Views on improving the integrity of global capital markets

Standards, Ethics and Regulations (SER)


2011: The Year Exchange-Traded Funds Were Thrust into the Spotlight

For people working in financial markets, the year 2011 could qualify as “the year of formidable public deficits on both side of the Atlantic”. Or “the year of the Eurozone crisis”. Or, on a related note, the “year of Greece”… READ MORE ›

Much More than New Regulation is Required to Fix Finance

The proximate causes of the global financial crisis are being addressed variously through new arrangements for macro-prudential supervision, which will result in tighter liquidity and capital rules for financial institutions. However, some other challenges that have long proved intractable… READ MORE ›

Insider Trading: Big Time for “Victimless Crime”

The prison sentences handed down to Galleon founder Raj Rajaratnam — which, at 11 years, is the longest-ever sentence in an insider-trading case — and Incremental Capital and Galleon trader Zvi Gofer (10 years), should send a… READ MORE ›

Occupy Wall Street: The Beginning or the End?

What’s going on with the spontaneous move to occupy major financial centers? Is this the last gasp of disgust over the global financial crisis of  2008-09, or is it the first shot in a whole new war against finance?… READ MORE ›

FINRA Research Warning: No “Buy” for Investment Banking

If the 2003 analyst independence legal settlement wasn’t deterrent enough, FINRA recently issued a regulatory notice reminding firms to maintain a firewall between research and investment banking.

More warning than guidance, Regulatory Notice 11-41, released by FINRA on 14… READ MORE ›

Taking Stock: What Value Do Investment Professionals Add?

The third installment of the “Challenging Industry Norms” series, slated for next week’s annual Society Leaders Conference in Los Angeles, will tackle a provocative topic for our membership:  the value that investment managers derive for their clients…. READ MORE ›

Short Selling Bans — or When Political Expediency Trumps Reason

Earlier this month France, Spain, Italy, and Belgium placed temporary bans on short selling of some financial stocks in an effort to stabilize markets. Greece and Turkey had already placed similar short-selling limitations on some financial shares. Last… READ MORE ›

Lipstick, Pigs, and IPOs — a 2000 Redux?

The article by Rolfe Winkler in the 29 June edition of the Wall Street Journal stirs unpleasant memories for those of us in the analyst profession. In what Winkler characterizes as “walking through Chinese walls,” he laments… READ MORE ›

A New Global Financial Architecture: Stalled

In the current issue of Foreign Affairs, Ian Bremmer and Nouriel Roubini paint a pessimistic picture of potential global coordination of financial services regulation. As they put it, “… the process of creating a new international financial… READ MORE ›



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