The ramp-up continues at HSBC Securities, which hired George Smith from Bear Stearns and Rob Diorio from CDC IXIS North America as managing directors in its U.S. ABS group. At Bear Stearns, Smith led the ABS syndicate and trading desks. Prior to CDC, Diorio was a co-head of the securitization group at Merrill Lynch.
The Financial Accounting Standards Board has scheduled Action Alert No. 04-19 for 9:00 a.m. Wednesday. Topics to be discussed include beneficial interests in securitizes financial assets, mortgage servicing rights and fair value measurements. A non-decision making open education session is scheduled to immediately follow the meeting, to discuss the topics brought up at the May 26 Board meeting.