please join us for a ...

Thursday, September 15, 2016
2 pm - 5 pm ET
Loomis Sayles & Company
One Financial Center, 5th Floor
 Boston, Massachusetts 02111

Sponsored by the INVESTORS
Market Practices Council
Steve Chittenden, Chair
Tiffany Hu, Co-Vice Chair
Angela Patel, Co-Vice Chair

Friday, September 29, 2016
Let's recap
In case you missed it . . .
LPC: US Leveraged Loans Set to Float Again as Libor rises After eight years of fixed interest rates, leveraged loans are poised to once again be allowed to float freely, pegged to Libor, with the rate borrowers pay lenders increasing as the benchmark rises (Sep 8)

The G-20 Gets It But Is Unlikely to Act The Group of 20 meeting  last weekend received only light coverage from the press and market analysts.  Either few took the trouble to read the 48-paragraph communique or, more likely, its contents were dismissed as wishful thinking that wouldn't be implemented any time soon (Sep 7)

Banks' Bad Loans Declared Systemic Challenge for European Banks European regulators urge 'coordinated, decisive' action; new laws needed to speed up workout of non-performing loans (Sep 7)

Four Fresh Worries About China's Shadow Banking System Draft rules seeking to shore up the $3.9 trillion market for wealth management products underscore a bunch of new worries (Sep 7)

Keeping Up with High-Frequency Traders: Market regulators charged with overseeing orderly trading are fighting a losing battle when it comes to keeping up with super fast technology (Sep 5)
Cybersecurity for swaps clearinghouses
CFTC approves test rules
(Sep 8) The Commodity Futures Trading Commission unanimously adopted a new set of system-security testing requirements for swap execution facilities and data repositories, as well as derivatives clearing organizations.  The agency also ruled that derivatives margin rules required by Japanese regulators are comparable to U.S. margin requirements. Core futures industry entities, including exchanges, clearinghouses, and data repositories, will have to enhance their cybersecurity testing and other system safeguards.  The rules require "core infrastructures" of the industry to conduct vulnerability, penetration, controls and response testing as well as risk assessments. Certain entities will have to do testing at prescribed intervals and will have to use independent contractors for some of the tests.
Pension lump-sum de-risking
Will remain strong in 2017 
(Sep 7) Driven by a lack of updated mortality tables, low interest rates, and  PBGC premiums, p ension plan sponsors are likely to continue shedding pension liabilities in 2017 by using lump-sum windows to de-risk parts of their plans.  The Internal Revenue Service hasn't updated its mortality tables to reflect longer lifespans. The mortality tables are likely to be based closely on the Society of Actuaries' updated tables, which many believe could hike pension funding liabilities by as much as 10 percent. So sponsors are jumping now to de-risk before those new mortality tables are rolled out.  Sponsors are also driven to de-risk because of low-interest rates and increasing Pension Benefit Guaranty Corporation premiums. 
Tax transparency initiatives
G20 asks OECD to report
(Sep 6) G-20 leaders at the group's summit in Hangzhou, China, asked the Organization for Economic Cooperation and Development to report by June 2017 on tax transparency initiatives and by July to prepare a list of jurisdictions "that have not yet sufficiently progressed toward a satisfactory level of implementation of the agreed international standards on tax transparency."  Transparency was a major initiative of the OECD under its Action Plan on Base Erosion and Profit Shifting, endorsed by the Group of 20 in November 2015.  "We support a timely, consistent and widespread implementation of the BEPS package," the G-20 said in its Sept. 6 communique. R egarding the listed jurisdictions, the G-20 said, "Defensive measures will be considered."
Binge reading disorder
Hand-curated, chosen with love
Vladimir Putin just wants to be friends: The Russian president on the future of Europe, why he's bullish on Gazprom, and the comin U.S. election 

'Flash Boys' protagonists aiming new exchange at gold: IEX Group, which rose to prominence with its bid to shake up stock trading in the United States, now aims to do the same in the more than $5 trillion-a-year gold market with a new exchange 

Developers are flocking to blockchain bootcamps: 46,000 people signed up for free bitcoin program on Coursera; m ore advanced classes cost thousands, run for weeks or months

The trials and tribulations of the Vatican's finance chief : Pope Francis trimmed powers of Cardinal George Pell, charged with cleaning up the city-state's muddled accounts, in setback for broader overhaul of Vatican

Should Britons get a "redo" on Brexit? Millions push for second referendum: When the petition first surfaced, observers said the possibility of another vote was 'unimaginable.' But on Monday, British lawmakers agreed to debate a second referendum.