On Thursday January 7th, as part of BDA’s member fly-in initiative, BDA member firms and BDA staff met with the SEC, FINRA, and senior staff at the Senate Banking Committee and the House Financial Services Committee to discuss the proposed TBA, CMO, and specified pool margin amendments to Rule 4210 that FINRA filed with the SEC.…
Category: FINRA Mortgage Security Margin Amendments
FINRA amendments to Rule 4210 require a new margining regime for mortgage products, including TBA securities. BDA continues to work with our members to assist in establishing appropriate compliance regimes for middle-market dealers so that they can continue to provide liquidity to the TBA market.
BDA Submits Letter to SEC on FINRA Rule 4210 TBA Amendments
BDA has submitted its comment letter to SEC on FINRA Rule 4210, to establish margin requirements for the TBA Market. The BDA’s letter can be read here. BDA’s comment letter highlights that the burden of this rule will fall on small-to-medium sized dealers transacting with medium-to-large sized counterparties and focuses on the following areas of…
Hensarling Picked to Head House Financial Services Committee
Rep. Jeb Hensarling, a Republican from Texas, was named as Chairman of the House Financial Services Committee when Congress convenes in January 2013. Hensarling, a conservative, known for his skepticism of big banks and the government’s role in mortgage finance, will succeed the current chairman of the House Financial Services Committee, Rep. Spencer Bachus (R., Ala.).…