Summit Notebook

ABA’s Yingling sees danger in rhetoric: it’s Wall Street, not banks

April 26, 2010

REGULATION-SUMMITEd Yingling, president and CEO of the American Bankers Association, is a little worried about the rhetoric that’s been flying around as Congress tries to produce financial reform legislation.

Reuters set to spotlight financial regulation in DC

April 23, 2010

FINANCIAL-REGULATION/OBAMA
The fight over new rules that will dramatically change Wall Street and financial markets is approaching the finish line in Washington, with both lawmakers and the financial industry making last-ditch efforts to put their stamp on the reform effort. Reuters will be hearing from the key players in the debate on April 26-29 during the 2010 Reuters Global Financial Regulation Summit.

Reuters set to spotlight financial regulation in DC

April 23, 2010

FINANCIAL-REGULATION/OBAMA
The fight over new rules that will dramatically change Wall Street and financial markets is approaching the finish line in Washington, with both lawmakers and the financial industry making last-ditch efforts to put their stamp on the reform effort. Reuters will be hearing from the key players in the debate on April 26-29 during the 2010 Reuters Global Financial Regulation Summit.

Jon Stewart’s brother says mom ‘pretty happy with both’

March 29, 2010

EXCHANGES-SUMMIT/A bit grayer and world wearier, maybe, but there’s no mistaking the family resemblance between NYSE Chief Operating Office Larry Leibowitz and his kid brother Jon Stewart. Unlike the Daily Show host, Leibowitz mostly keeps a low profile, although he did find himself in the spotlight even before his appearance at the Reuters Global Exchanges and Trading Summit on Monday. The Wall Street Journal interviewed him in a story about the NYSE’s effort to turn some high frequency traders — who have been chipping away at the exchange’s business — into exchange floor traders.

Avoiding another financial crisis

March 26, 2010

The Global Exchanges & Trading Summit takes place as lawmakers and regulators craft new rules to avoid a repeat of the financial crisis. The rising chorus for more transparency in capital markets could drive a host of new derivatives to exchanges and clearinghouses, propelling them out of the recession, but growing calls for a clampdown on speculation and automated trading could hit some of the world’s most powerful dealers and investors, undercutting the exchanges that rely on them. High-frequency trading is behind much of the spike in volumes over the last year, but as volatility drops from crisis-era highs, traders of all kinds are forced to reevaluate strategies, and exchanges are maneuvering to attract that business. A couple years after a period of blockbuster mergers, investors wonder whether the heavyweight exchange operators are angling for another round. Join us March 29-31 as we ask some of the biggest players in the industry to share their insights and outlook for the industry at the Reuters Global Exchanges and Trading Summit which will take place in New York, London, Hong Kong.

Video – New regulations, done thoughtfully

April 24, 2009

Columbia University’s David Beim says the financial markets need re-regulation but the approach needs to be done with thoughtfulness.

Bair: Resolution. Authority. Now.

April 24, 2009

    Congress needs to get off the dime and create a resolution authority that would break down failed institutions in an orderly manner, since the lack of such an authority is driving policy decisions,  according to Sheila Bair, head of the Federal Deposit Insurance Corp.
    Speaking at the Reuters Global Financial Regulation Summit in Washington,  Bair said that gap has fed into the too-big-to fail presumption and created a dilution in market discipline for those who invest and extend credit to very large institutions.
    “We think Congress should give a very high priority to providing a resolution mechanism for very large organizations, Bair said. “The lack of this mechanism is driving policy choices right now.”

“Sicko” documentary gets mixed reviews from regulator

February 8, 2008

straube.jpg  

     
    Michael Moore’s documentary “Sicko” is up for an Oscar award.
    But the controversial film about problems with U.S. healthcare gets a mixed review from Dr. Barry Straube, a physician who also happens to be the chief medical officer at the U.S. Centers for Medicare and Medicaid Services. 
    CMS runs the government health plans for tens of millions of people, mostly the elderly and low income.
    “I used to work at a health plan (insurance company) and I think that documentary had some gross exaggerations that were off the wall,” Straube told the annual Reuters Regulation Summit, when asked about the film. The doctor emphasized that he was speaking for himself and not the agency.
    But certain aspects of the movie did hit close to home for him.
    Straube, who specialized in nephrology and transplantation, said the documentary was correct in raising concerns about insurance companies looking for ways to remove high risk patients from their health plans.
    “Quite honestly, when I was at a health plan level I think people had processes (regarding high risk patients) that went further than they probably should,” Straube said.

Audio – U.S. senator aims to stop offshore tax havens

February 8, 2008

carllevinpix.jpgMichigan Sen. Carl Levin, the Democrat who heads the U.S. Senate’s permanent subcommittee on investigations, says he hopes to get legislation passed soon that would ban the use of offshore tax havens used by American companies and investors to avoid paying an estimated $100 billion annually in taxes. ”They are using the Caymans in ways to avoid taxes and that is just totally unacceptable,” Levin told the annual Reuters Regulation Summit.

Audio – Rep. John Dingell unimpressed with FCC management

February 7, 2008

john8.jpgRep. John Dingell, chair of the committee that oversees the Federal Communications Commission, told the Reuters Regulation Summit that he was less than impressed — to put it mildly — with the FCC’s management of a key piece of the airwaves being auctioned by the U.S. government.