Tom Deutsch News
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Jules Kroll, a former private investigator who started a bond-rating company after the financial crisis, said the largest credit-rating firms are again putting profits ahead of accuracy amid record demand for corporate debt.
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The main trade association for the securitization industry is in turmoil after most of the board resigned in a dispute with the group’s executive director over governance and bonuses, according to six people with knowledge of the matter.
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International Securities Exchange Holdings Inc. plans to start an options market called Topaz Exchange. If approved it will be the 12th U.S. exchange for equity derivatives.
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Bank of America Corp., Citigroup Inc. and Morgan Stanley are among more than 20 companies forming a trade organization after some members defected this month from the existing American Securitization Forum.
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McKenna Long & Aldridge LLP acquired aviation boutique law firm Dombroff Gilmore Jaques & French, giving the firm 15 new lawyers and two new offices in northern Virginia and Miami.
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Pacific Investment Management Co. is quitting the American Securitization Forum after the trade group declined to issue a statement about investors’ views on the nationwide foreclosure settlement this month by five banks, two people with knowledge of the matter said.
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The American Securitization Forum, the trade group thrown into turmoil this month after most of its board quit in a dispute with its executive director, took its first public action since the defections, sending a comment letter to the Basel Committee on Banking Supervision.
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Banks are underestimating the risk that their trading partners on the foreign exchange market may fail to honor commitments, global regulators said.
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The U.S. financial-regulation bill may halt the already diminished market for asset-backed securities by increasing liability risk for credit raters, a securitization-industry group and bank analysts said.
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U.S. regulators should exempt securitization vehicles from Dodd-Frank Act rules slated to take effect this year to avoid hampering the market for asset-backed securities, according to an industry lobby group.
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