Wall St. giants form new trade organization

Top Wall St. players in the securitization business are forming a new trade organization after a less-than-amicable departure earlier in the month from the American Securitisation Forum (ASF), reports FT.com.

“Investment banks including Morgan Stanley, Deutsche Bank, Bank of America, Citi and RBS Securities, plus rating agency Fitch and securities issuers GM Financial and Ford Motor Credit Company, were among the 21 companies, which said on Thursday that they were forming a new organisation, to be called the Structured Finance Industry Group (SFIG),” the report explains.

Read more here.

Also read:

CFA: Investors shouldn’t blindly trust Wall Street

Fiscal cliff bill subsidizes Wall Street

Key to Wall Street success? Bad ethics

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.