Views on improving the integrity of global capital markets
Market Fragmentation: Even the Playing Field

Traditional exchange markets in Europe have been buffeted in recent years by regulatory changes and new advances in trading technology. Market fragmentation has been the result, in which trading concentrated on traditional exchanges has given way to a new… READ MORE ›

FCIC Blames Human Action and Inaction

The Financial Crisis Inquiry Commission released its 600-page-plus assessment of what caused the 2008 market debacle to little fanfare Thursday morning. The findings in the politically divided report range from the obvious to… READ MORE ›

Thanks to CFA Institute “CD&A Template,” Compensation Discussion and Analysis No Longer a Sleep Aid

Having trouble sleeping? Here’s a surefire cure: Crack open your average compensation discussion and analysis (CD&A) section from any U.S. company’s 2010 proxy statement, and begin trudging through the obtuse legalese that describes how that company decided to pay… READ MORE ›

With “Say on Pay” Imminent, Issuers Need Better Communication, Investors Better Guidance

According to a recent Towers Watson survey of 135 U.S. publicly traded companies, 51 percent expect to hold annual “say-on-pay” votes, while 39 percent prefer a vote every three years and 10 percent anticipate biennial votes.

Interestingly, nearly… READ MORE ›

A Higher Duty: SEC Concludes Study of Fiduciary Obligations

After months of anticipation, staff of the U.S. Securities and Exchange Commission (SEC) released their long-awaited study of the obligations of those who provide investment advice to retail investors, as mandated by the… READ MORE ›

Critics of Financial Reform Sing Same Tired Tune

Yale Law Professor Jonathan Macey’s tired lament in the Wall Street Journal about his perceived shortcomings of U.S. financial regulation is, well, tiresome.If you will recall, this was the mantra du jour… READ MORE ›

Restoring Trust

I had the privilege on Thursday of being in the audience in Toronto at the Canadian Club’s luncheon speaker presentation, in which Margaret Franklin, CFA, chair of the CFA Institute Board of Governors, gave a candid assessment of investor… READ MORE ›

A New Year’s Greeting from the Road

As I wrap up meetings with CFA Institute members here in India, many of my conversations have centered around investor trust and confidence in capital markets. This is especially apt given the local headlines about the fraud… READ MORE ›

Now a Message from the “We Hate Wall Street” Coalition

A series of radio ads highly critical of Wall Street pay began airing this week in New York City. The radio spots —  which lament that bankers, brokers, and money managers… READ MORE ›

Credit Rating Agencies: Call the Amnesia Hotline

Is it just me, or have credit rating agencies (CRAs) lapsed right back into their old habits? Once upon a time — 4,000 Dow points ago — we at CFA… READ MORE ›

Never Mind the PCAOB, Here Comes the Martin Act train

News of New York State Attorney General Andrew Cuomo’s decision to file a civil lawsuit against Ernst and Young LLP for its role as auditor to Lehman Brothers is just the latest crack to develop in the… READ MORE ›

Historical Blind Spots

It was during the implosion of Enron and hundreds of dot-com and telecom bubble companies a decade ago that accountancy became the “in” profession on the dinner-party circuit. Formerly staid CPAs regaled guests, young and old alike, with their… READ MORE ›

Secret Society: Business as Usual for Derivatives

When the near-collapse of the global financial system in 2008 led to widespread calls for regulatory reform, much of the outcry was over derivatives—a major culprit in the worst financial crisis since the Great Depression…. READ MORE ›

Mosaic Theory or Painting by the Numbers?

The initial hysteria over the “vast” insider-trading scandal has waned somewhat in recent days. Early indications pointed to an assault on the so-called “mosaic theory” and other types of primary research tools. A particular target… READ MORE ›

Harry Potter and the Dark Mosaic

A rumor is circulating that the longstanding practice of searching for and gathering individual pieces of nonpublic data to create a fuller research picture of a particular investment opportunity is somehow, well, inappropriate or far… READ MORE ›



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