SIFMA OPS 2010 Breaking News

May 1 to 4, 2011 * Boca Raton, Fla.

Getting Naked, Kicking Back, After SIFMA OPS

May 10, 2010 - Watch your semantics. When Larry Tabb says he's "for dark and for naked,'' listen first to the "perverse incentives" that regulation of, say, naked access might instigate. Then, kick back. Source: Securities Industry Blog

Market Swing “Highlights Vulnerability” to Attack by Extremists, Former NSA Director Says

May 7, 2010 - PALM DESERT, Calif. – The former head of the nation’s most talented set of code-breakers said Friday that the near-1,000 point plunge in the Dow Jones Industrial Average “highlights the vulnerability” of the nation’s capital markets to direct attack by extremists interested only in causing destruction. Source: securitiesindustry_news

SEC, FINRA, SIFMA Plan Program to License Operations Executives

May 6, 2010 - The Securities Industry and Financial Markets Association is in discussions with the Securities and Exchange Commission and the Financial Industry Regulatory Authority to establish the first-ever training, licensing and continuing education program for operations executives at financial firms. Source: securitiesindustry_news

Futures Clearinghouse Could Slice Collateral Requirements

May 6, 2010 - A new proposed and much-touted clearinghouse for U.S. futures contracts could reduce the value of collateral firms must put up to clear their trades by 15 percent to 30 percent. Source: securitiesindustry_news

FICC to Phase in Central Counterparty Service for MBS

May 6, 2010 - The Fixed Income Clearing Corp. Thursday said it will take a phased approach to launching a new central counterparty and daily netting service for to-be-announced and other mortgage backed securities transactions. Source: Securities Industry Newsletters

NSCC to Provide Real-Time Info on Equity Trades in FIX Format

May 6, 2010 - The National Securities Clearing Corp. in January 2011 will begin to use the Financial Information eXchange protocol to receive and deliver information on executed equity trades from multiple exchanges in real-time to its members Source: Securities Industry Newsletters

Cost-Basis Fallback Position: First In, First Out

May 5, 2010 - PALM DESERT, Calif. -- The fallback position for financial firms trying to adhere to new Internal Revenue Service rules on reporting the original cost of securities when they are sold is ... first in, first out, said a tax reporting expert at the Securities Industry and Financial Markets Association Operations Conference and Exhibit. Source: Securities Industry Newsletters

Collateral Avoidance by Day Traders to be 'Huge Focus' for FINRA

May 5, 2010 - PALM DESERT, Calif. -- Broker-dealers who are allowing day traders to trade as "subaccounts" to sidestep collateral requirements on their activities "will be a huge focus for us this year," said Anand K. Ramtahal, senior vice president of FINRA Member Regulation. Source: securitiesindustry_news

Broadridge Says Participation in Electronic Proxy Distribution Up 56%

May 5, 2010 - Broadridge Financial said that participation in the Securities and Exchange Commission’s “notice and access rule” for the electronic distribution of proxy statements about public corporations’ annual meetings has increased 56 percent in the last yea Source: Securities Industry Newsletters

DTCC CEO Proposes "Capped" Funding Facility To Handle Future Meltdowns

May 5, 2010 - PALM DESERT, Calif. -- The chairman and chief executive of the Depository Trust and Clearing Corporation Wednesday morning proposed the creation of a “capped contingency liquidity facility” to cover the contagion that might emerge with a financial meltdown that might involve the failure of multiple firms in mortgage-related market. Source: securitiesindustry_news

SIFMA Ops Show: Regs, Risk and Data

May 3, 2010 - Regulations, risk mitigation and data management will intersect at the core of the Securities Industry and Financial Market Association's 2010 operations show in Desert Springs, Calif., this week.Source: Securities Industry Print Edition

Set Global Ground Rules for OTC Derivatives, Donahue Asserts

May 4, 2010 - On the eve of addressing the 2010 SIFMA OPS conference on how to turn crisis into opportunity, the chairman and chief executive officer of the Depository Trust and Clearing Corporation called for a worldwide consensus to be reached on ground rules for the trading of over-the-counter derivatives, including credit default Source: Securities Industry Newsletters

Corporate Actions, in Service of Revenue Generation

May 4, 2010 - XSP said it plans to disclose "innovative strategies" that will allow financial institutions to automate the processing of corporate action notices and turn such a service "into a revenue-generating opportunity.'' Source: Securities Industry Newsletters

More Regs on the Way: Get Ready for A Lot More Ops and IT Headaches (And Pull Out Those Wallets)

May 4, 2010 - The worldwide economic crisis may not be over and regulations may not be finalized on how to prevent a recurrence. Source: Securities Industry Blog

Redi2 Links Its Billing With Electra's Collection

May 4, 2010 - Redi2 Technologies said Tuesday it has linked its Redi2Revenue Manager billing software with Electra Information System’s RecCollect platform. Source: Securities Industry Newsletters