The Municipal Securities Rulemaking Board on Friday proposed a partial delay in the launch of its new transparency system for short-term securities after many in the industry said they need more time to implement the system.
The nomination of Financial Industry Regulatory Authority Inc. chief Mary Schapiro to head the Securities and Exchange Commission has intensified worries about whether Finra will take over the regulation of financial advisers.
Mr. Dinallo will focus on securities lending this year, asking each life insurance company about its approach toward these transactions and preparing to evaluate the carriers' programs.
"Most of the bad economic news that can possibly happen has already happened."
Despite the market turmoil, which caused a decrease in assets under management in 2008, financial advisers and the independent broker-dealers who serve them will see business boom in 2009.
"It will be a difficult year. We expect commercial-property investment volume to increase 15% from the depressed levels of 2008 as more distressed assets come to market," Mr. Bach said.
In 2009, look for an increase in individual lawsuits, rather than class actions, filed by institutional investors such as pension funds and insurance companies in litigation stemming from the subprime debacle.
"There is tons of money sitting on the sidelines and companies have tons of money sitting on their books."
The stock market hasn't hit bottom yet, but by the end of 2009 it will have turned positive.
"I think it will be a little bit bumpy for the economy and the markets for the first few months of the year, but then we will gain some traction," Mr. Glovsky said. He thinks the second half of 2009 will be strong.
