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Fidelity Investments® Statement on Volcker Rule ProposalBOSTON – Fidelity Investments today filed a written statement from Alexander Marx, Head of Global Bond Trading for Fidelity, in advance of testimony he will deliver tomorrow, January 18, 2012, before the Financial Services Subcommittee on Financial Institutions and Consumer Credit and the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises.
Marx will appear before the Subcommittees to discuss ways that the proposed Volcker Rule regulations, if implemented in their current form, could have significant, unintended consequences that would impact millions of investors.
Fidelity Investments serves over 20 million investors including retail investors, workplace investors, retirees, pension plan participants and institutional investors, all of whom are investing in challenging market conditions with the hopes of achieving critically important financial goals.
Marx will cite concerns that the proposed rules will reduce the efficiency of the capital markets in which Fidelity’s funds trade every day, by imposing significant burdens on the principal trading of banks. He will also emphasize how the proposed rules could slow growth in the economy by increasing American companies’ costs of raising capital and growing their businesses.
It’s important to note that as an investment adviser, Fidelity Investments is not a bank and would not be directly regulated by the proposed rules. Nevertheless, Fidelity’s trading team engages with Wall Street banks and their dealer affiliates on a daily basis as it buys and sells securities in the markets on behalf of its mutual fund shareholders and institutional clients. The assets managed by Fidelity belong not to Fidelity, but rather to the millions of shareholders who have entrusted the firm with their savings.
About Fidelity Investments®
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.4 trillion, including managed assets of $1.5 trillion, as of December 31, 2011. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.
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