Basel Committee Wants Banks to Have More Liquid Assets: Beginning in 2018, banks will be required to have more liquid assets to cover their short term exposures to other banks and financial institutions, derivatives and assets used as initial margin for derivative contracts. The requirement, adopted by the Bank for International Settlements—termed the “net stable funding ratio”—will discourage banks from using short-term funding to cover long-term obligations. Essentially, banks will be required at all times to have cash or assets readily convertible to cash to at least fund their anticipated obligations for the next year time frame under ordinary operational conditions. According to BIS, this new requirement—which still needs formally to be adopted by individual jurisidictions' bank regulators—, as well as the liquidity coverage ratio adopted previously, are being implemented because “[d]uring the early liquidity phase of … [Read more...] about CFTC, SEC, and the Korea Financial Services Commission: Bridging the Week: October 27 to 31 and November 3, 2014
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And in California, rich backers of charter schools are spending millions to elect Antonio Villaraigosa as governor, Seema Mehta and Ryan Menezes reported. Reed Hastings, the founder of Netflix, Eli Broad, Michael Bloomberg and Bill Oberndorf, a hedge fund manager who has contributed heavily to Republicans, are among the top sources of money for an effort to boost the former L.A. mayor in next month’s top-two primary. … [Read more...] about Robert Mueller, Kim Jong Un and the psychology of the president
Though not part of the case, the price-gouging scandal has hung over the trial and burdened Shkreli with a likability deficit that made it even more of a longshot that he would testify. But that hasn’t stopped him from using the internet to vent after spending long days sitting at the defense table. … [Read more...] about ‘Pharma Bro’ Won’t Stop Talking, Except to Jury in Trial
House of RepresentativesHouse Passes Bill to Delay DOL’s Consideration of its Fiduciary RuleOn October 29th, the House voted 254 to 166 to pass H.R. 2374, which would require the Department of Labor (DOL) to wait at least 60 days following the finalization of the SEC’s fiduciary rule before issuing its own proposal. Supporters of the legislation say this type of harmonization will resolve potential market confusion for investors whereas consumer advocates have attacked the proposal as nothing more than a naked attempt to delay the DOL from issuing its revision to the fiduciary standards for broker dealers. It is unclear whether the Senate will advance a similar bill, but it would seem unlikely that anything will move in the upper chamber, even though Senator Jon Tester (D-MT) has said he is considering companion legislation. Regardless, the White House announced in advance of the House vote that it would veto the legislation. Interestingly, this past … [Read more...] about Financial Services Legislative and Regulatory Update – November 4, 2013
However, a substantial portion of the LPO work may soon be eclipsed by more sophisticated computer algorithms in a category broadly referred to as predictive coding. Companies that specialize in predictive coding include Recommind, which was formed in 2000 and now has more than 100 employees in six locations spanning three continents, and Kroll Ontrack, which started in the hard-disk recovery business in the 1980s and now employs more than 1,500 workers in the U.S., Europe, Asia and Australia. The latter is owned by Kroll Inc., a subsidiary of Altegrity—a conglomerate that specializes in information technology and analytics. The Altegrity group of companies is principally owned by Providence Equity Partners, a private equity firm with more than $27 billion under management. … [Read more...] about Who’s eating law firms’ lunch?