News Feed

The Depository Trust & Clearing Corp. is seeking industry comment on a new service designed to cap its own liquidity risk when it covers the default of a clearing member.The new service, called Continuous Net Settlement for Value, would allow DTCC to place "debit caps" on obligations of its National Securities Clearing Corp., in the event of a default that it has to cover. A debit cap would establish the maximum dollar amount that could be charged against the NSCC, in a default. NSCC would remain the central counterparty to a transaction but would not suffer a liquidity shortfall.Currently, the NSCC funds obligations of a defaulting member in the short term and may not always have immediate access to that firm's positions to complete its obligations. Therefore, NSCC must always have the correct amount of liquidity it needs on hand.

PALM DESERT, CALIF.—“The past 60, 90 days have been the craziest that risk managers have ever faced in their careers, in terms of the national debate over the U.S. debt ceiling, market volatility and a host of other key risks asset managers are now facing,” said Joseph A. Carrier, chief risk officer at Legg Mason.

Morgan Stanley Smith Barney has hired three financial advisors from RBC Capital Markets and UBS Financial Services in Connecticut and South Dakota.

A hearing before a subcommittee of the House Committee on Financial Services Tuesday allowed representatives from across the financial advisory industry to air their views about whether a new self-regulatory organization is necessary to oversee advisors and broker-dealers and, if it is, how it should be constructed.

The Depository Trust & Clearing Corp. is seeking industry comment on a new service designed to cap its own liquidity risk when it covers the default of a clearing member.

The Hartford this week named Michael Gregg as head of strategic markets for its wealth management unit where he’ll oversee the firm’s strategic relationships, advanced markets and merger and acquisitions activities.

Krusen Capital Management, investment advisor to a hedge-fund platform, has added Boston-based Windham Capital Management to its roster of hedge fund and private-equity managers.

UBS Wealth Management Americas has hired a two-member Wells Fargo Advisors team in its Tucson, Ariz. office.

Morgan Stanley this week said Vincent Reinhart will join the firm as its chief U.S. economist next month and lead a team that includes U.S. fixed income economist and managing director David Greenlaw.

Whether analyzing a trade before you make it or processing it afterward, Deutsche Bank says there’s an app for that.