SIFMA prepares for government default The Securities Industry and Financial Markets Association is preparing for what could be the worst-case scenario in the current government showdown: A political impasse that leads to lawmakers defaulting on the nation's debt. According to Reuters, SIFMA has drawn up plans so that trading platforms can still process deals involving defaulted U.S. Treasuries should Congress fail to raise the debt ceiling by Oct. 17. "Protocols are being put into place," SIFMA Managing Director Rob Toomey told the news agency. The U.S. Treasury has warned that a government default could lead to a financial crisis. SIFMA said it would be on "high alert"… Read More