Week ending: July 21, 2017

 

Indices

  July 21 Weekly Change (%) 52-Week Range
Dow 21,580.07 0.13 17,883.56 - 21,681.53
Nasdaq 6,387.75 1.81 5,034.41 - 6,398.26
S&P 500 2,473.45 1.05 2,083.79 - 2,447.62
FTSE 7,452.91 1.01 6,615.83 - 7,598.99
NIKKEI 20,099.75 (0.00) 15,921.04 - 20,318.11
BKX (KBW Bank Index) 94.77 (2.27) 66.56 - 99.77
3 Mo LIBOR 1.30 (0.76) 0.72 - 1.31

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News of the Week

SIFMA’s Views on Tax Reform: Recommendations Submitted to Senate Finance Committee
Following Senator Orrin Hatch’s (R-UT), Senate Finance Committee chairman, request for comment on tax reform legislation, SIFMA submitted its views on tax reform including recommendations for consideration. The submission summarizes SIFMA’s current view on select tax policy issues including: comprehensive tax reform; international tax reform; federal tax exemption for municipal bond interest; tax incentives for retirement and savings; capital gains and dividends; and financial transaction tax. “SIFMA strongly supports tax legislation that will enhance economic opportunities for individual Americans, promote savings and encourage investment, and lower the tax rate for American businesses that compete in a global marketplace,” said Kenneth E. Bentsen, Jr., SIFMA president and CEO in a statement. “We look forward to working with the Committee to improve the climate for economic growth and prosperity for all Americans.”
Press Release
SIFMA’s Views on Tax Reform

SIFMA Submits Comments to SEC on Standards of Conduct for Financial Professionals
SIFMA has long-supported the establishment of a best interest standard of conduct for brokers when making recommendations about securities to retail customers. In a proposal submitted to the SEC, SIFMA comments on the feasibility of the four regulatory options currently being evaluated by the SEC, emphasizes our strong support for coordination between the SEC and the Department of Labor (DOL), and asks the SEC to join us in urging the DOL to extend the January 1, 2018 applicability date of the provisions in the DOL’s Best Interest Contract Exemption and Principal Transactions Exemption that are not now in effect. “As the primary regulator, the SEC should take the lead and work with FINRA to develop a heightened standard that builds upon the existing broker-dealer regulatory regime, and encompasses a duty of loyalty, a duty of care and enhanced up-front disclosures,” said Kenneth E. Bentsen, Jr., SIFMA president and CEO in a statement. “SIFMA’s proposal will not only enhance investor protection, but also help clean-up the mess created by the DOL’s harmful fiduciary rule. We look forward to working with the SEC on a solution that restores product choice and access to advice for America’s retirement savers without raising costs.”
Press Release
DOL Fiduciary Resource Center

View all news at sifma.org/news

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Most Read News in SIFMA SmartBrief

House committee votes to replace Labor's fiduciary rule BenefitsPro
JPMorgan posts record Q2 profit The Wall Street Journal (tiered subscription model)
FINRA's streamlined competency exams approved by SEC ThinkAdvisor (free registration)
Peirce to get White House nomination to SEC Reuters
Corporate governance rules too strict, NYSE chief says Bloomberg

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

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This Week

House 2017 Calendar
Senate 2017 Calendar
House and Senate in Session

Monday

American Enterprise Institute: Remarks

Tuesday

FOMC Meeting
House Financial Services Committee:
Markup


Wednesday

FOMC Meeting
Housing Starts
Center for Capital Markets Competitiveness:
Conversation
House Agricultural Committee: Hearing
Senate Homeland Security and Governmental Affairs Committee: Investigations Subcommittee

Thursday

SIFMA Event: Senior Investor Protection Denver Regional Workshop
Senate Agriculture Committee:
Hearing
Senate Banking, Housing, and Urban Affairs:
Hearing


Friday
Economic Release: GDP,2Q’17 (advance estimate)


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

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Comments and Filings

SIFMA Submits Comments to the SEC on a New TRACE Report
SIFMA provided comments to the (SEC) on proposed rule change to amend FINRA Rule 7730, to make available a new trade reporting and compliance engine (TRACE) security activity report. SIFMA generally supports FINRA's efforts to design the Report to be useful to interested parties for business as well as regulatory purposes, including liquidity risk obligations pursuant to Rule 22e-4 under the Investment Company Act.
Comment Letter

SIFMA AMG Provides Comments on European Commission Proposal to Amend EMIR
SIFMA AMG provided comments to the European Commission (EC) regarding the EC’s legislative proposal to amend EMIR. Overall, SIFMA AMG members welcomed the efforts of the EC to improve the current EMIR regime, in particular, by simplifying the rules and reducing the costs and burdens for end-users of derivatives.
Comment Letter

SIFMA AMG Submits Comments to the CFTC on No-Action Relief Relating to Position Aggregation
SIFMA AMG provided comments to the Commodity Futures Trading Commission (CFTC) to request no-action relief relating to position aggregation requirements in Regulation 150.4. The requested relief would enable asset managers, investment funds, clients and other persons to apply the Commission's final rulemaking regarding position aggregation requirements while mitigating some of the unduly burdensome obligations and severe operational challenges associated with those requirements.
Comment Letter


View all Comments and Filings

 

Economics

Housing starts rose to an annualized rate of 1.215 million in June, up from May’s 1.122 million and higher than expected (consensus 1.170 million). Permits rose to an annualized rate of 1.254 million, up from May’s 1.168 million and higher than expected (1.206 million).
Jobless claims fell to 233,000 in the week of July 21, down from the previous week’s 248,000 and lower than expected (consensus 246,000). The four-week average of claims came in at 243,750, down from the previous week’s 246,000.

View more data and statistics at sifma.org/research

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Heard This Week

“Commonsensically, a more highly levered economy is more growth sensitive to using short-term interest rates and a flat yield curve, which historically has coincided with the onset of a recession”.- Bond investor Bill Gross of Janus Henderson Investors warns of recession risk if highly levered economies hike rates in a Reuters article on July 20, 2017

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