The BDA, represented by Board Chair Mike Marz of First Southwest and Troy Clark of Stephens, participated in the semiannual MSRB Industry Roundtable along with representatives of a dozen other groups representing issuers, analysts, bond lawyers and the buy side. The principal focus of the meeting was the treatment of bank loans, both questions of…
Author: Bond Dealers of America
Chairman Schapiro responds to Congressman Garrett's letter: addresses Investor Protection & Fiduciary Standard Initiatives.
On December 21, 2011, Congressman Scott Garrett, Chairman of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, sent a letter to SEC Chairman Mary Schapiro expressing disappointment in the “SEC staff’s recommendation to impose a uniform fiduciary duty on broker-dealers and investment advisors” as authorized under Section 913 of the Dodd-Frank…
Volcker Rule Comment Period Extended
The original comment period was to expire January 13. The proposed rule is over 300 pages and contains 1300 questions and subquestions. Although ostensibly aimed at proprietary trading desks and bank-sponsored hedge funds, the rule is much broader. It would limit the ability of banks and bank-affiliated broker dealers to engage in principle trading, would…
A bipartisan group of House members sent a letter to SEC Chairman Schapiro on the definition of "Municipal Advisor."
A bipartisan group of 32 members of the House sent a letter to SEC Chairman Mary Schapiro regarding their concerns over a proposed SEC rule relating to the definition of municipal advisor in Dodd-Frank. The letters asks Chairman Schapiro to “scale back the scope and application of the proposed rules to define the term “Municipal…
BDA submits comments to the MSRB on Restated Sophisticated Municipal Market Professional Notice.
We believe that the regulation of the municipal market should be informed by and evolve with the market itself. To view the BDA’s full comment letter, click here.
Booklet Chronicling Fixed Income Leadership Roundtable
The BDA, in partnership with The Bond Buyer, has published a booklet chronicling our Fixed Income Leadership Roundtable – held this past summer in Chicago. Over 30 fixed income leaders were present for the three hour roundtable discussion, which was sponsored by BDA member firms Broadridge, Knight BondPoint, and Tradeweb Retail. A copy of the…
BDA submits comments to the SEC on amended proposed rule change for MSRB Rule G-17.
Today, the BDA submitted comments to the SEC on proposed rule changes for MSRB Rule G-17. “BDA believes that all participants in the municipal market benefit from clearly stated roles and expectations.” To view BDA’s comments, click here.
In the News: BDA Expresses Concerns to SEC; Lobbies Capitol Hill.
Broker-dealers from midsize regional firms converged on Capitol Hill and the Securities and Exchange Commission Wednesday to vent frustration with regulatory delays and what they see as an uneven playing field for dealer financial advisors and independent FAs. For the Bond Buyer Article, click here.
BDA in the News: Volcker Rule May Adversely Impact Munis.
Clarity in the definition of market maker for fixed-income securities is important primarily because a clearer rule will encourage more dealers to take the risks associated with making a market and thus provide investors with greater liquidity. That greater liquidity will, in turn, foster a more efficient market and better allocation of resources. The BDA…
BDA in the News: Dealers Take Umbrage at Anti-FA Charges (The Bond Buyer)
A dealer group blasted recent criticism of underwriters Wednesday, saying it is unaware of broker-dealers urging municipal issuers not to engage financial advisors, or only to work with dealer-FAs. See the Bond Buyer article here. To read BDA’s letter to Commissioner Walter, click here.