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April 19, 2017

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

In the Spotlight

SIFMA Releases US Quarterly Highlights, First Quarter 2017

Long-term securities issuance totaled $1.85 trillion in 1Q'17, a 15.5 percent decrease from $1.60 trillion in 4Q'16 and a 11.3 percent increase year-over-year. Treasury, corporate, agency and equity securities experienced increases q-o-q in the first quarter, while municipal, mortgage-related, and asset-backed securities experienced declines.

Press Release

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Market Updates

FICC Capped Contingency Liquidity Facility Test–April 24, 2017

On an annual basis, MBSD conducts a CCLF test with all Clearing Members in an effort to assess each Member’s understanding of CCLF from an operational perspective and increase awareness of the potential capital commitment should the CCLF be invoked.

 

On April 24, 2017, MBSD will conduct this test.

Press Release

Ginnie Mae Enhancements to Pool Terminations Disclosure Data

In 2014 Ginnie Mae began disclosing pool termination data, with an initial one-time file (1979 – May 2014) and quarterly termination files thereafter.

Ginnie Mae is announcing the following enhancements to this disclosure:

 

  • More responsive termination disclosures: The pool termination file will be published monthly.
  • Additional termination data sets: Ginnie Mae is adding Platinum Pool and HECM MBS (HMBS) Pool terminations to the new Monthly
  • Terminations file (ptermmon_YYYYMM.txt).

Press Release

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Of Interest

Treasury International Capital Data for February

The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for February 2017.  The next release, which will report on data for March 2017, is scheduled for May 15, 2017.


The sum total in February of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $19.3 billion.  Of this, net foreign private inflows were $30.9 billion, and net foreign official outflows were $11.6 billion.

Foreign residents increased their holdings of long-term U.S. securities in February; net purchases were $35.9 billion.  Net purchases by private foreign investors were $41.1 billion, while net sales by foreign official institutions were $5.2 billion.

Press Release

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SSG Meetings

No Upcoming Meetings

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SIFMA News

SIFMA Calls for Further Extension of the DOL Fiduciary Rule, Suggests Path Forward for New Secretary

SIFMA submitted a comment letter to the Department of Labor regarding the Department’s proposed delay and reconsideration of its fiduciary regulation. SIFMA AMG submitted a separate comment letter. In both cases, SIFMA and SIFMA AMG call for the DOL to delay the applicability of the rule beyond June 09, 2017 in order to allow for a proper review of the rule, consistent with the President’s February 3, 2017 memorandum. In a statement, Kenneth E. Bentsen, Jr., SIFMA president and CEO, said, “Notwithstanding the industry’s longstanding and continued support for a best interest standard, SIFMA continues to believe the DOL rule will do investors much more harm than good.  As our letters clearly state, the evidence gathered as firms have moved to implement the rule shows the negative consequences of less choice, greater cost, and increased legal liability.”

Press Release

SIFMA Comment Letter

SIFMA AMG Comment Letter

Bloomberg TV Clip

DOL Fiduciary Resource Center

Calling All Volunteers: SIFMA Foundation is Looking for InvestWrite Judges

More than 5,000 industry volunteers served as judges for last year’s InvestWrite program, a national essay competition based on the acclaimed Stock Market Game. SIFMA and the SIFMA Foundation encourage you and your firms to get involved with this year’s program. Take a small step, judging takes less than two hours and is completely virtual, to make a big impact in a child’s life by supporting this financial capability program. Registration is now open; sign up today!

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Upcoming SIFMA Events

Equity Market Structure Conference 2017
April 26, 2017 - Convene Conference Center, New York, NY

Fixed Income Market Structure Seminar 2017
April 27, 2017 - SIFMA Conference Center, New York, NY

Senior Investor Protection Regional Workshop 2017
May 02, 2017 -Janney Montgomery Scott Conference, Philadelphia, PA

2017 Operations Conference and Exhibition
May 8-11, 2017 - Boca Raton, Florida

SIFMA FinTech Conference
June 5-6, 2017 - SIFMA Conference Center, New York, NY

Prudential Regulation Conference 2017
June 13, 2017 -Covington, One CityCenter, Washington, DC

 

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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