A watershed for financial reform legislation occurred this week, signaling important changes in the career landscape over the next couple of years.
A groundswell of popular sentiment in favor of robust reforms is pulling Republicans to line up behind provisions favored by President Obama - including moving interest-rate swaps and many over-the-counter derivatives to organized exchanges, and rehabilitating the Volcker Rule that would compel banks to give up their alternative investments and proprietary trading businesses.
Requiring the most common derivatives contracts to trade on exchanges appears a fait accompli, for which the industry is already making concrete preparations. Stay tuned to eFinancialCareers News for an in-depth look at job opportunities that will arise from that and other regulatory changes.
The Financial Times reports:
A key turning point took place on Wednesday when Chuck Grassley, the Republican senator from Iowa, who serves on the agriculture committee, voted for a measure that would toughen up the regulation of derivatives - a step that Mr Obama on Thursday described as "encouraging".
In the same way that Mr Grassley's agonised opposition to any healthcare compromise doomed bipartisan efforts last summer, his support for a stronger version of derivatives regulation signalled the opposite. Unsurprisingly, therefore, Mr Obama's speech to Wall Street yesterday sounded more like a victory lap than one of his customary last-ditch pleas for bipartisan co-operation.
A reform bill "looks likely to be passed in the next four to six weeks," the paper says.
Reality Dawns For Republicans Over Wall St
Sunday Times Rich List 2010: The 10 Richest Hedge Fund Managers [The Telegraph]
Louis Bacon of London-based Moore Capital is the richest hedge fund manager in Britain, according to the Sunday Times 2010 Rich List.
Credit Suisse Reveals 2 Percent Profit Rise [Times of London]
T. Rowe Price Profit Triples [WSJ]
US Mulls AIG Sale Timeline: Source [Bloomberg News, via NY Post]
Overcoming the Mental Barriers to Equal Pay [Harvard Business Review]
Job Search Girl Kills Herself [The Sun]
Follow eFinancialCareers on Twitter: https://twitter.com/efcusnews