The Securities Industry and Financial Markets Association (SIFMA) is a not-for-profit trade association that represents securities brokerage firms, investment banking institutions, and other investment firms.
The SIFMA Index is usually 64%–70% of its taxable equivalent three-month LIBOR. For example, assume the three-month LIBOR is 2.29%, and the SIFMA rate is approximately 67.5% of the three-month LIBOR, the SIFMA rate can be calculated to be 0.675 * 2.29% = 1.55%.
Drawing on the support and expertise of the financial industry, the SIFMA Foundation provides financial education programs and tools that strengthen economic opportunity across communities and increase individuals' awareness of and access to the benefits of the global marketplace.
A VRDN is a long-term municipal bond, which carries a coupon that adjusts at regular intervals – usually 7 to 35 days – leading to a short-term duration asset. The bonds tendered are then resold to the secondary market by a reseller agent or trustee.
An index swap is a hedging contract in which one party exchanges a predetermined cash flow with a counterparty on a specified date. A debt, equity, or other price index is used as the agreed exchange for one side of this swap. An overnight index swap applies an overnight rate index such as the federal funds rate.
The Municipal Market Data (MMD) Curve is a benchmark yield curve that represents the yields of high-grade (AAA-rated) municipal bonds across various maturities. Published by Thomson Reuters, it serves as a standard reference for pricing and evaluating municipal securities.
Securities are financial instruments issued to raise funds. The primary function of the securities markets is to enable to flow of capital from those that have it to those that need it. Securities market help in transfer of resources from those with idle resources to others who have a productive need for them.
Ensuring high standards of market integrity and investor protection; Enabling capital formation through savings and investment; Promoting financial literacy and a strong retail investor culture; and. Calibrating supervision and regulation with innovation and growth.
SIFMA's Legal & Compliance committees advocate on legislation, regulation and business policy affecting compliance and governance. They also provide industry leadership benchmarking and coordination for compliance and regulatory implementation and adherence.
The Credit Default Swap Index (CDX) is a benchmark index that tracks a basket of U.S. and emerging market single-issuer credit default swaps. Credit default swaps act like insurance policies in the financial world, offering a buyer protection in the case of a borrower's default.
An example of a swap is an interest rate swap, in which one party agrees to pay a fixed interest rate and receives a floating interest rate from the other party. This can help the fixed rate payer protect against the risk of rising interest rates, while the floating rate payer can benefit from lower interest rates.
Rule 144A (formally 17 CFR § 230.144A) is a Securities Exchange Commission (SEC) regulation that enables purchasers of securities in a private placement to resell their securities to qualified institutional buyers (QIBs) under certain conditions.
The SIFMA Municipal Swap index is a 7-day high-grade market index comprised of tax-exempt VRDOs reset rates that are reported to the Municipal Securities Rule Making Board's (MSRB's) SHORT reporting system. The index is calculated on an actual/actual basis and is published every Wednesday by 4 p.m. Eastern Time.
Direct Participation Program (DPP) Definition and Key Features. A direct participation program is an investment approach where multiple investors pool their money together and invest in long-term projects, such as real estate or the energy sector.
The waiting list, therefore, will consist of candidates nominated from May 1, 2009 to today. Those elected in the new intake will receive an offer of membership in mid-July, 2026.
Category 1 – Forecast is more than 18,000 members and guests in Reserve. Category 2 – Forecast is between 15,000 and 18,000. Category 3 – Forecast is between 8000 and 15,000. Category 4 – Forecast is fewer than 8000.
