Pennsylvania + Wall

By Randy Snook

There's little question that the forces of technology, interconnectedness and generational change have challenged the conventional wisdom about investors and financial advice. But how should institutions go about investing in new capabilities in a way that complements and supports their business's traditional strengths?

As participants at SIFMA's 2015 Annual Meeting, The Capital Markets Conference, were quick to point out, digital disruption has left no shortage of industries to look toward as case studies. "If you think about the way we behave in every other part of our lives: Amazon is the largest retailer in the world; Uber is the largest transportation company," said Wells Fargo Advisors president Mary Mack. "We behave differently now in terms of how we like to access information and advice.".... Read more...

By Kyle Brandon and Peter Matheson 

Economic news from abroad has made headlines on a regular basis during the past few years. From concerns about Greek solvency, the summer's slowdown in China and weakness in emerging markets to the discussion of trade deals as the Trans-Pacific Partnership, the interconnectedness of the global economy is apparent.

At SIFMA's 2015 Annual Meeting, The Capital Markets Conference, participants discussed both the short- and long-term implications of an increasingly globalized world for investors and public officials alike.

A panel bringing together chief economists from several prominent institutions focused heavily on the immediate question of the U.S. economy's resilience. "We're living in a bounded and divergent world," said JPMorgan Chase Chief Economist Bruce Kasman, noting that continued improvement in the U.S. and Western Europe was largely offsetting struggles in emerging markets. "There are risks here, but I think what we're seeing so far is that we're not breaking out of that bounded environment.".... Read more...

 By Lisa Bleier

At SIFMA's 2015 Annual Meeting, The Capital Markets Conference, Democratic and Republican House lawmakers reiterated bipartisan concerns about the Department of Labor (DOL) fiduciary rule, urging that the agency work along with the Securities and Exchange Commission. 

"Dodd-Frank gave the SEC the responsibility to do this. That was five years ago. They've done their study. I bet they have a draft proposal -- they should have put it out and not let Labor get over and pre-empt their territory," Rep. French Hill (R-AR) said on Tuesday.

Both Hill and Rep. David Scott (D-GA) emphasized that the Dodd-Frank legislation designated the SEC specifically for this task. In fact, Scott recalled anticipating this issue while working on the reform act..... Read more...

By Karl Schimmeck

Cybersecurity thought leaders highlighted threats to the financial services sector at SIFMA's 2015 Annual Meeting, The Capital Markets Conference, emphasizing the importance of cross-industry and cross-government collaboration and information sharing.

"I think we're at this moment when people want to make sure they're doing the right thing" said Gregory Rattray, Director of Global Cyber Partnerships and Government Strategy at JPMorgan Chase. "The ecosystem is challenging. We need to work on that as a sort of whole body -- firms, regulators, other government agencies, the technology industry all need to focus on making it a more difficult environment for adversarial behavior," he said. Rattray noted that firms' managements need to understand the value of collaboration on this important matter.

"The firms and the industry are partnering ever more effectively with government," he added. In order to ensure that this is "an effective partnership," the industry needs to make sure that when firms are unable to deter adversaries from attacks, the government can step in as a partner..... Read more...

By Heather Crist

Today, we honor the service of all U.S. military veterans.

In gratitude for their service to our country, SIFMA is proud to partner with the Wall Street Warfighters Foundation for the sixth year to provide veterans with a scholarship to the Securities Industry Institute (SII) executive education program, which is held each year at The Wharton School campus.

The mission of the Wall Street Warfighters Foundation is to identify, develop, and place veterans in long term, rewarding careers within the financial services industry following their military service. SII, offered by SIFMA in partnership with Wharton, delivers education tailored to the financial services industry and networking opportunities with world-class faculty and industry experts to nurture leadership potential and further develop the talent and strengths of students..... Read more...

 By Ira Hammerman

Speaking at SIFMA’s Annual Meeting, Treasury Secretary Jacob Lew showed the administration’s openness to technical corrections to Dodd-Frank financial regulations, but cautioned against overhauling reforms completely.

“I hope we get to a point in the political debate where there’s a real difference between technical corrections of a lot of things and the kind of pitched battle that really is about repealing and reversing direction,” Lew said at the 2015 SIFMA annual meeting. “I think we are completing the implementation of Dodd-Frank. We’ve said we’re open to discussions about things that are truly technical, but we’re very much opposed to anything that would undermine the important architecture of financial reform.”

Lew stressed the importance of financial reforms made following the damage of the financial crisis to the U.S. economy. “I have worked on regulatory issues from a number of different perspectives and I very much believe that when you look at regulation, you have to look at the costs and the benefits. And I think that the benefits of financial reforms are just enormous,” he said..... Read more...

By Andy Blocker

Three top officials gathered at SIFMA’s 2015 Annual Meeting to discuss the state of capital markets and how the public and private sectors can work together effectively to strengthen the U.S. economy. Secretary of the Treasury Jacob Lew, SEC Chair Mary Jo White and Commodity Futures Trading Commission Chair Timothy Massad each outlined priorities for their agencies while keeping an eye toward the emerging challenges stemming from technology and global economic headwinds. 

Lew offered the broadest assessment of current economic conditions, painting the picture of an economy that is fundamentally sound if not yet reaching its peak potential. “The job numbers we got last Friday were one of a series of reports that show stability,” said Lew. “There are some international headwinds, without which we’d be doing better. We have jobs that go unfilled in the economy because people don’t have the right skills. But we know how to solve that.”.... Read more...