Week ending: April 21, 2017



  April 21 Weekly Change (%) 52-Week Range
Dow 20,578.71 (0.06) 17,063.08 – 21,169.11
Nasdaq 5,916.78 1.38 4,574.25 – 5,936.39
S&P 500 2,355.84 0.47 1,991.68 – 2,400.98
FTSE 7,114.55 (3.19) 5,788.74 – 7,447.00
NIKKEI 18,620.75 1.56 14,864.01 – 19,668.01
BKX (KBW Bank Index) 90.38 1.21 59.94 – 99.77
3 Mo LIBOR 1.16 0.00 0.62 – 1.16



News of the Week


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

Now Available: SIFMA’s Research Quarterly, 1Q 2017
Total long-term securities issuance was $1.85 trillion in 1Q'17, a 15.5 percent decrease from $1.60 trillion in 4Q'16 but 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.
SIFMA’s Research Quarterly is a flagship report containing brief commentary and statistics on the U.S. capital markets, including issuance, trading volume and outstanding data broken down by asset class.
SIFMA Research

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!

View all news at sifma.org/news




Most Read News in SIFMA SmartBrief

Supreme Court may disagree with SEC on disgorgement Reuters
Asset managers face consolidation, Fidelity says Financial Times (tiered subscription model)
Vanguard attracts more investment than rivals combined The New York Times (free-article access for SmartBrief readers)
Details emerge of Virtu's $1.4B KCG buyout Reuters
Trump names former N.J. congressman to head Ex-Im Bank NJ.com (Morristown, N.J.)

Subscribe to the daily news brief: www.sifma.org/smartbrief




This Week


House 2017 Calendar
Senate 2017 Calendar
House and Senate in Session

No events

Housing Starts

SIFMA Event: Equity Market Structure

SIFMA Event: Fixed Income Market Structure Seminar

Comment Letter Due: Treasury- Presidential Executive Order
GPD, 4Q’16 (third estimate)

View more on the Week Ahead at sifma.org/the-week-ahead




Comments and Filings


SIFMA Submits Comments to EBSA Re RIN 1210-AB79; Proposed Delay and Reconsideration of DOL Regulation Redefining the Term “Fiduciary”
SIFMA provides comments to the Department of Labor (DOL) regarding the proposed delay and reconsideration of its regulation under the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986, that will redefine the term “fiduciary” under section 3(21) of ERISA and section 4975(e) of the Code.
Comment Letter

SIFMA AMG Submits Comments to the DOL Regarding Proposed Rule and Extension of Applicability Date
SIFMA's Asset Management Group (SIFMA AMG) provides comments to the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration on (1) the questions posed in its Proposed Rule and Extension of Applicability Date, dated February 27, 2017 concerning the Definition of the Term ‘‘Fiduciary’’; Conflict of Interest Rule—Retirement Investment Advice and related exemptions, including the Best Interest Contract Exemption (BIC Exemption) to address questions of law and policy, and (2) questions posed by the President’s Memorandum to the Secretary of Labor, dated February 3, 2017, directing the Department to examine whether the Fiduciary Rule may adversely affect the ability of Americans to gain access to retirement information and financial advice, and to prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Rule as part of that examination.
Comment Letter

View all Comments and Filings






Initial jobless claims for the week ending April 15 was 244k, slightly higher than expected (consensus 240k). Continuing claims for the week ending April 8 was 1.979 million, lower than expected (consensus 2.024 million)
Housing starts fell 6.8% month over month in March, dropping more sharply than expected (consensus -3.8%). Building permits rose 3.6% month over month, higher than expected (consensus 2.8%).
The Fed released the Beige book, reporting a modest pickup in economic activity in all twelve districts.

View more data and statistics at sifma.org/research








Heard This Week


“It was meant to be unworkable,” - acting SEC Chairman Michael Piwowar on the opposition to the Labor Department’s rule in a Wall Street Journal article on April 21, 2017




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