Securities

The securities industry accounted for roughly $28.8 billion in state tax revenue and $5.4 billion in New York City tax revenue for fiscal 2023, state Comptroller Thomas DiNapoli estimated.

"Further declines could weaken New York's tax revenue from the securities industry and have repercussions for our state and city budgets," said New York State Comptroller Thomas DiNapoli.

The decrease in long-term interest rates this year has helped banks' bond portfolios recover a bit. Some of them may consider restructuring their securities portfolios in the short run, and longer-term changes are also possible as the fallout from last month's crisis continues.

Shares in Silicon Valley Bank's parent company plunged 60% after executives announced they would sell a large bond portfolio at a big loss. The market "seems to be pricing in greater liquidity needs" than the bank currently anticipates, one analyst said.

The survey of 17 economists found they were split over the next interest rate move by the Federal Reserve.

The SEC’s Technology and Electronic Trading Subcommittee meets on pennying.

The Bond Dealers of America has formed a Fixed Income Market Structure Working Group to advise regulators, lawmakers and market participants on structural changes in the fixed income industry and marketplace.

The Senate voted 85 to 14 on Wednesday, mostly along party lines, to confirm Republican Elad Roisman to become a member of the Securities and Exchange Commission for a term expiring June 5, 2023.

The Municipal Securities Rulemaking Board has selected two individuals representing the public and three from regulated entities from 80 applicants to become part of its 21-member board on Oct. 1.

A Securities and Exchange Commission proposal that may trigger additional MSRB rulemaking is open for comment, and the MSRB is scheduled to discuss it next week.

A number of municipal market groups and firms asked the MSRB in comment letters to create an exemption to its CUSIP rule that would allow placement agents to generally avoid having to obtain CUSIP numbers when they are engaging in private placements, including direct purchases.