The BDA submitted a comment letter to the MSRB on the proposed amendments to Rule G-12, to modernize close-out procedures. You can view BDA’s letter here. The proposed amendments to MSRB Rule G-12 would require open inter-dealer transactions in municipal securities to be closed-out. Currently, there is no MSRB rule that requires a transaction to be closed-out.…
Author: Bond Dealers of America
BDA Submits Letter to W&M Chairman Brady in Defense of Muni Bond Tax Exemption
Yesterday, the BDA submitted a letter to Rep. Kevin Brady (R-TX), Chairman of the House Ways & Means Committee. The BDA’s letter focuses on maintaining the current law status for tax exempt municipal bonds. You can view the BDA’s letter here. Specifically, the BDA letter addresses the following: How borrowing costs would increase for state and…
BDA Announces FY 2016 Board and Board Leadership
The BDA membership has approved three new directors for the BDA Board: Lana Calton, Hilltop Securities; Linda Matkowski, City Securities Corp.; and Guy Yandel, George K. Baum. New Board Leadership Chairman John Fechter MD, Taxable Trading Wells Fargo Advisors Vice Chairman Brian Brennan MD & Head of Fixed-Income KeyBanc Capital Markets Treasurer Tom Dannenberg President…
Featured in The Hill – Tax-exempt municipal bonds: A critical tool to repair America's infrastructure
Tax-exempt municipal bonds: A critical tool to repair America’s infrastructure By James McIntire and Ken Miller President Obama’s Fiscal Year 2017 budget proposal to limit the tax exemption for municipal bond interest would hobble state and local infrastructure projects nationwide. If implemented, this proposal would raise costs to state and local taxpayers by over $17 billion…
Recent Bond Buyer Interview: Regulators are Tone Deaf, Stephens Says
To read the interview by The Bond Buyer, click here. *Warren A. Stephens was the Keynote Speaker at the 2015 BDA National Fixed-Income Conference in Denver, CO.
BDA Submits Letter to SEC: MSRB Rule A-3, Lengthening the Term of Board Member Service
Yesterday, the BDA submitted a comment letter to the SEC on MSRB’s proposed rule to lengthen the term of board member service. You can view the letter here. BDA’s letter focused on the following issues: Support for the MSRB’s proposal to lengthen terms for their board members to provide greater board continuity and overall effectiveness Urging the…
BDA quoted in Wall Street Journal article – "New Bond Rules Target Large Broker Fees"
BDA Submits Comment Letter to the SEC on FINRA 4210 Margin Amendments
In response to the SEC’s request for comment, BDA submitted the following comment letter. BDA’s letter focuses on the following issues: The legal and compliance cost burdens for middle-market dealers to implement and continue to maintain the requirements of this proposed rule The fact that the proposed margin amendments will not have a fair and equitable impact…
BDA Submits Letter to SEC on MSRB Pay-to-Play Rule
BDA submitted a comment letter to the SEC on MSRB’s proposed pay-to-play rule. You can view the letter here. More specifically, the letter addresses: BDA’s support of extending MSRB’s rule to cover MAs; BDA’s request for additional guidance on regulatory filings for dealers; and, BDA’s request to raise the de minimis threshold from $250 to $350…
BDA Submits Comment Letter to SEC in Response to FINRA ATS Trade Reporting Amendments
BDA submitted a comment letter to the SEC on SR-FINRA-2015-055, a Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Provide FINRA with Authority to Grant Exemptions from TRACE Reporting for Certain ATS Transactions. Please review BDA’s comment letter to the SEC here. The proposed rule creates a process for ATSs to be exempt from…