Your daily dose of financial news

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The SEC keeps a whirlwind couple of weeks of activity humming along, voting yesterday to propose rules that would require high-frequency traders—the Flash Boys and Girls—to register with a national securities association, a move meant to improve the oversight of broker-dealers involved in off-exchange trading.  The changes would address Rule 15b9-1, which hasn’t been substantively amended since 1983 – Law360

Here’s a bit more on the monumental Heinz/Kraft deal with particular attention paid to the coalition behind it—Brazilian private equity firm 3G Capital and the Oracle of Omaha himself – NYTimes and WSJ and Bloomberg (where they spent a lot of time on this headline)

And a piece of the conspicuous absence of Wall Street’s biggest banks in the deal – NYTimes and WSJ

Treasury Secretary Jack Lew was on the Hill yesterday before a Senate banking committee. Among the topics he addressed was the systematically important financial institution (SIFI) designation, which Lew acknowledged requires a case-by-case determination because of the unique structure of each company impacting the financial system.  You’ll recall that the SIFI designation is not a refrigerator-worthy confirmation of a firm’s self-worth (as in, my child is systematically important!) but rather a label that leads to heavy regulatory scrutiny, including annual “living wills” submissions – Law360

The NY Comptroller joined the US DOL and the SEC in calling for nationwide fiduciary duty standards for all advisers—including broker-dealers, traders, and financial planners – Law360 and WSJ. PIABA agrees – Law360

U.S. corporate bonds are all the rage these days, with health-care related  firms leading the way  – WSJ

Tough news for the FDIC in its $140 million suit against RBS Securities, JPMorgan, BofA, and others over toxic RMBS, as SDNY Judge Laura Taylor Swain dismissed the FDIC’s claims as time barred, rejecting its argument that FIRREA preempts the statute of repose in the Securities Act of 1933. Judge Swain cited the Supreme Court’s June CTS Corp. v. Waldburger decision as the basis for refusing to apply FIRREA’s “extender provision” – Law360

Meanwhile, in the RMBS world, a union pension fund this week moved for class certification in a suit against Goldman Sachs over the sale of $6 billion in soured RMBS in which it argues that investors were duped by misstatements about the loans underlying each offering – Law360

Jumping over to the personal finance realm: in a special Your Money section, the NYTimes asks a broad range of Americans of some notoriety about their biggest financial lesson as part of a collaboration with APM’s Marketplace – NYTimes.  And while you’re at it, check on your own financial literacy – WSJ

You might want to keep an eye on Twitter’s Periscope, as well as competitors Meerkat and Camio, which hope to bring individual live-streaming to the masses, now that technology and data plans are finally catching up to a promise that’s been elusive to this point – NYTimes

Just in case you weren’t feeling that old, yesterday MJ’s moonwalk turned 32.  So now you do – The Concourse

 

MDR

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