kansas City Board of Trade.


NYSE Liffe U.S. Named ‘Exchange Of The Year’ By Risk Magazine
Industry Recognition Of The Exchange’s Innovative Trading And Clearing Model – Highlighting The Exchange’s Strategic Vision And Rapid Customer Acceptance
Press Release

**** Congratulations to NYSE Liffe on the nyse award.


Bloomberg Suffers, Too, in Collapse of MF Global
The collapse of MF Global has wreaked havoc on farmers, ranchers and other investors who were clients of the brokerage firm, prompting a loud outcry over the disappearance of $1.2 billion in customer cash. But they are not the only ones to suffer. The financial information giant Bloomberg L.P. lost about 600 subscriptions to its computer terminals — which translates to nearly $1 million in monthly revenue — after MF Global filed for bankruptcy on Oct. 31.


Frustrations Abound at MF Parley
Michael Miller, a former customer of MF Global Holdings Ltd., had some questions for the trustee overseeing the return of his money. But at a state-of-the-disunion meeting Thursday, all he could do was submit them in writing and hope for the best. “I submitted four questions. They didn’t answer one of them,” said Mr. Miller, 73 years old, as he exited the nearly two-hour meeting.


When Wall Street Commits a Sin, the SEC Needs to Extract Confessions: View
The Securities and Exchange Commission last week said it will no longer allow individuals or companies, when settling civil lawsuits, to “neither admit nor deny” wrongdoing if they have been separately convicted in a parallel criminal case. At first glance, it seems the SEC is doing something highly commendable. But there is much less than meets the eye here. The SEC should make further changes to put real meaning behind its attempt at reform, which affects only a small fraction of SEC cases.


You may not want to … but it is time to hug a hedgie
By Sebastian Mallaby – Financial Times
Contemplating the huge sums needed to bail out peripheral Europe, Gideon Rachman writes that he is feeling “strangely Austrian”. I confess to a similar sensation when contemplating banks. Eighteen months after the passage of the Dodd-Frank law, three-quarters of its Byzantine rules have yet to be implemented and there is little progress on the basic problem, which is that banks will take excessive risks with taxpayers’ money so long as they remain too big to fail. Meanwhile the Austrian antidote gets little attention. If you do not like government-underwritten, too-big-to-fail behemoths, you better embrace small-enough-to-fail hedge funds.


A Checklist for 2012: What I’ve Learned From My Mentors
By Jessica Titlebaum – The Glass Hammer
Whenever I am standing at a crossroads, faced with a challenge or swamped with work, I make checklists. With a new year upon us, I wanted to share a few action items that I have learned from my mentors and a checklist that has helped me achieve my career goals. Whether it’s recognizing impressive characteristics in other people, learning a new language or dressing up, these measures can help you advance in 2012.


JLN Interest Rates Newsletter

[Conversation Starter] NERA Economic Counseling: The Use of ABX Derivatives in Credit Crisis Litigation
By Ethan Cohen-Cole and Faten Sabry
Since 2007, the losses and write-downs resulting from the credit crisis have reached over $2 trillion worldwide. As the losses have mounted, securities litigation has followed and over 450 related securities cases, both class actions and others, have been filed. Of particular interest to the litigation are a set of credit default swaps (CDS), or credit derivatives, known as the ABX indices (ABX). Plaintiffs have cited the ABX indices in a variety of credit crisis cases, where they allege that the ABX indices should have been used as market indicators to mark subprime-related securities — including mortgage-backed securities and collateralized debt obligations — to foresee additional losses on subprime investments, and to revise loan loss reserves. In addition, the ABX indices have been cited in various court decisions.

Fed poised to adopt inflation target
The Federal Reserve could announce an official inflation target as early as its January 24-25 meeting, part of an ongoing effort to boost transparency.
Most analysts expect the central bank will stick with the target previously pronounced by Fed Chairman Ben Bernanke of 2 percent or a bit lower.

**CN: Under Alan Greenspan, the Fed was reluctant to adopt an inflation target because some officials thought it would hinder flexibility in setting policy.

Transcripts from 2006 show Fed wanted housing slowdown
The US Federal Reserve fretted about a slowdown in housing in 2006, but never considered the possibility that it could cause a financial crisis, according to complete transcripts of that year’s meetings.


MarketsWiki Page of the Day
Reto Francioni


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Companies, Organizations and Groups

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18,194,659 pages viewed, 6,644 articles, 135,555 edits
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Lead Stories

MF Global trustee warns of pay-out shortfall
By Philip Stafford in London and Gregory Meyer in New York – Financial Times
The trustee overseeing the liquidation of MF Global’s US broker business warned on Thursday it may not be able to make former customers whole after the futures firm left a $1.2bn shortfall in client accounts.

SEC, Exchange Officials Meet On Market Supervision 
U.S. regulators on Thursday gathered leaders from the country’s stock exchanges in Washington D.C. for a meeting intended to address efforts to curb wild market swings and help bolster investor protection. The meeting, called by the Securities and Exchange Commission, comes as regulators seek to maintain closer contact with market operators who are responsible for supervising some trading. The day-long meeting, seen covering a gamut of market matters, was attended by representatives of major exchange firms like Nasdaq OMX Group Inc. (NDAQ) and NYSE Euronext (NYX) as well as smaller platforms and the Financial Industry Regulatory Authority, according to people familiar with the situation.

NYSE says no more concessions for Deutsche Boerse merger
AFP via Yahoo! News
A senior executive of the New York Stock Exchange said it would not make further concessions to secure approval by EU regulators of its planned merger with German stock market operator Deutsche Boerse.

Nasdaq looks at changing its structure
By Telis Demos in New York and Jeremy Grant in London – Financial Times
Nasdaq OMX’s board of directors is discussing the possibility of changing Nasdaq’s leadership structure, which could include Robert Greifeld being named chairman in addition to chief executive, people briefed on the discussions said.

LME chief rebuffs calls on trading fee rise
By Jack Farchy – Financial Times
The chief executive of the London Metal Exchange has rebuffed calls from some of the metals industry’s most senior figures to reconsider a sharp increase in trading fees. Martin Abbott, LME chief executive, said on Thursday that the decision to increase fees would stand. “The decision was taken by the board in a normal and formal board process by a large majority. There is no provision for a revision of that decision.”

Layoffs Hit Wall Street As Financial Needs Change
Big banks announced around 60,000 job cuts in 2011. With businesses and consumers still focused on reducing debt, there isn’t the same need for financial services as there was before, says one banking analyst. The outlook in the years ahead is for a smaller, more stable and less profitable industry.

Greece euro exit worse than catastrophic: Toscafund
Reuters via Yahoo! News
LONDON (Reuters) – A Greek exit from the euro zone would be worse than catastrophic and could provoke greater social unrest, Zimbabwe-style inflation and a military coup, said London-based hedge fund firm Toscafund.

Hungary: cold water from Lagarde
by Stefan Wagstyl – Financial Times
Hear it from the Hungarian side and you get the impression that the main differences between Budapest and the European Union/ International Monetary Fund are the result of an unfortunate misunderstanding. A bit of talking, a policy tweak here and there – and all will be well. Christine Lagarde, the IMF manging director, made clear in Washington that this just isn’t true.

IMF Statement On Hungary
Press Release

Europe Holds Off on Bank Stress Test
LONDON—The European Banking Authority has said it doesn’t plan to conduct another stress test until the second half of the year at the earliest, as it awaits the outcome of a capital exercise.

Unlike Bernanke, Draghi doesn’t aim to be hero
By MarketWatch
WASHINGTON (MarketWatch) — The difference between Federal Reserve Chairman Ben Bernanke and European Central Bank President Mario Draghi couldn’t be more stark.

MF Global Trustee: May Use Litigation To Recover Customer Funds 
The trustee overseeing the liquidation of MF Global Holdings Ltd.’s (MFGLQ) brokerage is exploring ways to recover customer assets, including litigation, but said the size of the shortfall will “substantially affect” the ability to make customers whole.

MF Global trustee has no plans to transfer more cash
Reuters via Yahoo! News
NEW YORK, Jan 12 (Reuters) – Former customers of MF Global Holdings Ltd’s collapsed brokerage were disappointed to hear on Thursday that the trustee hunting for funds missing from their accounts has no immediate plans to transfer more money to them.

Environmental Trading News

Green Exchange Holiday Hours for Martin Luther King Jr. Holiday

Denmark’s Green Europe Meets Chinese Wall as Vestas Cuts Jobs
Denmark’s push for a green Europe suffered a reality check as domestic wind turbine producer Vestas Wind Systems A/S cuts back one tenth of its workforce to survive Chinese competition and a slump in demand.

AirAsia X stops Europe flights over taxes, Eurozone woes
Air Transport World
AirAsia X (D7) will suspend services to the UK and France from March 31, citing the European Union Emissions Trading Scheme (EU ETS) and escalating air passenger duty taxes.

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf. 
Visit to subscribe.

Exchange & ECN News

Greifeld’s Next Move at Nasdaq
FOX Business
Nasdaq chief Bob Greifeld is quietly plotting his next moves, including a consolidation of power at the stock market and a possible future deal with a foreign player, the FOX Business Network has learned.

NYSE Euronext Maintains Leading Position in Global Exchange Traded Products Market
Business Wire via Yahoo! Finance
NYSE Euronext today announced that it led the market in Exchange Traded Products listings with more than 450 new ETN, ETF and ETV listings globally in 2011. Over 65,000 new certificates and warrants were also listed in the European markets of NYSE Euronext.

NYSE Euronext Maintains Leading Position in Global Exchange Traded Products Market
Press Release

BATS Announces First Primary Listings; Welcomes New iShares ETFs
Press Release
KANSAS CITY, Mo., Jan. 12, 2012 /PRNewswire/ — BATS Global Markets (BATS), a global operator of stock and options markets, today announced that BlackRock, Inc.’s iShares Exchange Traded Funds (ETFs) business, the world’s largest manager of ETFs, will list eight new ETFs on BATS Exchange, marking BATS’ first primary listings.

MGEX: Position Limits Increase For U.S. Wheat Contracts
Press Release

BME: Tomorrow Marks The 20th Anniversary Of The IBEX 35 Futures Contract
Press Release

Trading On SIX Swiss Exchange Delayed
Press Release

BME Wins BID’s Selection Process To Carry Out A Study On SMEs Financing In Latin America
Press Release

UOKiK Approves Warsaw Stock Exchange’s Acquisition Of POLPX
The President Of The Office Of Competition And Consumer Protection Has Approved Today The Acquisition Of The Polish Power Exchange By The WSE
Press Release

Warsaw Stock Exchange: European IPO Leader In 2011
Press Release

CME Group Clearing Advisory
New Single-And All-Month Position Limits in CBOT Grain and Oilseed Products

CME Group Clearing Advisory
GEX Options Expiration Operational Procedures for Qualified Traders and Clearing Members (OR) – Effective Friday, January 13, 2012

Program Trading Averaged 28.9 Percent Of NYSE Volume During Jan. 3-6
Press Release

[CBOE] Trading Permit Holder Application and Other Related Fees

Banks, Brokers & Dark Pools

JPMorgan’s 2011 Profit Rises 9%
JPMorgan Chase kicked off bank earnings season on Friday with news that its profit rose 9 percent last year, a report diminished modestly by the recent turmoil on Wall Street.

RBS Bids to Shrink to Glory
Royal Bank of Scotland’s restructuring of its investment bank was one of the City’s worst-kept secrets. Not only had the 83% state-owned U.K. banking giant said a review was under way, but Chancellor George Osborne preannounced the outcome in Parliament last month. The only surprise is that the overhaul isn’t more radical.

Deutsche Bank Manager Ma Charged for Taking $3 Million in Bribes
Ma Sin-chi, a Deutsche Bank AG managing director in Hong Kong, was charged with accepting HK$24.8 million ($3.2 million) in bribes in exchange for advice on the trading of derivative warrants issued by the bank.

ING reins in exposure to potentially-bad euro debt
Associated Press via Yahoo! News
ING Groep NV, the bailed-out Dutch bank and insurer, said Friday it sold a further euro1.2 billion ($1.54 billion) worth of potentially-bad bonds issued by southern European nations, as it continues efforts to reduce the risk profile of its financial portfolio.

Goldman Sachs Departures Causing Concern
The unexpected departures of two young Goldman Sachs star partners has triggered rumors and confusion inside of the Wall Street firm.

DealBook: Goldman Lost 50 Partners Last Year
New York Times
The exodus of senior executives for the year was among the largest since Goldman Sachs became a publicly traded company in 1999.

America Forgives The Vampire Squid: Goldman’s Reputation Now Back At ‘Pre-Fraud Levels’ Among Consumers
Business Insider
Goldman Sachs has managed to lift its reputation among consumers back to “pre-fraud suit levels,” according to the YouGov BrandIndex’s ongoing survey of 2.5 million people.

Lloyds chief waives right to bonus
By Sharlene Goff, Retail Banking Correspondent – Financial Times
António Horta-Osório, chief executive of Lloyds Banking Group, has waived his entitlement to a bonus for last year. The move comes a week after he returned to the state-backed bank from two months of medical leave.

NY Fed in new move to sell AIG assets
By Tom Braithwaite and Dan McCrum in New York – Financial Times
The Federal Reserve Bank of New York is making a fresh attempt to sell several billion dollars of mortgage-related securities it acquired in the controversial 2008 rescue of AIG, the insurance group.

Bank of America, Citigroup Face Billions In Losses in Antitrust Case (Update 1)
Bank antitrust story updated with additional details in final paragraph.. NEW YORK (TheStreet) — Private antitrust litigation pitting some five million retailers against Visa, MasterCard, and 13 large banks, including Bank of America and Citigroup has slipped under the radar of many analysts and investors who follow those companies, but the case may deliver a multi-billion dollar shock to bank …

Morgan Stanley to trim fees, size of $4.7 billion megafund
Reuters via Yahoo! News
HONG KONG (Reuters) – Investors have approved a year-long extension of a $4.7 billion property megafund from Morgan Stanley , a company spokesman told Reuters on Friday.

Fidelity Investments Expands Growing London-Based Fixed Income Division
Business Wire via Yahoo! Finance
Fidelity Investments, one of the world’s leading global institutional investment managers, today announced that 12-year company veteran Mark Flaherty has been promoted to the newly created business management position of Fixed Income Chief Investment Officer, U.K.

E*TRADE Financial Corporation Announces Fourth Quarter and Full-Year 2011 Earnings Conference Call
Business Wire via Yahoo! Finance
E*TRADE Financial Corporation today announced that it will report its fourth quarter and full-year 2011 financial results after the close of the U.S. financial markets on Wednesday, January 25, 2012.

KeyBank agrees to buy 37 upstate NY HSBC branches
Associated Press via Yahoo! News

Regulatory News

The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.

CFTC’s Sommers and O’Malia attack ‘unworkable’ Volcker rule
Peter Madigan – Risk magazine
The US Commodity Futures Trading Commission’s (CFTC) version of the Volcker rule was attacked yesterday by two of the regulator’s own commissioners, who characterised the agency’s text as unworkable, too complex and unenforceable.

CEOs urge court to throw out SEC-Citigroup ruling
Reuters via Yahoo! News
(Reuters) – A group of chief executives at more than 200 large U.S. companies urged a federal appeals court to undo a judge’s controversial decision making it harder for companies to settle Securities and Exchange Commission fraud cases. The Business Roundtable said companies face “protracted and expensive litigation” if the “novel, and potentially dangerous” reasoning used by District Judge Jed …

MPs seek revised role for financial regulator
By Brooke Masters, Chief Regulation Correspondent – Financial Times
The planned Financial Conduct Authority should scrap “enhancing confidence in the UK financial system” as its top objective because at times regulators would serve investors better by encouraging them to be cautious, a committee of MPs will warn on Friday.

CFTC Offered to Settle Lawsuit for $175,000, Ex-Commodities Trader Says
An ex-commodities trader who pleaded guilty to threatening to kill financial regulators, including Commodity Futures Trading Commission Chairman Gary Gensler, said the CFTC offered to settle a civil case against him for a $175,000 fine and a lifetime ban from the industry.

SEC Names Robert Fisher As Deputy Director In Office Of International Affairs
Press Release

Large Firms Elect Gregory Fleming To FINRA Board Of Governors
Press Release

ESMA Publishes The Annual Report On Application Of The Regulation On Credit Rating Agencies
Press Release

CFTC Files Enforcement Action Against Two Indian Citizens For Allegedly Engaging In An Illegal Trading Scheme – Deepak And Meera Singhal Charged With Non-Competitive, Fictitious Trading On The CME
Press Release

Texas-Based Accountant Pleads Guilty To Lying To SEC Investigators
Press Release

Investments – Indexes – Managed Futures – Managed Funds

Citadel Pulls Off 20% Gain for 2011, Defying Industry
The gods of redemption are smiling on the hedge fund Citadel. Its flagship funds gained more than 20 percent through 2011, according to confidential year-end performance figures sent to investors on Thursday, crushing industry competitors who largely lost money last year.

LCH.Clearnet clears a record E152 trillion fixed income trades in 2011: up 11% on 2010
Press Release
The total nominal value of fixed income trades cleared by LCH.Clearnet Group (LCH.Clearnet) in 2011 reached a record E152 trillion, an increase of 11% on 2010 as market participants have turned to clearing to mitigate counterparty risk in a highly volatile environment.

TIP SHEET: Tejas Funds Not Cowed By Faster-Paced Traders
Alvin Fults is an old hand at cattle markets who is using some new-fangled tools to help him outwit speedier rivals and deliver returns to his investors. A 20-year veteran of commodities futures trading, Fults has incorporated shifts in currency and equities markets alongside statistical analysis to inform his trades in cattle derivatives, the exclusive focus of the funds he manages for Tejas Advisors LLC. To Fults, the rise of sophisticated electronic trading firms in commodity futures market–much derided by old-line traders–has been a positive. They have added liquidity, brought down trading costs and sometimes entirely ignore trades that are obvious to longtime followers of the cattle market like Fults.

Exchange-Traded Junk Funds Roil Bond Market as Retirees Jump In
Funds that give everyone from retirees to institutional money managers easier access to junk bonds are fueling the biggest price swings in more than two years after their buying power surged 10-fold.

361 Capital Launches Two New Mutual Funds
Business Wire via Yahoo! Finance

Citi Appointed by Dorchester Capital to Provide Fund Administration and Custody Services for Alternative Fund of Funds
Business Wire via Yahoo! Finance

Standard & Poor’s Announces Changes In The S&P/TSX Venture Composite Index
Press Release

Dow Jones Indexes To License Dow Jones Credit Suisse 30-Year Inflation Breakeven Index For Proshares 30 Year Tips/Tsy Spread ETF And Proshares Short 30 Year TIPS/TSY Spread ETF
Press Release

Direct Access Partners, LLC Announces the Launch of ETF Liquid
Business Wire via Yahoo! Finance

Technology News

Phishing pays off for email security providers
By Joseph Menn in San Francisco – Financial Times
Big financial institutions and other companies are finally succeeding in reducing the volume of emails sent by malicious actors who disguise messages so that they appear to come from a trusted brand, a key technique both for cyber criminals and international spies.

New Storage Device Is Very Small, at 12 Atoms
Sebastian Loth/IBM Research-Almaden
New research findings at I.B.M. allow for miniaturized data storage in atomic-scale antiferromagnets. The binary representation of ‘S’ (01010011) was stored in eight iron atom arrays.
SAN JOSE, Calif. — Researchers at I.B.M. have stored and retrieved digital 1s and 0s from an array of just 12 atoms, pushing the boundaries of the magnetic storage of information to the edge of what is possible.

Media News

Financial Times makes six senior editorial appointments

Reports Economic Calendar

USDA Today

CBOE Events Calendar

Economic Release Calendar
The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.

Asia-Pacific News

Hong Kong Market Watchdog Ups Trading Floor Inspections
Hong Kong’s financial watchdog has ramped up inspections of trading floors and asset management houses in the city as concerns grow that choppy market conditions could push some firms to the brink of failure.

Hong Kong Brokers Boo Exchanges’ Li to Protest Shorter Lunch
Hong Kong securities traders and brokers, who last year lost the longest lunch break of the world’s 20 biggest exchanges, marched to the city’s bourse and booed at executives to protest a further reduction.

Emerging Long-Term Trends Key To Unlocking Asia Wealth
Press Release

SSgA Rolls Out Small-Cap Emerging Asia ETF via Yahoo! Finance
SSgA joins in the slicing and dicing of emerging markets by serving up a first-to-market small-cap ETF focused on Asia.State Street Global Advisors toda…

SGX Lists CapitaMalls Asia 10-Year Retail Bonds
Press Release

KRX To List TIGER Consumer ETF On January 17, 2012
Press Release

Hong Kong’s Securities And Futures Commission Announces Appointment To Products Advisory Committee
Press Release

Frontier Markets

Absa sues Nedbank for $95 mln over Pinnacle trading
Reuters via Yahoo! News
JOHANNESBURG (Reuters) – South African bank Absa is suing domestic rival Nedbank for $95 million to recoup losses relating to the trading of single stock futures (SSFs) in property firm Pinnacle Point, court papers showed on Wednesday.

MCX Weekly Market Report: January 06, 2012 – January 12, 2012
Press Release

Miscellaneous News

Hildebrand affair a blow for Europe’s public bodies
By Gillian Tett – Financial Times
Four years ago, I listened to Philipp Hildebrand, then deputy chairman of the Swiss central bank, deliver a policy speech at a London conference. He was not your usual brand of bureaucratic Swiss gnome: the debonair Hildebrand spoke with memorable passion, punch and humour about the dire shortage of capital at western banks (long before it was fashionable to do so).

Want To Trade FX On Inside Information? Here Is How To Do It, Straight From Kashya Hildebrand
Zero Hedge
Wondering how wives of (ex) central bankers would engage in insider trading if that was their intent (forgetting for a second that if one is the wife of a central banker one probably should not be engaging in any FX transaction to begin with)?

Cordray’s first target: The housing crisis
Washington Post
Despite the controversy surrounding his appointment, Richard Cordray is barreling ahead with his work as head of the new Consumer Financial Protection Bureau – and he’s starting with the very event that led to the creation of his agency: the housing crisis. Read full article

SIFMA Holds 2012 “State of the Industry” Briefing
Press Release

Yes, you can dump your bank
CNN Money
Does “ditch my bank” make your list of resolutions for 2012? Join the club.

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