SIFMA: Recent Episodes
SIFMA
SIFMA is the voice of the nation’s securities industry, bringing together the shared interests of hundreds of broker-dealers, banks and asset managers. We advocate for effective and resilient capital markets. Our podcast brings together market and industry experts to make the connection between public policy and finance.
In Episode 04 of Market Snapshot, SIFMA President and CEO Kenneth E. Bentsen, Jr. and Head of Research Heidi Learner recap recent market developments before turning to a replay of SIFMA’s mid-year Economist Council briefing. Featuring Scott Anderson, Chief U.S. Economist and Managing Director at BMO and Co-Chair of the SIFMA Economist Council, the briefing explores economic growth, AI investment, inflation, labor markets, monetary policy, and the risks shaping the outlook.
In this episode of The SIFMA Podcast, SIFMA President and CEO Kenneth E. Bentsen Jr. is joined by Peter Ryan, Charles DeSimone, and Micah Smith to discuss the regulatory questions shaping the next phase of tokenized securities markets.
In Episode 03 of Market Snapshot, SIFMA President and CEO Kenneth E. Bentsen, Jr. and Head of Research Heidi Learner are joined by Tom Porcelli, Chief Economist at Wells Fargo, to discuss the latest forces shaping markets. Against the backdrop of a surprise CPI release and Fed Chair Kevin Warsh’s first congressional testimony, the conversation explores the underlying strength of the labor market, inflation dynamics, the path for monetary policy, and what current Treasury yields suggest about growth, fiscal risk, and market expectations. Porcelli also discusses whether recent productivity gains are being driven more by reduced hours worked than by AI, and what investors and policymakers should watch in the months ahead.
In this episode of The SIFMA Podcast, host Steve Byron is joined by Shawn Quant, Chief Information & Operations Officer at Piper Sandler and Chair of SIFMA’s Operations & Technology Board Subcommittee, and Deb Guarino, Managing Director at BNY Pershing and Chair of the SIFMA Operations & Technology Committee.
Recorded following the 2026 SIFMA Operations Conference & Exhibition, the conversation explores the technological, regulatory, and operational forces reshaping capital markets. Topics include the evolution of AI from experimentation to enterprise integration, the growing role of tokenization and digital assets, operational readiness for Treasury clearing and extended trading hours, cyber resilience, fraud prevention, talent development, and the changing role of operations professionals in modern financial markets.
Drawing on insights from SIFMA Ops 2026, the discussion highlights how firms are preparing for a future defined by accelerated change, increased automation, evolving market infrastructure, and the need for industry-wide collaboration.
Learn more about SIFMA’s Operations & Technology work at www.sifma.org/ops.
In Episode 02 of Market Snapshot, SIFMA President and CEO Kenneth E. Bentsen, Jr. and Head of Research Heidi Learner are joined by Marc Giannoni, Chief U.S. Economist at Barclays, to discuss the evolving U.S. economic outlook.
The conversation explores the resilience of consumer spending, the outlook for growth and the labor market, persistent inflation pressures, and the Federal Reserve’s policy path. They also examine the outsized role AI-related investment is playing in supporting economic activity, the implications of slowing labor force growth, and the key risks that could shape markets in the months ahead—from geopolitical developments and energy prices to the potential for slower growth alongside elevated inflation.
In this episode of The SIFMA Podcast, Saima Ahmed introduces two conversations from the 2026 SIFMA C&L Annual Seminar featuring SEC Chairman Paul Atkins with SIFMA President and CEO Ken Bentsen, and SEC Commissioner Hester Peirce with Morgan Stanley’s Eric Grossman. Together, the discussions examine regulatory clarity, modernization of legacy frameworks, SEC–CFTC coordination, digital assets, AI, enforcement priorities, and the path toward more coherent, technology-neutral oversight.
Your Host:
- Saima Ahmed, Executive Vice President and General Counsel, SIFMA
Featuring:
- Paul Atkins, Chairman, U.S. Securities and Exchange Commission
- Kenneth E. Bentsen Jr., President and CEO, SIFMA
- Hester Peirce, Commissioner, U.S. Securities and Exchange Commission
- Eric Grossman, Executive Vice President, Chief Legal Officer and Chief Administrative Officer, Morgan Stanley
Related Resources:
- Key Takeaways
- Seminar Debrief
In this episode of the SIFMA Podcast, Ken Bentsen speaks with SIFMA’s Peter Ryan about the rapid evolution of digital assets, tokenized markets, and stablecoins. They discuss how regulatory clarity, institutional adoption, and emerging market infrastructure are accelerating the integration of tokenization across the capital markets ecosystem.
A monthly podcast examining the forces shaping markets and the broader economy.
In the inaugural episode, SIFMA President and CEO Kenneth E. Bentsen, Jr. and Head of Research Heidi Learner are joined by Matthew Luzzetti, Chief U.S. Economist and Head of U.S. Economic Research at Deutsche Bank, to discuss the evolving macroeconomic backdrop, including inflation risks, oil prices, higher interest rates, fiscal pressures, AI, and the outlook for the U.S. economy.
In this episode of The SIFMA Podcast, Steve Byron speaks with Charles DeSimone, Ray Agoglia, and Elaine Li about the U.S. Treasury and Repo Clearing Done-Away Model Design Considerations report, published with EY in December 2025.
In this episode of the SIFMA podcast, Steve Byron, Managing Director, Head of Technology, Operations, and BCP, is joined by Todd Klesman, Managing Director, Financial Services, Cyber, and Technology, and Andy Retrum of Protiviti to discuss the Quantum Dawn VIII After Action Report.
Their conversation explores key findings from the November 2025 exercise, including lessons from a polycrisis scenario, the role of public-private collaboration, and areas of focus for strengthening the financial sector’s operational resilience and cybersecurity.
In this episode of The SIFMA Podcast, Heidi Learner, Managing Director and Director of Research at SIFMA, speaks with Andrew Guillette, Vice President at Broadridge, about insights from Broadridge’s Investor Pulse — a data-driven resource built on real investor holdings and activity rather than surveys or sentiment.
In this episode of The SIFMA Podcast, SIFMA President and CEO Kenneth E. Bentsen, Jr. reflects on the recent Member Briefing where he was joined by Scott Anderson, Ph.D., Chief US Economist and Managing Director at BMO and Co-Chair of the SIFMA Economist Roundtable, and Heidi Learner, Managing Director, Director of Research at SIFMA. Together, they unpack key takeaways from SIFMA’s 2025 End-Year Economic Survey.
In this episode of the SIFMA Podcast, Kenneth E. Bentsen Jr., President and CEO of SIFMA, joins Charles DeSimone and Peter Ryan to discuss the critical importance of investor protections in markets for tokenized securities.
In this episode of The SIFMA Podcast, we share a replay from SIFMA’s Private Markets Valuation Roundtable. Panelists explore how private assets are allocated and evaluated in retirement and professionally managed accounts, the challenges of valuing private vs. public assets, and best practices for fiduciaries navigating these investments.
In this new episode of The SIFMA Podcast, SIFMA COO Joe Seidel is joined by Lindsey Keljo, Head of SIFMA AMG, and Lisa Bleier, Head of Wealth Management, Retirement, and State Government Relations, to share key takeaways from the Private Markets Valuation Roundtable, including:
- Why private and public markets work best together
- How valuation practices are evolving
- What private markets could mean for retirement savers
- The importance of transparency and investor trust
In this episode of The SIFMA Podcast, we share a replay from SIFMA’s Private Markets Valuation Roundtable. Panelists explore valuation principles, the guardrails already in place, and common misconceptions about valuing private assets — and discuss how greater transparency around valuation practices can help build confidence and address these misconceptions.
In this episode of The SIFMA Podcast, we feature a replay of the remarks made from SEC Commissioner Mark T. Uyeda.
In this episode of The SIFMA Podcast, SIFMA President and CEO Kenneth E. Bentsen, Jr. reflects on the recent Member Briefing where he was joined by Scott Anderson, Ph.D., Chief US Economist and Managing Director at BMO and Co-Chair of the SIFMA Economist Roundtable. Together, they unpack key takeaways from SIFMA’s 2025 Mid-Year Economic Survey, conducted following the June FOMC meeting.
In this episode of The SIFMA Podcast, SIFMA's President and CEO speaks with Lisa Bleier, Head of Wealth Management, Retirement, and State Government Relations at SIFMA, and Jennifer Spoeri, Executive Director of NAPSA. Together, they unpack key takeaways from the recent World Elder Abuse Awareness Day webinar and discuss the broader efforts by both organizations to protect senior investors from financial exploitation.
In this episode of The SIFMA Podcast, SIFMA President and CEO Kenneth E. Bentsen, Jr., is joined by colleague Joe Corcoran, Managing Director and Associate General Counsel, to discuss SIFMA’s recommendations to the Securities and Exchange Commission on how to reform the Consolidated Audit Trail, or the CAT.
Together, they discuss:
- Background on CAT
- Why CAT is back in the Spotlight
- SIFMA’s key recommendations for reform
In the latest episode of The SIFMA Podcast, SIFMA President and CEO Kenneth E. Bentsen Jr. is joined by colleagues Peter Ryan and Charles DeSimone to unpack SIFMA's response to the SEC Crypto Task Force’s request for information on digital assets.
Together, they discuss:
- Key issues raised by Commissioner Hester Peirce’s statement
- SIFMA's policy recommendations on securities classification, custody, and tokenization - covering both sell- and buy-side perspectives
- The need for clarity, consistency, and technology-neutral rules
- How existing frameworks can adapt to support innovation without compromising investor protection
- And more.
In this episode of The SIFMA Podcast, we recap key moments from SIFMA’s 2025 Anti-Money Laundering & Financial Crimes Conference, held in Washington, DC. SIFMA President and CEO Kenneth E. Bentsen, Jr., is joined by Saima Ahmed, SIFMA's Executive Vice President and General Counsel, and Bernard Canepa, Managing Director and Associate General Counsel at SIFMA, to discuss insights from the conference's moderated keynote sessions. Highlights include conversations with:
- Dr. Michael Faulkender, Deputy Secretary at the U.S. Department of the Treasury
- Antonia Apps, Deputy Director of Enforcement at the U.S. Securities and Exchange Commission
- U.S. Senator Mark Warner of Virginia.
Tune in for a timely and in-depth discussion on the future of financial crime compliance and regulatory priorities.
In this episode of The SIFMA Podcast, we recap highlights from SIFMA’s 2025 Operations Conference & Exhibition, held in Orlando, Florida. SIFMA President and CEO Kenneth E. Bentsen, Jr., is joined by Chief Operating Officer Joseph Seidel and Stephen Byron, Managing Director and Head of Technology, Operations, and Business Continuity. Together, they unpack insights from two standout sessions:
- Redefining Efficiency and Client Strategy in a Changing Regulatory Landscape
- Executive Insights: Modernization, Market Trends, and the Future of Operations
Tune in for expert perspectives on the evolving operations landscape and what it means for the industry going forward.
In recognition of Financial Literacy Month, SIFMA President and CEO Kenneth E. Bentsen, Jr. hosts a discussion with Lisa Hunt, Managing Director and Head of International Services at Charles Schwab, and Melanie Mortimer, President of the SIFMA Foundation.
In this episode of The SIFMA Podcast, they explore the critical role of the financial services industry in advancing financial education, the work being done by Charles Schwab and the SIFMA Foundation in supporting financial education, and the impact of their programs on communities across the country.
In this episode of The SIFMA Podcast, SIFMA Chief Operating Officer Joseph Seidel is joined by Dr. Guowei Zhang, Managing Director at SIFMA, to unpack the critical role of leverage ratios in the U.S. Treasury market – and why exempting them from leverage ratio calculations may be key to strengthening market resilience.
Together, they explore:
- How current leverage ratio requirements, implemented in 2018, may limit banks’ capacity to intermediate in Treasury markets.
- SIFMA’s latest analysis quantifying the impact of U.S. Treasury holdings on bank leverage ratios.
- Evidence from the temporary exemption during the COVID-19 pandemic, and what it tells us about future policy considerations.
With over $28 trillion in outstanding Treasury securities and an average of $910 billion traded daily, the stakes are high. As volatility continues to challenge financial markets, this conversation shines a light on potential policy solutions that support both market stability and economic growth.
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In this episode of The SIFMA Podcast, SIFMA President and CEO Kenneth E. Bentsen, Jr. sits down with SIFMA General Counsel Saima Ahmed to unpack key takeaways from the 2025 SIFMA Compliance & Legal Annual Seminar.
They discuss top regulatory priorities, evolving compliance expectations, and what’s on the horizon. With exclusive conversations live from the Seminar floor, this episode brings you firsthand insights from:
- Mark Uyeda, Acting Chairman, U.S. Securities and Exchange Commission (SEC)
- Robert Cook, President and CEO, Financial Industry Regulatory Authority (FINRA)
Tune in for expert perspectives on the future of regulation and what it means the capital markets and financial services industry in 2025.
In this episode of The SIFMA Podcast, SIFMA’s President and CEO, Kenneth E. Bentsen, Jr., sits down with Katie Kolchin, CFA to discuss the latest U.S. Equity Market Structure Compendium. This report summarizes market activity and themes in 2024, including: the AI boom, market concentration, higher-for-longer rates, earnings growth, and more.
In this episode of The SIFMA Podcast, SIFMA’s President and CEO, Kenneth E. Bentsen, Jr., sits down with Katie Kolchin, CFA to discuss the themes and market metrics that are shaping the U.S. fixed income markets in 2025.
In this episode of The SIFMA Podcast, SIFMA's Chief Operating Officer, Joseph Seidel, sits down with Robert Toomey, the head of SIFMA's capital markets group, William Thum, managing director in SIFMA’s Asset Management Group, and Stephen Byron, the head of SIFMA’s operations and technology group, to discuss the recent compliance extension from the U.S. Securities and Exchange Commission for its Treasury Clearing rule and SIFMA's work on behalf of the industry to implement the mandate set out in the rule.
Recently, SIFMA has met with our Board to set our 2025 priorities on behalf of our members and in support of our mission to promote effective and resilient capital markets. In this episode of The SIFMA Podcast, SIFMA's president and CEO, Ken Bentsen, and SIFMA's COO, Joseph Seidel, sit down to discuss SIFMA’s priorities for the year ahead.
Who is subject to the SEC's rules? When do they go into effect? What are the margin implications? How will firms account for increased volumes? In this episode of The SIFMA Podcast, SIFMA's COO, Joseph Seidel, sits down with EY's Brendan Maher and SIFMA's Steve Byron, William Thum, and Rob Toomey to answer these questions and more.
In this episode of The SIFMA Podcast, we highlight just some of the conversations that took place at SIFMA's Annual Meeting. Our discussions with industry leaders like BlackRock's Larry Fink and Edward Jones' Penny Pennington include top-of-mind issues including:
- The expanding role of the capital markets and their potential to positively impact society and contribute to economic growth;
- SIFMA's priorities on behalf of our members, including critical issues like mandated clearing of U.S. Treasury securities;
- And more
Podcast Host:
- Kenneth E. Bentsen Jr.
SIFMA Annual Featured Speakers:
- Rostin Benham, Commodity Futures Trading Commission
- Ken Cella, Edward Jones
- Laura Chepucavage, Bank of America
- Larry Fink, BlackRock
- Josh Frost, U.S. Department of Treasury
- Gary Gensler, U.S. Securities and Exchange Commission
- Lorie Logan, Dallas Federal Reserve
- Penny Pennington, Edward Jones
In this episode of the SIFMA Podcast, Ken Bentsen, SIFMA's President and CEO, is joined by Katie Kolchin, SIFMA Managing Director and Head of Research, for a discussion around the recently updated SIFMA Insights Primer series.
This series of reports explains the inner workings of capital markets, breaking down important technical and regulatory nuances. Listen in as Ken and Katie dive into the Capital Markets Primer, which provides readers with a deeper look at markets and the role of financial institutions.
In this episode of the SIFMA Podcast, Ken Bentsen, SIFMA’s president, and CEO, sits down with Stephen Byron, Managing Director, Head of Technology, Operations, and Business Continuity, SIFMA to discuss the 5 key takeaways from SIFMA’s 2024 Operations and Technology Conference and what’s ahead in the operations space.
In this episode of The SIFMA Podcast, we share a replay of the Treasury Clearing panel discussion at SIFMA’s recent Operations Conference & Exhibition. But first, SIFMA’s Chief Operating Officer, Joseph Seidel, sits down with panel moderator Robert Toomey and SIFMA Asset Management Group’s Bill Thum to outline what firms need to be doing today to prepare for the SEC rules, SIFMA’s new documentation to allow market participants to meet their clearing documentation needs efficient, and next steps for the industry to meet the aggressive timeline for implementation.
Podcast guests:
- Joseph Seidel
- Robert Toomey
- William Thum
Panelists:
- Robert Toomey
- Laura Klimpel
- Anthony Medici
- Thomas Wipf
- Nathaniel Wuerrffel
In this episode of The SIFMA Podcast, SIFMA’s Chief Operating Officer Joseph Seidel sits down with Craig Lewis, former Chief Economist and Director of the Division of Economic and Risk Analysis, or DERA, at the SEC, to discuss the SEC’s approach to economic analysis as the basis for rule proposals.
In this episode of The SIFMA Podcast, SIFMA's Chief Operating Officer Joseph Seidel sits down with Dr. Peter Ryan, Managing Director, and Head of International Capital Markets and Strategic Initiatives, to discuss the status of the Basel III Endgame proposal in the United States. A recent study found that the proposal would cause U.S. economic growth to decline by up to 56 basis points – equivalent to a 25% reduction in the U.S. compound annual growth rate. While there is uncertainty around the regulatory process that lies ahead, it is clear that the rule will not be implemented by its July 2025 deadline. This discussion dives into the proposal's implications for the U.S. capital markets and the broader economy, and the need for material – and necessary – changes in the form of a complete re-proposal.
In this episode of The SIFMA Podcast, SIFMA president and CEO Kenneth E. Bentsen, Jr. and Ken Cella, Principal and Head of External Affairs for Edward Jones and 2023-2024 Chair of SIFMA's Board of Directors, discuss SIFMA's commitment to fostering effective and efficient capital markets, our role on behalf of the membership, and the goals we have set out to achieve under the direction of our leadership.
In this episode of The SIFMA Podcast, SIFMA president and CEO Kenneth E. Bentsen, Jr. sits down with Robert Toomey and William Thum, who outline SIFMA and SIFMA AMG's partnership to advance multiple workstreams and short-term deliverables that will set the stage for long-term implementation. These include standard documentation, enhancements to market structure, further needed regulatory reforms, and an operations timeline for all participants to adjust ahead of the 2026 go-live for U.S. Treasury clearing.
In this episode of The SIFMA Podcast, SIFMA's Joseph Seidel and Dr. Peter Ryan identify and discuss three key takeaways from SIFMA's recent Basel III Endgame Roundtable. The Basel III Endgame package of reforms:
- Is unprecedented in its scale and scope and deviates from its original intent;
- Must be re-proposed in full for both substantive and legal reasons; and
- Must be subject to wide-ranging and material revisions that also take into account the proposal's interactions with other elements of the U.S. capital framework.
In their discussion, they highlight remarks from the Roundtable's diverse group of regulatory, academic and business participants. They cover the proposal's implications for the U.S. capital markets, end-users, and broader economy, and the prospects for material changes to the proposal, particularly its trading book-related components.
In this episode of SIFMA's podcast, Ken Bentsen, SIFMA's President and CEO, and Tom Price, Managing Director of Technology Operations and Business Continuity, discuss the final days leading up to the transition to T+1 day settlement. They discuss the industry's readiness for the transition, the history of settlement cycles, and the benefits of T+1. They also highlight the resources available and the importance of communication during this transition.
In this episode of the SIFMA Podcast SIFMA President & CEO Ken Bentsen sits down with Scott Smith, Director of Advice Relationships at Cerulli Associates, and Lisa Bleier, Head of Wealth Management and Retirement and State Government Affairs at SIFMA. They discuss new findings issued by SIFMA and Cerulli Associates regarding the current landscape of financial planning, namely the increasing desire from investors for personalized comprehensive advice delivered through trusted advisors. They also dive into the proposed DOL fiduciary rule and how it conflicts with the needs of the next generation of investors as laid out in the research.
About 30% of the world is neurodivergent and these are major untapped talent pools. With some minor adjustments and accommodations to workplace processes we can enable these colleagues to work in this industry, be their very best and create an inclusive culture.
In the latest episode of our SIFMA DE&I podcast series, we sat down with JPMorgan Chase’s Head of Office of Disability Inclusion and Neurodiversity, Bryan Gill for a discussion on JPMorgan Chase's investment in neurodiversity, bringing intentional effort to be inclusive in this community and the superpowers that they can bring to a firm.
He also highlights the advocacy work being done to remove barriers from archaic regulations, how allyship in the workplace can support neurodivergent colleagues, leading with empathy and the cultural impact it has on an organization.
For more information on fostering and expanding workforce, client, and supplier diversity equity and inclusion, please visit www.sifma.org/diversity.
The military is one of the most diverse organizations in the world. It requires a diverse skill set and grit to be in the service and we learn just how easily veterans can translate those skills into the financial services industry.
In the next episode of our SIFMA DE&I Podcast series, we chat with Academy Securities Founder and CEO, Chance Mims on the nation’s first veteran-owned and operated firm and their commitment to recruiting and empowering military veterans. Chance shares insights on Academy Securities social mission to combat veteran unemployment including prioritizing female veterans and the focus to find nontraditional Wall Street pedigrees. He highlights how the industry can harness similar recruitment strategies by having veterans contribute to the entire process from interviewing to hiring to mentorship.
We kick-off part II of our SIFMA DE&I Podcast series with PIMCO’s Head of Public Policy, Libby Cantrill, for a discussion on Libby’s career path starting from what sparked her initial interest in finance to her time on Capitol Hill and the journey that has led to her current role at PIMCO.
She shares insights on the role of mentors and sponsors throughout her career which provided her with an important example early on that you can be a pioneer but at the same time be a parent and/or a spouse. She shares the challenges she faced as she evolved, and advice she’d give the younger generation as they think about their career development paths.
In this episode of The SIFMA podcast, Joe Siedel, SIFMA's Chief Operating Officer, and colleague Ellen Greene, Managing Director of Equity and Options Market Structure, discuss why the SEC's rulemaking agenda continues to raise questions. They dive into some of the key questions around the equity market structure proposals and how they may affect listed options and innovation. With the move to T+1 next May, Joe and Ellen also talk about why customer education is a critical component in the transition. Tune in now.
In this episode of Top of Mind with SIFMA Insights, Katie Kolchin, CFA, Head of Research, is joined by Torsten Slok, Chief Economist and Partner at Apollo Global Management to recap the recent FOMC meeting, exploring the actions taken and shedding light on the future of rate hikes.
In this episode of Top of Mind with SIFMA Insights, SIFMA’s Head of Research, Katie Kolchin, CFA, is joined by Dr. Lindsey Piegza, Chief Economist at Stifel and Chair of the SIFMA Economist Roundtable to discuss the status of inflation, the future for rate hikes, and what to look for at the Fed’s annual Economic Policy Symposium in Jackson Hole, kicking off on August 24.
In this episode of the SIFMA Podcast, SIFMA's Head of Research Katie Kolchin discusses the highlights from SIFMA Insights Monthly Metrics for July 2023. This report analyzes market metrics and trends for volatility, prices, and volumes in the U.S. equities and listed options markets. She also highlights an interesting market theme for the month.
In the last episode of Part I of SIFMA’s Diversity, Equity & Inclusion Podcast series, SIFMA EVP and Head of DE&I, Cheryl Crispen sits down with John Taft, Vice Chair of Baird to discuss what it takes to be a committed DE&I advocate and how having an emotional connection is critical when it comes to doing the work that is necessary to make a difference.
In the next episode of our DE&I podcast series, SIFMA’s EVP and Head of DE&I, Cheryl Crispen sits down with HSBC Senior Executive Vice President & General Counsel, Mark Steffensen to discuss how the firm prioritizes DE&I as a business imperative with a client-centered focus. The core of HSBC as an international bank is multiculturalism and helping to connect clients from all over the world to capital and to one another is essential.
In this episode of the SIFMA Podcast, SIFMA's Head of Research Katie Kolchin discusses the highlights from SIFMA Insights Monthly Metrics for June 2023. This report analyzes market metrics and trends for volatility, prices, and volumes in the U.S. equities and listed options markets. She also highlights an interesting market theme for the month.
In the next episode of SIFMA’s Diversity, Equity, and Inclusion Podcast series, SIFMA’s EVP and Head of DE&I, Cheryl Crispen sits down with Charles Schwab Managing Director, Head of International Services, Lisa Hunt to discuss the ways that Charles Schwab is still creating a more inclusive environment 50 years later with its original vision to bring more people from Main Street into the world of investing.
In the next episode of the 2023 SIFMA Diversity, Equity & Inclusion Podcast series, SIFMA EVP and Head of DE&I, Cheryl Crispen sits down with Alliance Bernstein Global Head of Diversity & Inclusion and Corporate Citizenship, Vanessa Cox-Irvin to discuss the firm's commitment to diversity and inclusion and their efforts to recruit and retain diverse colleagues in the financial services industry.
In this episode of the SIFMA Podcast, SIFMA's Katie Kolchin highlights the top ten results from our 2023 mid-year survey. After that, we’ll share a conversation between our president and CEO, Ken Bentsen, and the Chair of our Economist Roundtable, Dr. Lindsey Piegza, managing director and chief US economist for Stifel.
In the first episode of our DE&I podcast series and to honor pride month, SIFMA EVP and Head of DE&I, Cheryl Crispen sits down with JPMorgan Chase Managing Director and Global Head of LGBTQ+ Affairs, Brad Baumoel, for a discussion on the firm’s DE&I centers of excellence, in particular for LGBTQ+, and how they deliver impact for underrepresented and marginalized communities. They dig into how the programs and initiatives strengthen internal culture and raise visibility into communities, which in turn enables employees to reach their fullest potential and deliver inclusive products, services, and advice for their clients and customers. They highlight how this has addressed the barriers to opportunities and access to resources that too many of the community face.
In this episode of the SIFMA Podcast, SIFMA's Head of Research Katie Kolchin discusses the highlights from SIFMA Insights Monthly Metrics for May 2023. This report analyzes market metrics and trends for volatility, prices, and volumes in the U.S. equities and listed options markets. She also highlights an interesting market theme for the month.
In this episode of the SIFMA Podcast, SIFMA's Head of Research Katie Kolchin discusses the highlights from SIFMA Insights Monthly Metrics for April 2023. This report analyzes market metrics and trends for volatility, prices and volumes in the U.S. equities and listed options markets. She also highlights an interesting market theme for the month.
The SIFMA Economist Roundtable brings together chief U.S. economists from nearly 30 global and regional financial institutions. Its semiannual survey, published prior to the upcoming Federal Open Market Committee (FOMC) meeting, compiles the median economic forecast of Roundtable members.
In this episode of The SIFMA Podcast, SIFMA President and CEO Kenneth E. Bentsen, Jr. sits down with our team to discuss the potential impacts of the U.S. Securities and Exchange Commission's far-reaching equity market structure proposals and walk through our recently filed comment letters.
Ellen Greene, Managing Director, Equity and Options Market Structure, Chris Killian, Managing Director, Securitization and Corporate Credit, Leslie Norwood, Managing Director and Associate General Counsel, Municipal Securities and Bill Thum, Managing Director and Associate General Counsel in SIFMA's Asset Management Group to discuss the potential impacts of the proposals on investors and other stakeholders. Individually and together, they raise serious concerns that would result in fundamental changes with uncertain and consequential results.
In this episode of the SIFMA Podcast, SIFMA's Head of Research Katie Kolchin discusses the highlights from SIFMA Insights Monthly Metrics for March 2023. This report analyzes market metrics and trends for volatility, prices and volumes in the U.S. equities and listed options markets. She also highlights an interesting market theme for the month.
Top of Mind with SIFMA Insights is a new series within the SIFMA Podcast. We'll be talking with experts from across the industry about key issues impacting the capital markets and financial industry. In this first episode, SIFMA's Head of Research, Katie Kolchin, CFA is joined by Dr. Lindsey Piegza, Chief Economist at Stifel and Chair of the SIFMA Economist Roundtable, to discuss the Fed's fight to tame stubborn inflation and manage turmoil in the banking system.
In this episode of the SIFMA Podcast, SIFMA's Head of Research Katie Kolchin discusses the highlights from SIFMA Insights Monthly Metrics for February 2023. This report analyzes market metrics and trends for volatility, prices and volumes in the U.S. equities and listed options markets. She also highlights an interesting market theme for the month.
In this episode of The SIFMA Podcast, SIFMA’s President & CEO, Kenneth E. Bentsen, Jr., sits down with Katie Kolchin, Managing Director and Head of Research for SIFMA, to dig into equity and related market performance and find out what a difference a year makes. They'll also discuss what’s in store for 2023.
In this episode of the SIFMA Podcast, SIFMA's Head of Research Katie Kolchin discusses the highlights from SIFMA Insights Monthly Metrics for January 2023. This report analyzes market metrics and trends for volatility, prices and volumes in the U.S. equities and listed options markets. She also highlights an interesting market theme for the month.
In this episode of the SIFMA Podcast, SIFMA President & CEO Kenneth E. Bentsen, Jr. sits down with Sabrina Bailey, Global Head of Investment & Wealth Solutions, Data & Analytics Division from LSEG (London Stock Exchange Group) to discuss three key trends in wealth management – digitization, hyper-personalization, and self-directed investing.
In this episode of the SIFMA Podcast, SIFMA's Head of Research Katie Kolchin discusses the highlights from SIFMA Insights Monthly Metrics for December, our final report for the year looking back at 2022. This report analyzes market metrics and trends for volatility, prices and volumes in the U.S. equities and listed options markets. She also highlights an interesting market theme for the month.
In this episode of the SIFMA Podcast, SIFMA's Katie Kolchin highlights the top ten results from our survey. After that, we’ll share a conversation between our president and CEO, Ken Bentsen, and the Chair of our Economist Roundtable, Dr. Lindsey Piegza, managing director and chief US economist for Stifel.
In this episode of The SIFMA Podcast, SIFMA's Ken Bentsen sits down with the Secretary of the U.S. Department of Treasury, Janet L. Yellen to discuss the state of the markets and their resiliency in the face of volatility. This conversation was recorded live from the 2022 SIFMA Annual Meeting in New York City.
In this episode of The SIFMA Podcast, SIFMA’s Rob Toomey sits down with Bradley Ziff from Sia Partners to discuss a recent study on the impact of additional public transparency for secondary market transactions in the treasury market. They uncover what kind of impact this would have on market participants and on the market generally.
In this episode of The SIFMA Podcast, SIFMA President & CEO Kenneth E. Bentsen, Jr. sits down with Tom Price, SIFMA Managing Director, Operations, Technology and BCP, and Anthony Macchiarulo, Senior Associate, Financial Services Operations, to discuss SIFMA's efforts, in conjunction with DTCC and ICI, to accelerate the settlement cycle from T+2 to T+1 and the recently published T+1 Playbook, which was designed to serve as a resource to provide guidance around activities, timelines, dependencies and risk associated with the move to T+1.
In this episode of The SIFMA Podcast, SIFMA President & CEO Kenneth E. Bentsen, Jr. sits down with Lindsey Piegza, Ph. D, Chief Economist and Managing Director for Stifel Nicolaus & Co. and Chair of the SIFMA Economic Advisory Roundtable, to discuss the outlook for the U.S. economy and results from SIFMA's recent survey of chief economists from 27 global and regional financial institutions.
To download the survey, visit https://www.sifma.org/resources/news/the-sifma-podcast-a-conversation-with-lindsey-piegza-on-the-2022-mid-year-economic-forecast/
In this far-ranging discussion at the 2022 Operations Conference & Exhibition, Kenneth E. Bentsen, Jr., SIFMA’s president and CEO, sits down with Thomas Pluta, Global Head of the Linear Rates Trading Business at J.P. Morgan and 2022 Chair of SIFMA’s Board of Directors, to explore SIFMA’s priorities on behalf of our members including:
The State of the Markets Treasury Market Structure The Regulatory Agenda Shortened Settlement Cycle The LIBOR Transition COVID: The Ultimate Stress Test And more
For related resources and more from the Conference, visit https://www.sifma.org/resources/news/blog-the-state-of-the-markets-their-regulation-and-their-resiliency/
In this episode of The SIFMA Podcast, SIFMA President & CEO Kenneth E. Bentsen, Jr. sits down with Lindsey Keljo who is Managing Director and Head of SIFMA’s Asset Management Group and Jamie Gershkow, Partner at Stradley Ronon for a discussion on the SEC’s proposed reforms to money market fund rules.
In this episode of our Wealth Management Leadership podcast series, SIFMA President & CEO Kenneth E. Bentsen, Jr. sits down with Ken Cella, Principal of the Client Strategies Group at Edward Jones for a conversation on how the pandemic has shaped the way advisors and clients approach the “New Retirement.”
We discuss its four pillars of health, family, purpose and finances. We’ll also explore how the pandemic led investors to focus more on life’s priorities, its impact on retirement savings trends, and how it prompted first-time legacy planning conversations for 44.5 million Americans.
For a transcript and more, please visit https://www.sifma.org/resources/news/podcast-wealth-management-leadership-series-ken-cella/
In this episode of our Wealth Management Leadership podcast series, SIFMA President & CEO Kenneth E. Bentsen, Jr. sits down with Joseph E. Sweeney, President, Advice & Wealth Management, Products and Service Delivery for Ameriprise, Inc., for an introspective discussion on how the advisor-client relationship has evolved in recent decades.
We look at the pivotal role that technology has played in changing the way firms, advisors, clients, and employees work, while emphasizing the value of a financial advisor to help investors reach long-term retirement goals and prepare for life’s unexpected challenges.
For a transcript and more, visit https://www.sifma.org/resources/news/podcast-wealth-management-leadership-series-joseph-sweeney.
In this episode of The SIFMA Podcast, SIFMA President & CEO Kenneth E. Bentsen, Jr. sits down with Tom Price, Managing Director, Operations Technology & BCP, and Tom Wagner, Managing Director, Financial Services Operations, for a discussion on the financial services industry's cybersecurity efforts.
Cyberattacks didn't stop during the pandemic. Rather, they increased. From WannaCry to SolarWinds, attacks have gotten bolder and their threat has grown higher. Here, we discuss how industry-wide efforts over the last decade have also evolved and grown to build effective cyber defenses.
In this episode of our Wealth Management Leadership podcast series, SIFMA president & CEO Kenneth E. Bentsen, Jr. sits down with Primerica’s PFS Investments CEO Estee Faranda for a discussion on reaching middle-income investors.
In this episode of our Wealth Management Leadership podcast series, SIFMA President & CEO Kenneth E. Bentsen, Jr. is joined by Lisa Kidd Hunt, Executive Vice President, International Services, for Charles Schwab & Co., Inc., for a discussion on the rise of Generation Investor (Gen-I) and the findings from Schwab’s new investor survey.
In this episode of our Wealth Management Leadership podcast series, SIFMA President & CEO Kenneth E. Bentsen, Jr. sits down with Carey Shuffman, Head of UBS’s Women’s Segment, for a discussion on the unique trends and approaches to serving women investors.
For a transcript and more, visit https://www.sifma.org/resources/news/podcast-wealth-management-leadership-series-carey-shuffman/
In this first episode of our Wealth Management Leadership podcast series, SIFMA President & CEO Kenneth E. Bentsen, Jr. sits down with Northwestern Mutual Wealth Management Company President & CEO Evamarie Schoenborn for a discussion about how the firm’s use of advisory teams has enhanced the advisor-client relationship.
For a transcript and more, please visit https://www.sifma.org/resources/news/podcast-wealth-management-leadership-series-evamarie-schoenborn/.
In this episode of SIFMA's Diversity, Equity & Inclusion Podcast Series, SIFMA's Amena Ross sits down with Cetera's Chantalle Couba to explore the journey to excellence in business, sharing insights on the courage and grit it takes to create a culture of diversity, equity and inclusion.
The Fundamental Review of the Trading Book (FRTB) was initiated by the Basel Committee on Banking Supervision in the years following the 2007-2009 financial crisis with the aim of completely revising the approach of calculating risk-based capital requirements for trading activities.
In this podcast, SIFMA’s Peter Ryan, Head of International Capital Markets and Prudential Policy, sits down with Joseph Seidel, Chief Operating Officer, to provide a high-level introduction to the FRTB, describing what it was designed to do and why we are hearing more about it now, and explain what is contained in the package of reforms.
To view the transcript and more, visit https://www.sifma.org/resources/news/podcast-a-guide-to-frtb-and-why-its-important/.
International trade and investment in financial services is crucial to U.S. economic growth and job creation. In this podcast, SIFMA's Peter Matheson sits down with Citi's Kimberley Claman and EY's Douglas Bell to discuss why, in an increasingly competitive global economy, it is vital that financial services are integrated into the U.S. international economic strategy.
For the white paper, transcript and more, please visit: https://www.sifma.org/resources/news/podcast-why-financial-services-vital-to-us-international-economic-strategy
Moderated by Rudy Rodriguez, Vice President of Diversity and Inclusion at Ameriprise and Chair of SIFMA’s Diversity & Inclusion Council, this far-reaching discussion with Penny Pennington of Edward Jones and Suzanne Shank of Siebert, Williams, Shank & Co. explores how these leaders model a culture of inclusion from the c-suite.
For transcript and more, please visit: https://www.sifma.org/resources/news/podcast-modeling-a-culture-of-inclusion
In this edition of SIFMA's Diversity, Equity & Inclusion (DEI) podcast series, SIFMA’s Amena Ross, Managing Director of Advocacy, sits down with Samuel A. Ramirez, Jr., President and CEO of Ramirez Asset Management and Senior Managing Director of Samuel A. Ramirez and Company, Inc. to understand how we can break down barriers and foster a culture of diversity, equity and inclusion.
It is abundantly clear that COVID-19 will have lasting impacts.
In this podcast, SIFMA president and CEO Kenneth E. Bentsen, Jr. sits down with Nasser Khodri, President of FIS Capital Markets, to discuss the evolution of operational readiness and how to rebuild for resilience as we chart a path forward.
The face of the individual investor is changing.
In part one of this two-part podcast, SIFMA president and CEO Kenneth E. Bentsen, Jr. sits down with Ken Cella of Edward Jones to discuss how financial advice is evolving alongside the changing investor and why it is more critical than ever to work with a financial advisor. In part two, Bentsen and Broadridge’s Dan Cwenar dive into the findings from an unprecedented new study on the retail investor and share some surprising insights.
In the latest in SIFMA’s podcast series, SIFMA president and CEO Kenneth E. Bentsen, Jr. is joined independent financial planning professional Steve Budin, the President of the Budin Group. During their conversation, Steve explains his work on behalf of his clients and community as an independent financial advisor, and why his independent contractor status is important to that work. A bill currently under consideration in Congress known as the ‘PRO Act’ would change how independent contractor status is determined, adversely impacting these hundreds of thousands of independent financial advisors, including Steve.
In this podcast – originally published in March 2020 - Kenneth E. Bentsen, Jr., SIFMA’s President and CEO, and Kevin Carroll, SIFMA’s Managing Director and Associate General Counsel, discuss the long-standing securities arbitration system and the rather confounding animus toward it by some policymakers. They also dive more specifically into the FINRA arbitration forum, and the securities industry’s experience in that forum.
In this edition of SIFMA's Diversity, Equity & Inclusion (DEI) podcast series, SIFMA’s Amena Ross, Managing Director of Advocacy, sat down with Gary Hall, Partner and Head of Investment Banking at Siebert Williams Shank & Co., to understand the meaning of DEI to the firm and how it prioritizes DEI in every facet of the business.
In this edition of SIFMA's Diversity, Equity & Inclusion (DEI) podcast series, SIFMA’s Amena Ross, Managing Director of Advocacy, sat down with Wendy John, Head of Global Diversity & Inclusion at Fidelity, to review how Fidelity is building a community with its employees as well as investing in diverse communities nationwide through its commitment to financial literacy.
In the latest in SIFMA’s podcast series, SIFMA president and CEO Kenneth E. Bentsen, Jr. is joined by Jason Plank, a financial planning professional on the independent platform with Ameriprise Financial in Edina, MN. During their conversation, Jason explains his work on behalf of his clients and community as an independent financial advisor, and why his independent contractor status is important to that work. A bill currently under consideration in Congress known as the ‘PRO Act’ would change how independent contractor status is determined, adversely impacting these hundreds of thousands of independent financial advisors, including Jason.
Explore how Goldman Sachs is seeks to address racial equity in the financial services industry and its work in back communities, with its clients, and within its own organization.
In the latest in SIFMA’s podcast series, SIFMA president and CEO Kenneth E. Bentsen, Jr. is joined by Ellen Greene, SIFMA managing director, equity and options market structure and Joe Corcoran, managing director and associate general counsel to talk about the current state of the Consolidated Audit Trail, or CAT.
SIFMA president and CEO Kenneth E. Bentsen, Jr. and CEO of the Global Financial Markets Association(GFMA)is joined by Allison Parent, Executive Director of GFMA, and Roy Choudhury, Managing Director and Partner at Boston Consulting Group (BCG), to discuss the new report GFMA wrote in collaboration with BCG, “Climate Finance Markets and the Real Economy: Sizing the Global Need and Defining the Market Structure to Mobilize Capital.”
Discover more about the report here: https://www.sifma.org/resources/submissions/climate-finance-markets-and-the-real-economy/.
In this podcast, SIFMA president and CEO Kenneth E. Bentsen, Jr. and managing director Tom Price discuss SIFMA’s new white paper on security tokens. The paper, which was co-authored by SIFMA and PricewaterhouseCoopers LLP, provides a foundational understanding of how distributed ledger technology (DLT) and digital assets such as security tokens interplay with the current securities market. It also describes the key operational challenges faced by U.S. broker-dealers hoping to adopt this technology and recommends where regulatory clarity would be helpful in addressing these challenges. Learn more at www.sifma.org.
For the second podcast in our D&I series, SIFMA’s Amena Ross, Managing Director of Advocacy, sat down with Jim Reynolds, Chairman & Chief Executive Officer of Loop Capital Markets LLC, to discuss the financial services industry, diversity and inclusion, and how building an intentional company culture can help recruit and retain diverse talent.
Melissa MacGregor, Managing Director and Associate General Counsel at SIFMA, sat down with Larry Bortstein, Founder of Bortstein Legal Group, and Lou Trotta, Senior Counsel at BLG, to talk about the new white paper SIFMA wrote in collaboration with Bortstein Legal Group, Navigating Regulatory Challenges in Cloud Infrastructure Services Agreements.
For a transcript of this discussion and more, please visit: https://www.sifma.org/resources/news/clearing-up-regulatory-obligations-in-cloud-services-2-0
In this first podcast of our Diversity & Inclusion (D&I) series, SIFMA’s Amena Ross, Managing Director of Advocacy, sat down with Edward Jones’ Vanessa Okwuraiwe, Principal of Diversity and Inclusion, to talk about the future of the financial services industry and the innovative D&I programs at Edward Jones. The conversation also highlights the importance of creating a positive and meaningful impact in the communities we serve as well as for our clients and colleagues.
COVID-19 has been unsparing in its impact around the globe, permeating nearly every aspect of our lives. Beyond the direct and severe effects on health and wellness, how we live and work has changed in ways many of us previously thought unthinkable. Business continuity planning, cybersecurity and operational resilience remain among the top agenda items in board rooms across the industry.
Ken Bentsen, president and CEO of SIFMA, sat down with Ron Lefferts, global leader of technology consulting at Protiviti, and Tom Price, managing director and head of SIFMA's technology, operations and business continuity team, to explore a new report for SIFMA members that outlines initial lessons learned as well as considerations for business leaders as they strategize over how to build resilience and thrive in this new environment.
For a transcript of this discussion and more, please visit: https://www.sifma.org/resources/news/podcast-managing-a-pandemic
In this podcast, Ken Bentsen, SIFMA President and CEO, along with Tom Price, managing director, and Charles DeSimone, vice president, both of whom work on SIFMA’s operations, technology, cyber & BCP efforts, provide an informative overview of the industry-wide business continuity test facilitated by SIFMA on October 24, 2020 and highlight its successful completion.
SIFMA President and CEO Kenneth E. Bentsen, Jr. and SIFMA Managing Director Justin Sok discuss the proposed New Jersey financial transaction tax (FTT) and the negative impact FTTs have on investors and savers.
The financial industry's response to the global coronavirus pandemic (COVID-19) and the search for a 'new normal'
In the face of a global pandemic, the financial industry has relied upon its robust business continuity planning efforts. Ken Bentsen, president and CEO of SIFMA, sat down with Ron Lefferts, global leader of technology consulting at Protiviti, and Tom Price, managing director and head of SIFMA's technology, operations and business continuity team, to explore the story behind the industry’s business continuity planning efforts in the face of a global pandemic.
Transcript and more: https://www.sifma.org/resources/news/podcast-managing-a-pandemic/
Following up on a pair of blogs published over the last two weeks, our latest podcast dives into the 2020 CCAR stress testing and additional considerations related to COVID-19.
Joe Seidel, Chief Operating Officer at SIFMA sat down with Coryann Stefansson, Managing Director and head of prudential capital and liquidity policy and Carter McDowell, Managing Director, Associate General Counsel, and head of prudential policy to discuss why there is no compelling case, particularly related to the capital markets, to step away from current validated methodologies for CCAR.
Transcript and more: https://www.sifma.org/resources/news/podcast-ccar-2020-during-covid-19-the-fed-should-stay-the-course/
SIFMA recently conducted a survey and released a report assessing how member firms are communicating with their financial advisors (FAs) and how, in turn, FAs are communicating with their clients during this period of unprecedented physical, emotional, and financial challenge.
In our latest podcast, SIFMA CEO Ken Bentsen sat down to discuss the findings with our Ken Cella who leads the Edward Jones Client Strategies Group, Kent Christian, President of Wells Fargo Advisors Financial Network, and Evamarie Schoenborn, President and CEO of Northwestern Mutual Wealth Management Company.
Transcript and more: https://www.sifma.org/resources/news/podcast-financial-firms-outreach-to-clients-amid-covid-19/
The global pandemic COVID-19 has caused extreme shocks to our economy and financial markets. A symbol of these unprecedented times, on March 23, the New York Stock Exchange closed its physical floor and moved to fully electronic trading.
Ken Bentsen, SIFMA president and CEO, sat down with Ellen Greene, SIFMA's Managing Director of Equity and Options Market Structure and Katie Kolchin, CFA and Director of SIFMA Research, walk us through an analysis by SIFMA Insights to find out whether the closure of NYSE's physical floor has impacted its market share.
Transcript and more: https://www.sifma.org/resources/news/podcast-what-the-nyse-floor-closure-means/
The emergence of COVID-19 in the first quarter of 2020 caused severe shocks to the economy and capital markets. Volatility, as measured by the CBOE Volatility Index, or the VIX, has reached historic highs. The VIX has started to come down, but remains elevated. In this discussion, we ask: is the worst of the market rout behind us?
Transcript and more: https://www.sifma.org/resources/news/podcast-vix-and-the-virus/
The latest edition of SIFMA’s podcast series covers a recent development related to the Consolidated Audit Trail (CAT) – the major regulatory initiative by the SEC and 24 self-regulatory organizations (SROs) aimed at enhancing regulators’ ability to monitor and analyze trading activity. SIFMA and its members are supportive of the CAT and its regulatory intent but remain concerned regarding the risks of sensitive customer information being compiled in one government-mandated database, and the liability that comes with that risk. Last week, SIFMA acted to formally challenge the CAT Reporter Agreement industry members are required to sign by SROs to gain access to the database.
In this podcast, Ken Bentsen, SIFMA President and CEO sits down with Ira Hammerman, SIFMA Executive Vice President and General Counsel and Ellen Greene, Managing Director of Equity and Options Market Structure to talk more about the risks associated with CAT and the reasoning behind the challenge.
Transcript and more: https://www.sifma.org/resources/news/podcast-they-who-hold-the-data-should-bear-the-liability/
The Federal Reserve, the Department of the Treasury and Congress have undertaken unprecedented actions to buy financial assets, unclog the pipes of the financial system and increase its capacity. Congress has also taken swift action, passing three phases of stimulus packages as of the time of this discussion. In the third and final segment of our series on how COVID-19 is impacting the financial markets, Ken Bentsen, SIFMA President and CEO sits down with Rob Toomey, head of SIFMA’s capital markets practice, and Coryann Stefansson, head of prudential capital and liquidity policy for an overview of the Fed and Treasury’s actions so far, as well as those of the Congress, the market’s response, and what might be ahead.
SIFMA’s team continues to closely monitor the novel coronavirus (COVID-19) and its impact on our industry and the markets; guidance and resources for the industry are available at www.sifma.org/bcp.
Transcript and more: https://www.sifma.org/resources/news/podcast-extraordinary-actions-the-fed-treasury-congress-versus-covid19/
Congress has passed three stimulus packages to combat the severe effects of the global COVID-19 pandemic. In the second of a three-part series on how COVID-19 is impacting the financial markets, we explain each of the three phases of the stimulus, what matters most for the financial markets, and what might lie ahead.
Transcript and more: https://www.sifma.org/resources/news/podcast-explaining-the-covid-19-stimulus-packages/
The novel coronavirus (COVID-19) is front and center in the United States and across the world. In this podcast, Kenneth E. Bentsen, Jr., SIFMA's President and CEO, and Thomas F. Price, SIFMA Managing Director, Technology, Operations and Business Continuity, discuss BCP efforts to protect industry personnel and maintain operational resiliency during the COVID-19 pandemic.
SIFMA’s Business Continuity Planning team continues to closely monitor the novel coronavirus (COVID-19) and its impact on our industry and the markets; guidance and resources for the industry are available at www.sifma.org/bcp.
For a transcript, please visit www.sifma.org/resources/news/podcast-covid19-and-operational-resiliency/
Kenneth E. Bentsen, Jr. is president and CEO of SIFMA, the voice of the nation’s securities industry. Thomas F. Price is Managing Director, Technology, Operations and Business Continuity at SIFMA.
In this podcast, we discuss the long-standing system of arbitration for dispute resolution, and the rather confounding animus toward it by some policymakers. We also talk more specifically about the FINRA arbitration forum, and the securities industry’s experience in that forum.
A discussion about the Federal Reserve's 2020 Supervisory Scenarios for the Annual Stress Test, in particular about what changes were made around the Global Market Shock element but also where there is remains room for improvement.
With a sustained commitment to addressing the risk of money laundering and financial crime through securities firms, as well as strong collaboration between firms and with the regulatory community, much has been achieved by our industry in helping to make our financial system safer and more secure. With that understanding, however, comes the knowledge there will be much more change to come.
In this podcast, SIFMA President and CEO, Kenneth E. Bentsen Jr., is joined by Steve Shine, Chief Regulatory Counsel at Prudential Financial Inc, and Cathy LaFalce, Managing Director and Global Head of AML Compliance Risk Management, Markets and Banking at Citi, to talk about the history of efforts to counter money laundering and other financial crimes in the securities industry and what the future may bring in this space.
Learn more about this issue at www.sifma.org.
In a speech delivered on Friday January 16, Vice Chairman for Supervision of the Federal Reserve Randal Quarles laid out a suite of changes he intends to make to the central Bank’s oversight of financial institutions, particularly around transparency, accountability, and fairness. In this podcast, we discuss his proposed changes and what they could mean for U.S. capital markets.
The Dodd-Frank Act requires large financial institutions to submit resolution plans. In this podcast, SIFMA's Joe Seidel and Carter McDowell discuss significant milestones achieved and what they mean for the U.S. capital markets.
The passage of bipartisan legislation, the Setting Every Community Up for Retirement Enhancement – better known as the SECURE Act - marks the biggest legislative change to America’s retirement system in more than a dozen years. In this podcast, SIFMA president and CEO Kenneth E. Bentsen, Jr. and SIFMA managing director and associate general counsel, Lisa Bleier, explain what the SECURE Act means for retirement savers.
Under the Consolidated Audit Trail, or CAT, broker-dealers will be required to report every equity and options transaction, as well as certain personal information of retail and institutional clients, to a database operated by 24 SROs.
SIFMA and its members are supportive of the CAT and its regulatory intent – however, we have repeatedly expressed strong concerns regarding the risks to customer information. Data security must be a paramount concern with a database this large.
In this podcast, SIFMA president and CEO, Kenneth E. Bentsen, Jr. is joined by SIFMA’s Ellen Greene to discuss the risks posed by the CAT, who bears the liability in the event of a data breach and why reasonable access limits are needed now.
For more information, visit www.sifma.org/consolidated-audit-trail
Welcome to SIFMA’s podcast from our annual State of the Industry media briefing. In this segment, our leadership discusses the state of the capital markets and priority issues for the financial services industry in 2019. Please welcome the Chair of our Board of Directors, Joseph E. Sweeney, President of Advice & Wealth Management, Products and Service Delivery for Ameriprise Financial and SIFMA’s President and CEO, Kenneth E. Bentsen, Jr.
SIFMA's survey of chief U.S. economists forecasts that the U.S. economy will grow by 2.2% in 2019, with a decrease to 1.8% in 2020. U.S. trade policy, business confidence in the U.S., and private credit market conditions were among the most important considerations in the forecast change.
Ellen Zentner, Managing Director and Chief U.S. Economist for Morgan Stanley and Chair of SIFMA's Economic Advisory Roundtable discusses the results from our latest survey. Read the full report: https://www.sifma.org/resources/research/us-economic-outlook-survey-end-year-2019/
Quantum Dawn V, a global cybersecurity exercise coordinated by SIFMA, was completed on November 7, 2019. What scenario did participants respond to?
In this podcast, SIFMA president and CEO, Kenneth E. Bentsen, Jr. is joined by Tom Price, SIFMA Managing Director, Operations, Technology & BCP and Tom Wagner, SIFMA Managing Director, Financial Services Operations and Technology. Together, they describe the main takeaways immediately following the exercise and the next steps in communicating the lessons learned with the Financial Services industry. The exercise was carried out with over 700 individuals from over 200 financial institutions and government agencies around the globe—including participants from Australia, Canada, Europe, Hong Kong, India, Malaysia, Japan, Singapore, and the U.S.
For more, visit www.sifma.org/cybersecurity/
The FTT or financial transaction tax—a tax on trades of stocks, bonds, and derivatives—is a tax on investors. The imposition of an FTT would increase costs and lower returns for Americans saving for retirement, college, homes, and other investment ideals. FTTs have never lived up to expectations, but instead have only served to increase volatility, harm capital markets, increase costs, and hurt economic growth.
In this podcast, Ken Bentsen, SIFMA President and CEO, is joined by Jamie Wall, EVP, Advocacy at SIFMA, and Katie Kolchin, CFA, Head of Research at SIFMA. Together, they discuss the failed history of FTTs, real world case studies, and how an FTT would negatively affect American workers and the economy.
For more, visit https://www.sifma.org/financial-transaction-tax.
On October 8, the five federal financial regulatory agencies responsible for the Volcker rule announced they finalized revisions to simplify its compliance requirements. While the revisions do not in any way negate the statutory prohibition on proprietary trading by banks, they do provide market participants with much-needed clarity on compliance issues.
In this podcast, SIFMA president and CEO, Kenneth E. Bentsen, Jr. is joined by Robert Toomey, Managing Director and Associate General Counsel for SIFMA. Together, they explain why these revisions - such as the removal of an accounting prong - are important to the markets and the economy.
For more, visit www.sifma.org/volcker.
The U.S. housing market is a critical piece of the general economy. It represents one-fifth of U.S. GDP and 35% of all private, non-financial debt in the country.
The U.S. Treasury Department just announced that Fannie and Freddie will retain their earnings, a step in moving the companies out of conservatorship and back into the private sector. In this podcast, SIFMA president and CEO, Kenneth E. Bentsen, Jr. is joined by Chris Killian - Managing Director and head of SIFMA's securitization practice. Together, they explain how that one small move fits into the Administration's overall goals for housing finance reform.
Learn more about this issue at www.sifma.org.
Money market funds are investment vehicles that invest in debt securities with short maturities and minimal credit risk. They are a significant source of cash for the repo markets, where a money market fund or other asset manager lends cash to a broker-dealer or hedge fund in exchange for securities, often Treasury notes. Last week, a confluence of events negatively affected liquidity in the repo markets; a change in the availability of cash to lend caused market rates to nearly double and significant funds to be withdrawn from money market funds. A series of operations by the Federal Reserve Bank of New York injected liquidity into the system and stabilized markets.
In this supplement to our recent podcast, What Just Happened in the Repo Markets?, SIFMA president and CEO, Kenneth E. Bentsen, Jr. walks through the basics of money market fund operations and explains how they relate to the recent dislocation in repo markets. He is joined by Timothy C. Cameron - Managing Director and Associate General Counsel and head of SIFMA's Asset Management Group (SIFMA AMG) - and Robert Toomey - Managing Director and Associate General Counsel and head of SIFMA's capital markets practice.
The financial system relies on short-term money markets every day to fund operations. A crucial but little-known market that ordinarily hums steadily along, this week we saw a shortage of cash cause a massive spike in repo rates. What happened?
In this podcast, SIFMA president and CEO, Kenneth E. Bentsen, Jr. discusses the confluence of technical factors that caused the market dislocation - and what policymakers can take away from it. He is joined by Robert Toomey - Managing Director and Associate General Counsel and head of SIFMA's capital markets practice - and Carter McDowell - Managing Director and Associate General Counsel and head of SIFMA's prudential and capital practice.
Get SIFMA's fact sheet on the repo markets at https://www.sifma.org/resources/research/us-repo-market-fact-sheet-2019/
A decade ago, the Federal Reserve implemented the Comprehensive Capital Analysis and Review (CCAR) process as part of its stress testing framework to assess and regulate capital sufficiency at large bank holding companies. A new study released by SIFMA uses statistical analysis of stress testing scenarios to answer a simple question: does the available evidence indicate that the current Global Market Shock (GMS) and Large Counterparty Default (LCD) shocks from recent CCAR cycles are plausible?
In this podcast, SIFMA president and CEO, Kenneth E. Bentsen, Jr. discusses the study's analysis and findings with Joseph Seidel, SIFMA’s Chief Operating Officer; Carter McDowell, SIFMA’s Associate General Counsel and Managing Director; and Coryann Stefansson, Senior Advisor to SIFMA.
For more on prudential regulation and its effect on the capital markets, visit www.sifma.org/prudential.
SIFMA's survey of chief U.S. economists forecasts that the U.S. economy will grow 2.2% in 2019, a decrease from its end-year predictions. U.S. trade policy and China’s deteriorating economic conditions were among the most important considerations in the forecast change. Ellen Zentner, Managing Director and Chief U.S. Economist for Morgan Stanley and Chair of SIFMA's Economic Advisory Roundtable discusses the results from our latest survey.
Read the full report: https://www.sifma.org/resources/research/us-economic-outlook-survey-mid-year-2019/
With the adoption of complex, conservative, prudential regulatory requirements, banks are now subject to multiple risk-based capital ratios, leverage ratios, capital buffers and Total Loss-Absorbing Capital (TLAC) ratios. As a result, they hold excessive levels of capital and liquidity that are increasingly disconnected from the level of risk they incur. Although these levels have undoubtedly increased resiliency, they come at a cost: the more capital required, the less deployed into the economy.
Here, Joseph Seidel, SIFMA’s Chief Operating Officer, and Carter McDowell, SIFMA’s Associate General Counsel and Managing Director, talk through the state of the post-crisis prudential regulatory framework and its effects on the capital markets, including market liquidity, capital formation and innovation. To learn more visit: www.sifma.org/prudential
SIFMA's survey of chief U.S. economists forecasts that the U.S. economy will grow 2.9% in 2018 and 2.6% in 2019, unchanged from its mid-year predictions. Michael Feroli, Chief U.S. Economist for J.P. Morgan and Chair of SIFMA's 2018 Economic Advisory Roundtable discusses the results from our latest survey.
Read the full report: https://www.sifma.org/resources/research/us-economic-outlook-survey-end-year-2018/
$200 trillion of financial contracts and securities are tied to LIBOR and that matters to everyone – small businesses, corporations, banks, dealers and investors. At SIFMA's 2018 Annual Meeting, Sandie O’Connor and David Bowman discuss how the Alternative Reference Rates Committee of the Federal Reserve - known as ARRC - is leading the U.S. transition the Secured Overnight Financing Rate, or SOFR. Sandie is the Chief Regulatory Affairs Officer for JPMorgan Chase & Co. and chair of the ARRC. She also serves on SIFMA’s Board of Directors and is chair of our global affiliate, GFMA. David is a senior advisor at the Board of Governors of the Federal Reserve System and is the senior staff liaison to the ARRC. Their conversation is moderated by Randy Snook.
SIFMA's survey of chief U.S. economists forecasts that the U.S. economy will grow 2.9% for the remainder of 2018, a significantly stronger prediction than their end-year forecast. Michael Feroli, Chief U.S. Economist for JPMorgan Chase & Co. and Chair of SIFMA's 2018 Economic Advisory Roundtable discusses the results from our latest survey.
Read the full report: https://www.sifma.org/resources/research/research-quarterly-first-quarter-2018/
Welcome to SIFMA’s podcast from our annual State of the Industry media briefing. In this segment, our leadership discusses the state of the capital markets and priority issues for the financial services industry in 2018. Please welcome the Chair or our Board of Directors, Lisa Kidd Hunt, Executive Vice President, Business initiatives for Charles Schwab and SIFMA’s President and CEO, Kenneth E. Bentsen, Jr.
Stuart Hoffman, senior vice president and chief economist for The PNC Financial Services Group and the 2016 Chair of SIFMA's Economic Advisory Roundtable, discusses the Roundtable's U.S. End-Year 2016 Economic Outlook.
Stuart Hoffman, Chair of SIFMA’s Economic Advisory Roundtable, discusses the Roundtable’s U.S. Mid-Year 2016 Economic Outlook. Survey results showed GDP outlook has decreased to a 1.8% increase from an expected 2.5% increase earlier this year. Respondents anticipated either one or two FOMC rate hikes for the rest of 2016 and expectations ranged from two to four rate hikes in 2017. In addition, survey results placed a 20% chance of WTI crude oil prices dropping below $40 by the end of 2016, a 40% of prices between $41 and $50, and 20% chances of both prices from $51 to $60 and above $60. The mid-year survey concluded on June 6, 2016. The full report can be found at sifma.org/research