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January 11, 2017

SIFMA Securitization Group (SSG) Update is a weekly update on securitization news, regulation, and events.

In the Spotlight

SIFMA Recommends Full Market Close on January 16 in the US, UK and Japan in Observance of the Martin Luther King, Jr. Day Holiday
SIFMA has confirmed its previous recommendation for a full market close on Monday, January 16 for the trading of U.S. dollar-denominated fixed-income securities in the United States, United Kingdom and Japan in observance of the U.S. Martin Luther King, Jr. Day Holiday.
Press Release

FHA to Reduce Annual Insurance Premiums on most Mortgages
The Federal Housing Administration (FHA) is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017. “After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” said Secretary Castro. “This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers.”
Press Release

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Market Updates

TRACE Trade Reporting of Treasury Securities - Updated Port Request FormEffective Monday, July 10, 2017, FINRA member firms will be required to report transactions executed in Treasury securities (Treasuries) to TRACE as per Regulatory Notice 16-39.

The FINRA Services Port Request Form has been updated to include FIX and CTCI options for Treasuries trade reporting, identified by the code "TS". FINRA encourages firms to complete the form indicating their desired method of connectivity into both test and production environments, and to submit the form as early as possible in anticipation of testing and implementation.
Questions regarding connectivity and the completion of this form may be directed to NASDAQ Subscriber Services at (212) 231-5180 or subscriber@nasdaq.com. All other questions regarding TRACE Treasury Reporting may be directed to FINRA Product Management at (866) 899-2107 or FINRAProductManagement@finra.org.
Port Request Form

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Of Interest

Federal Reserve Board Announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2016
The Federal Reserve Board on Tuesday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $92.0 billion of their estimated 2016 net income to the U.S. Treasury.  The 2016 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results.

The Federal Reserve Banks' 2016 estimated net income of $92.7 billion represents a decrease of $7.6 billion from 2015, primarily attributable to a decrease of $2.5 billion in interest income from changes as a result of the composition of securities held in the Federal Reserve System Open Market Account (SOMA) and an increase of $5.2 billion in interest expense associated with reserve balances held by depository institutions.
Press Release

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Upcoming SIFMA Events

Securities Industry Institute (SII) 2017
March 5-10, 2017

Private Client Conference 2017
April 5-6, Scottsdale

Operations Conference & Exhibition
May 8-11, Boca Raton  

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Resources

SIFMA Resources
SIFMA Securitization Group Activity and Resources
SIFMA on Housing Finance Reform
SIFMA To-Be-Announced Market Factsheet
SIFMA Legal and Regulatory Action Pipeline
SIFMA Newsletters
SIFMA’s Upcoming Conference and Events

Regulator Resources
SEC’s Dodd-Frank Rulemaking Calendar
FDIC’s Dodd-Frank Page – links to initiatives, rule proposals, events, meetings, etc…
Federal Reserve Dodd-Frank Page – links to initiatives, rule proposals, events, meetings, etc…

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