SIFMA: News on the capital markets, securities and financial industry

Poll respondents see advantages in being deemed a G-SIFI
A Risk.net survey found that 31% of respondents think it could be advantageous to be categorized as a global systemically important financial institution. Some banks think the moniker would reduce their borrowing costs. However, G-SIFI rules are intended to encourage major financial institutions to shrink. "I have heard some banks saying we want to be in the list of the global SIFIs -– that is extremely wrong," said Jose Maria Roldan, the Bank of Spain's director-general of banking regulation. "If a bank wants to be in the list of global SIFIs, we are not doing our job right." Risk.net (subscription required)(11/28)

Capital One to restructure, exit funds on Volcker rule
Capital One Financial is responding to the Volcker rule by selling or restructuring about $150 million in investments in hedge fund and private equity firms. "We expect to be required under the Volcker rule to dispose of certain investments in private equity or hedge funds acquired with our past bank acquisitions," according to Capital One. "We are considering options to exit or restructure these investments." Bloomberg(11/28)

Washington Roundup

Volcker rule likely will be postponed, expert says
Coryann Stefansson, a director at PricewaterhouseCoopers' regulatory practice, said U.S. officials likely will delay implementation of the Volcker rule, partially because of difficulty in defining proprietary trading. Even if the rule is implemented as planned, questions remain about when proprietary-trading operations must shut down. "We are looking at July 21 for implementation of certain aspects of the rule, but there is a two-year conformance period –- the question is if banks will still be allowed to prop trade during that period," Stefansson said. Risk.net (subscription required)(11/25)

Senate panel to question Corzine about MF Global collapse
The Senate Agriculture Committee will question Jon Corzine, former chairman and CEO at MF Global Holdings, about the brokerage's failure. Sen. Debbie Stabenow, D-Mich., said Corzine and MF Global clients were asked to testify. "Anyone engaged in wrongdoing in this matter must be swiftly held accountable, to help bring justice to victims and to prevent further erosion of confidence in the financial system," Stabenow said. Bloomberg(11/28)