Week InReview

Wednesday, Jun 21
Market Practices Council
Roundtable & Reception
One Financial Center
5th Floor
Boston, Massachusetts
1 pm EDT | Reception at 4:15 pm

Register & see complete agenda  here.
Fri Jun 9, 2017
Let's recap
In case you missed it . . .
$16tn US retirement sector faces radical overhaul
Introduction of fiduciary rule on Friday will force advisers to put clients first (Jun 8)

Wall Street says rules risk next crisis. Trump regulators agree.
U.S. uber watchdog said to review impact of rules on trading; financial firms have long argued that rules dried up liquidity (Jun 7)

Steven Mnuchin faces a big decision on quantitative tightening
Treasury has key role in shaping how a shrinking Fed balance sheet will affect markets (Jun 6)

Clayton team signals rethink for SEC enforcement
Trump administration expected to pursue fewer 'marginal' financial market violations (Jun 5)

Automated trading of commodity futures accelerating
Use of algorithms is controversial as study finds rise in volumes of traffic (Jun 5)
The Cyber Cafe
Cybersecurity news every Friday
It's about time: where attackers have the upper hand
Businesses take a median of 38 days to detect cybercrime, but can decrease the impact of a breach with faster incident response.

Don't be held for ransomware
Five fundamental steps your company can follow to curb its chances of falling victim to a ransomware attack.

New SEC enforcement chiefs see cyber crime as biggest market threat
Hackers are increasingly breaking into brokerage accounts to steal assets or make illegal trades, prompting U.S. securities regulators to start tracking cyber crimes more closely, two newly appointed enforcement officials said.
Futures SRO needs more CFTC oversight
Agency watchdog
(Jun 6) --  The Commodity Futures Trading Commission should expand its periodic evaluations of the futures industry's main self-regulatory organization, the Office of the Inspector General said in a report. Specifically the agency  should take a closer look at the National Futures Association's arbitration program, its oversight of commodity pool operators, trading advisers, and foreign firms, and its disciplinary proceedings and anti-money laundering programs.  The OIG also informally recommended that CFTC staff - specifically, the Division of Swap Dealer and Intermediary Oversight - be more precise when giving the NFA advice, and that the NFA be more precise when responding.
DOL may delay fiduciary rule past January
Will ask for more public input soon
(Jun 8) --  Portions of the Department of Labor's fiduciary rule that go into effect in January 2018 could get pushed further back, an agency official said.  The department may consider more exemptions and there could be further changes to the rule, Timothy D. Hauser, deputy assistant secretary for program operations at the DOL's Employee Benefits Security Administration, said during a meeting of the ERISA Advisory Council. Portions of the rule that the DOL called the "least controversial" are set to become applicable Jun. 9. Other portions, such as the best-interest-contract exemption, aren't set to go into effect until the beginning of next year.
House passes Dodd-Frank overhaul bill
Faces steep odds in Senate
(Jan 8) -- The  House of Representatives voted to overhaul major parts of Dodd-Frank law and make sweeping changes to the financial regulatory system. The v ote on H.R. 10 , the Financial CHOICE Act, went mostly along party lines, 233-186.  The m easure, now headed to the Senate, where it has little chance of passing in its current form, would exempt banks from stricter supervision if they hold more capital, give Congress more authority over the Consumer Financial Protection Bureau, eliminate regulators' authority to designate companies as systemically important, and wind down failing financial institutions, among other changes.
Binge reading disorder
Hand-curated, chosen with love
US Treasury clearing landscape is broken
The bifurcated system reduces liquidity, allocates clearing costs inefficiently, and increases systematic risk. Together, these factors stifle innovation and entrench incumbents.
- Medium

Strap in, it's bound to get wild
Connecting the dots in global markets.

The ultra-rich are hiding way more money overseas than anyone realized
It was the most consequential leak in the history of the offshore world, providing journalists and the public an unparalleled view into a notoriously shadowy industry that shuttles secret wealth around the globe.