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Our experts frequently write blog posts about the findings of the research we are conducting.

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Municipal Bonds Trading in ETFs

(Aug 2013)

About a month ago, we spent a full week highlighting research conducted at our firm that shows the degree to which investors are harmed by excessive markups in municipal bond trading. In the paper, our colleagues argue that low-cost improvements in disclosure requirements could largely eliminate these transfers of wealth from taxpayers and investors to the brokerage industry.

After the research was completed, we began thinking about other ways investors gain exposure to municipal bonds. For...

FINRA's Market Data Center

(Aug 2013)

FINRA has a number of useful web-based tools on their website. We mention their BrokerCheck tool quite often, as it allows investors to check on the professional background and disciplinary history of any particular broker or firm registered with the agency. Another very useful tool is their Market Data Center, which provides a wide variety of market data for free.

Perhaps the most useful aspect of the Market Data Center is the the TRACE (Trade Reporting and Compliance Engine) database. TRACE...

SEC Charges Indiana School District and Underwriter with Defrauding Investors

(Jul 2013)

Yesterday the Securities and Exchange Commission (SEC) announced thatWest Clark Community Schools -- and Indiana School District -- City Securities Corporation and Randy G. Ruhl have been charged with defrauding investors in connection with municipal bond offerings. The SEC order against the school district and against the underwriter can be found on the SEC website.

The action stems from the fact that the school district was contractually obligated to disclose financial information on an...

SLCG Research: Structured Certificates of Deposit

(Jul 2013)

Lately, we've been fascinated by structured certificates of deposit (CDs), also known as 'market-linked CDs', 'equity-linked CDs', 'market contingent CDs', etc. Structured CDs are bank deposits that have interest payments linked to market indexes, individual stocks, commodities, or any other underlying asset. Unlike structured products, which have public SEC disclosure documents, structured CDs are not well studied and even the size of the market is not perfectly clear. We covered the basics...

SEC Litigation Releases: Week in Review - July 12th, 2013

(Jul 2013)

Serial Fraudster Matthew J. Gagnon Sentenced to Five Years in Prison
July 11, 2013, (Litigation Release No. 22749)
This week Matthew J. Gagnon was sentenced to "five years of incarceration followed by three years of supervised release and ordered...to pay over $4.4 million in restitution to his victims." Gagnon had pleaded guilty to "one count of criminal securities fraud for promoting a securities offering without fully disclosing the amount of his compensation in connection with his...

Regulators Impose Record Fine for Brokerage Firm's Supervisory Failures

(Jul 2013)

Yesterday evening, the Wall Street Journal reported that FINRA and several US exchanges fined the brokerage firm Newedge USA, LLC $9.5 million over alleged failures to adequately restrict automated client trading activity that "sought to manipulate U.S. markets for nearly four years." The trading activity took place on several exchanges including NYSE Euronext, NASDAQ OMX, and BATS Global Markets according to the WSJ article. FINRA's press release can be found on the FINRA website.

Newedge...

SEC Investigating Early Release of Data to High Frequency Traders

(Jul 2013)

Every month at 10:00 AM Eastern time, Thomson Reuters publishes the Institute for Supply Management (ISM) manufacturing data on its website. The ISM data is a widely cited benchmark, and its announcement can move stock markets. On June 3, that data was disappointing, and the stock market fell in response to the news. But it fell 15 milliseconds before the data was released.

Likewise, every month at 10:00 AM Eastern the University of Michigan publishes its Consumer Sentiment Index data through...

Muni Markup Week Wrap Up

(Jun 2013)

Last Friday evening we posted a comprehensive report on municipal bond mark-ups. This week we've had several posts covering topics within our report. We're wrapping up the week with an example which illustrates some of our observations.

In February 2005 the City of Carlsbad issued $33,085,000 in tax exempt bonds underwritten by a Stone & Youngberg. This small San Francisco-based brokerage firm specialized in municipal finance and was recently bought by Stifel Nicholas. The Offering Circular...

SEC Charges South Miami with Defrauding Investors

(May 2013)

Yesterday the Securities and Exchange Commission (SEC) charged the City of South Miami with defrauding investors over the tax-exempt status of some municipal offerings.

In 2002, the City of South Florida obtained access to tax-exempt financing through a pooled conduit municipal bond issued by the Florida Municipal Loan Council (FMLC) to fund the construction of a mixed-use retail and parking structure in the city's commercial district.* The 2002 FMLC bond offering can be found online. The...

Fitch Rolls Out New Ratings Indenture Abstract

(May 2013)

It is looking more and more like collateralized debt obligations (CDOs) and other asset-backed securities -- the 'toxic' assets highlighted as some of the worst excesses of the financial crisis -- are back. And while the agencies that rate asset-backed securities are still at the center of the debate over the validity of these investments, at least one of them is trying to improve its explanation of their labyrinthine terms and conditions.

Fitch has recently published the first example of...

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