SIFMA 2012 Annual Meeting
October 23, 2012
New York, NY
Event Overview
The 2012 SIFMA Annual Meeting: Markets, Politics, Impact, convened financial industry leaders to discuss the impact of the political and economic climate looking ahead to 2013 and beyond. Notably, Dr. Alan Greenspan, Chairman, Federal Reserve System (1987-2006), offered his insights into the state of the economy, particularly the virtually unprecedented degree of uncertainty that is weighing on the markets.
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The industry's top regulators including SEC Chairman Mary Schapiro and CFTC Chairman Gary Gensler provided the latest developments with regulatory reform implementation and how they impact our business. In another unique presentation, Senator Saxby Chambliss (R-GA) and Senator Mark Warner (D-VA), members of the so-called “Gang of Eight”, discussed the importance of averting a drop off the fiscal cliff, what must occur for that to happen and the probability that they can be successful.
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SIFMA President & CEO Tim Ryan kicks of the Annual meeting with a state of the industry and the regulatory reform process. (See Video)
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Mary Thompson, CNBC interview of CFTC Chairman Gary Gensler, featured audience Q&A on the Commissions’ progress on financial regulatory reform.
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CFTC Chairman Gary Gensler discusses the recent swap market committed to fine-tuning rules regarding, the clearing requirement, transparency rules and the cross-border application of swaps market reform.
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SIFMA Executive Vice President Randy Snook asks a question of Chairman Gensler.
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Chet Helck, SIFMA Chair & CEO, Global Private Client Group, Raymond James Financial, Inc. emphasizes the importance of putting the client first and establishing a uniform fiduciary standard of care. (See Video)
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SIFMA Annual Meeting Audience Member.
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SIFMA Executive Vice President Ken Bentsen moderates a panel of Washington's best-known insiders, who provided analysis of the latest polls and predictions for election results and the impact the possible outcomes will have on our industry and the economy at large.
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SEC Chairman Mary Schapiro cautions moderator Peter Cook, Bloomberg, that efficiency in the rulemaking process in important but it is important to take the time to be thoughtful, deliberative and coordinated with other regulators to get rules right.
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SIFMA President & CEO Tim Ryan introduces SEC Chairman Mary Schapiro to the audience and moderator Peter Cook, Chief Washington Correspondent, Bloomberg.
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Dr. Alan Greenspan, addresses the SIFMA audience on the path forward for the U.S. economy.
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Dr. Alan Greenspan had candid conversation with CNBC Senior Economics Reporter Steve Liesman on his observations on the global economy and the financial industry.
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Karen Shaw Petrou, Managing Partner, Federal Financial Analytics, Inc. discusses findings of her research regarding overlapping and conflicting new regulations. (See Video)
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PIMCO COO Douglas M. Hodge shares his plan share his plans to restore current client trust in the financial markets and how the industry will win the confidence of the next generation of investors from the buy-side perspective with Cheryl Casone, Fox Business News.
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Winners from this year's Stock Market Game discussed their strategy and experience from participating in SIFMA Foundation's signature financial education program.
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Winners from this year's Stock Market Game discussed their strategy and experience from participating in SIFMA Foundation's signature financial education program.
Annual Meeting Photo Gallery
SIFMA honored firms who have distinguished themselves in their commitment to fostering a diverse and inclusive environment during the past year.
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Thomas James, Executive Chairman, Raymond James, discusses how to restore client trust in the financial markets and how the industry will win the confidence of the next generation of investors from the sell-side perspective with Stephanie Ruhle, Bloomberg.
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Senator Saxby Chambliss emphasizes that a 'Gang of Eight' compromise is the only way to avoid a drop off the fiscal cliff and the alternative would be devastating to the future of the economy.
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Senators Saxby Chambliss and Mark Warner urge the business community to communicate the importance of averting the fiscal cliff to Congress for the good of the greater economy.
Annual Meeting Photo Gallery
Jeremy Siegel, renowned economist at the Wharton School, said he believed the Dow reaching 17,000 by the end of 2013 is 'very attainable.' The economist panel explored predictions for the future of the market and other critical economic issues, including the looming fiscal cliff, European debt crisis, and the impact of global financial regulatory reforms and much more.
Other presentations included candid conversations with Thomas James, Executive Chairman, Raymond James Financial and Douglas Hodge Chief Operating Officer, PIMCO moderated by top financial journalists. These executives representing both the Sell- and Buy-Sides agreed it is essential restore investor trust and confidence in the financial markets and affirmed support for smart reform as a means to do that. Leading industry economists provided their views on the future of the markets and the potential impact of unintended consequences of new rules if not implemented with proper research and cost-benefit analysis. Additionally, this year’s event featured a panel of Washington D.C. insiders and financial industry experts shared predictions for election results and discussed the impact each Administration could potentially have on our industry and the economy at large.
Prepared Remarks
- Douglas M. Hodge, Chief Operating Officer, PIMCO Remarks as Prepared for SIFMA 2012 Annual Meeting
- Karen Shaw Petrou, Managing Partner, Federal Financial Analytics, Inc. Remarks as Prepared for SIFMA 2012 Annual Meeting
- Remarks by CFTC Commissioner Gary Gensler at SIFMA's 2012 Annual Meeting
- SIFMA Chairman Chet Helck Remarks as Prepared for SIFMA 2012 Annual Meeting
- SIFMA President and CEO Tim Ryan Remarks as Prepared for SIFMA 2012 Annual Meeting
Useful Links
- Federal Financial Analytics, Inc.: Strategic Regulatory Landscape
- Federal Financial Analytics, Inc.: Operational Impediments to Effective Financial Regulation
- Federal Financial Analytics, Inc.: Assessment of the New Resolution Regime
- SIFMA’s Board of Directors Announces Newly Elected Officers
SIFMA on Twitter
Sen. Chambliss to asset managers: don't underestimate your influence & why we need you in this process. #SIFMAimpact
— Frances Denmark (@FrancesDenmark) October 23, 2012
Gang of 8 believes sequestration is worst way to make cuts but as bad as it is, doing nothing is worse yfrog.com/o0vbvoej
— SIFMA (@SIFMA) October 23, 2012
@saxbychambliss @senatorwarner business community sat on the sidelines w/#debtceiling debate- need support for fiscal cliff
— SIFMA (@SIFMA) October 23, 2012
When Obama said sequestration's not going to happen, that was news to us (the Gang of 8) - Sen. Chambliss #SIFMAimpact
— Frances Denmark (@FrancesDenmark) October 23, 2012
Thomas James @raymondjames: "we must educate clients, fully disclose risk, costs, benefits & act w/integrity" #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
#SIFMAimpact congratulates Stock Market Game winners who presented their winning strategy& stock tips! yfrog.com/odldulmj
— SIFMA (@SIFMA) October 23, 2012
@pimco tells @cherylcasone there is no conflict btwn fiduciary duty & profit making, the issue is when people become corrupted #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
Greenspan on what is wrong with Dodd-Frank: "It is physically impossible to do what the Act asks." #SIFMAimpact
— SmartBrief Finance (@SBFinance) October 23, 2012
Former Fed Chairman Alan Greenspan: Regulation is constraint of competition #SIFMAimpact yfrog.com/nu4f3hoj
— SIFMA (@SIFMA) October 23, 2012
#SEC Chairman Schapiro: combining the SEC & CFTC would make sense #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
#SEC Chairman: We must establish a uniform #fiduciary standard of care bit.ly/TQu0s0 #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
#SEC Chairman: Efficiency is important but must be thoughtful, deliberative, coordinate w/other regulators to get #finreg right #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
yfrog.com/es1rtrkgj #SEC Chairman Schapiro tells @peterccook investors are better off now than they were pre-crisis #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
@markmnolabels: debates more important than ever & insights by @finneyk, @primepolicy #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
SIFMA Chair Helck, @raymondjames: top priority- restoring public trust in #finserv #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
Chet Helck from Raymond James: "What is right with our industry can fix what is wrong with our industry." #SIFMAimpact
— SmartBrief Finance (@SBFinance) October 23, 2012
@raymondjames-Helck: #FinServ employs 8 million in US; raises billions for roads & schools; $1.6 trillion to create jobs #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
SIFMA CEO: conflicting & overlapping proposed rules produce uncertainty- need regulator coordination #SIFMAimpact bit.ly/S0cx3I
— SIFMA (@SIFMA) October 23, 2012
More from SIFMA Pres & CEO Tim Ryan at #SIFMAImpact: "We have never supported a complete repeal of Dodd-Frank & do not support repeal now."
— AdvisorOne (@AdvisorOne) October 23, 2012
SIFMA CEO: conflicting & overlapping proposed rules produce uncertainty- need regulator coordination #SIFMAimpact bit.ly/S0cx3I
— SIFMA (@SIFMA) October 23, 2012
RT @rob_daly: Gensler thinks CFTC will have a 'pens down' SEF document this month and hopefully a finalized version by year end. #sifma
— Virginie O'Shea (@virginieoshea) October 23, 2012
#Sifma suggest that #FSOC address preventing firms from becoming too big to fail, poor derivative reform and advice for retail investors 1st
— The Daly Post (@TheDalyPost) October 23, 2012
#sifma Gensler says Non deliverable forwards will be treated as swaps
— Will Rhode (@willrhode) October 23, 2012
#Sifma suggest that #FSOC address preventing firms from becoming too big to fail, poor derivative reform and advice for retail investors 1st
— Rob Daly (@rob_daly) October 23, 2012
Libor is the "Mother of all rates" CFTC's Gary Gensler talking about need to reform #SIFMA #impact
— LoriSpechler (@LoriSpechler) October 23, 2012
CEO Ryan: We support reform w/some objections, like #Volcker; we don't support repeal of #doddfrank bit.ly/S0aMU7 #SIFMAimpact
— SIFMA (@SIFMA) October 23, 2012
Gensler expects to have swaps rule making done by Nov. Compliance phased in by summer 2013. #Sifma
— Rob Daly (@rob_daly) October 23, 2012
@cftc chairman Gensler: #CFTCcommitted to fine-tuning rules; we benefit from industry input #SIFMAimpact1.usa.gov/SfFub6
— SIFMA (@SIFMA) October 23, 2012
Right now: @cftc chairman Gensler kicks off#SIFMAimpact in convo w/ @mthompsoncnbc bit.ly/QlBFkg
— SIFMA (@SIFMA) October 23, 2012
Annual Meeting 2013
SIFMA SmartBrief 2012 Annual Meeting
News Coverage
- Fox Business: SIFMA's President & CEO Tim Ryan on Efforts to Standardize Financial Regulations [Video]
- Bloomberg TV: SIFMA President and CEO Tim Ryan on Market Reform [Video]
- CNBC: CFTC's Gensler Talks Reform at SIFMA Annual Meeting [Video]
- CNBC: SIFMA Chairman Chet Helck: Getting to the Root of Economic Problems [Video]
- CNBC: Greenspan: Quite Concerned About Fiscal Cliff [Video]
- Washington Post: ‘Fiscal cliff’ warning: Senators urge financial industry not to sit on sidelines
- MarketWatch: CFTC's Gensler: Derivatives transparency by 2013
- Reuters: Futures regulator unveils customer fund protection plan
- Bloomberg: Swaps Users Granted Grace Period to Clear Trades, Gensler Says
- Washington Post: ‘Fiscal cliff’ warning: Senators urge financial industry not to sit on sidelines
- On Wall Street: SIFMA Chair Calls For Improved Transparency, Risk Management
- New York Times: With Election Nearing, Wall Street Ponders a Romney Presidency
- On Wall Street: Mitt’s Momentum
- Reuters: SEC's Schapiro says not eyeing the exits
- Advisor One: SEC’s Schapiro Expects Fiduciary Standard Adoption in 2013
- Traders Magazine: Schapiro: No “Concrete Plan” to Alter Erroneous Trade Rules, After Knight Debacle
- Bloomberg: Greenspan Sees Sluggish Economy Until Uncertainty Falls
- Bloomberg: Mortgage Lenders See Tighter Credit Under New U.S. Rules
- American Banker: Hate Dodd-Frank? Here's How You Change It
- MoneyNews: Pimco Sours on Financial Bonds in Record Rally
- PYMNTS: JPMorgan Chase Receives Diversity Leadership Award From SIFMA
- On Wall Street: Raymond James Chairman Calls For New Approach to Regulation
- Reuters: Key senator says he thinks US will avoid 'fiscal cliff' cuts
- Advisor One: Members of ‘Gang of Six’ Warn About Fiscal Cliff at SIFMA Conference
- The Street: Romney Won't Help Big Banks
