Week InReview | Global financial system task force weighs in on 2017 Davos agenda  | SEC to finish consolidated audit trail plan in 2016 | SEC may seek more climate change, cyberattack disclosure |  ICYMI + Binge Reading
Friday, January 29, 2016
Let's recap
In case you missed it . . .
New WEF financial system task force
Banks, regulators weigh in on 2017 Davos agenda
(Jan 26) Mark Carney,  Bank of England Governor and Chairman of the Financial Stability Board, is  among the members of a new task force that will study the future of the global financial system.  Carney and Klaus Schwab, executive chairman of the World Economic Forum, requested the creation of the task force. Other members are:
  • Michael Corbat, chief executive officer of Citigroup, Inc.
  • Laurence Fink, chief executive officer of BlackRock Inc.
  • Douglas Flint, chairman of HSBC Holdings Plc
  • Brian Moynihan, chief executive officer of Bank of America Corp.
  • Raghuram Rajan, governor of the Reserve Bank of India
  • Min Zhu, deputy managing director of the International Monetary Fund
  • Liu Mingkang, distinguished research fellow in global economics and finance at Chinese University of Hong Kong
Consolidated audit trail
White says SEC to finish plan this year
(Jan 26)  Securities and Exchange Commission Chair Mary Jo White says the agency will complete work this year on a plan to tracking every stock quote, order and trade.
  • White commented during a question-and-answer session at the Northwestern Law School conference in Coronado, California
  • Approval of plan includes selection of vendor to operate system, White says
  • "We're very, very focused on getting that out the gates in 2016," she said in a brief interview after speech

The SEC approved design of Consolidated Audit Trail in 2012 as a response to the regulators' inability to quickly explain the market tumult of May 6, 2010.

Climate change & cyberattacks
SEC may seek more disclosure
(Jan 26)  The Securities and Exchange Commission will weigh a new requirement for public companies to make more frequent disclosures related to cyberattacks and climate change, Chair Mary Jo White said at the Northwestern University Law School conference  in Coronado, California.
  • Disclosure of cybersecurity and climate-change risk is part of a broader review of financial reporting rules, White said
  • Broader undertaking is "opportunity to look at the current state of disclosure in all areas, see what it is, and see if there is room to improve it."
The SEC issued guidance to public companies in 2010 and 2011 that explained how they should approach disclosure of direct costs and other risks related to cyberattacks and climate change. Separately, SEC Enforcement Director Andrew Ceresney told the same conference that his division is currently unlikely to fault companies over cybersecurity disclosures. "I'm not saying it's not possible, but it would need to be a very clear violation for there to be a case," he said.
Binge reading disorder
Hand-curated, chosen with love
The New Switzerland: Rothschild Promotes U.S. as World Tax Haven

Sports fans and investors tend to make similar errors. Perhaps the biggest is focusing on outcomes rather than process.

The total value of all the property in the world is $217 trillion - 2.7 times the world's GDP
-   City A.M.

'Billions' Co-Creator Andrew Ross Sorkin Reveals How He Brought Wall Street Drama to TV

The rich are different from you and me: They sell their dogs with their houses.
-   Wall Street Journal