Basel halts rule-making to assess existing reforms | Latest US trade probe targets aluminum imports | Dodd-Frank bank resolution, SIFI designation halted by Trump
April 27, 2017
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Regulatory insight and top news for commodities markets
Regulatory & Compliance
Basel halts rule-making to assess existing reforms
The Basel Committee on Banking Supervision has pledged to not launch any rule-making until 2019 as it completes ongoing changes and assesses the effects of post-crisis regulations.
Financial Times (tiered subscription model) (4/25) 
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Latest US trade probe targets aluminum imports
Following a similar move on steel, the Trump administration has ordered an investigation of aluminum imports on national security grounds.
Financial Times (tiered subscription model) (4/26) 
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Dodd-Frank bank resolution, SIFI designation halted by Trump
Trump halts Dodd-Frank Act bank resolutions, SIFI designations
Trump (Mark Wilson/Getty Images)
President Donald Trump has signed executive orders suspending for 180 days provisions of the Dodd-Frank Act that authorize the liquidation of distressed banks and the designation of nonbanks as systemically important financial institutions. Trump has instructed the Treasury Department to review rules governing the procedures.
ThinkAdvisor (free registration) (4/21),  The Washington Post (tiered subscription model) (4/21),  The Hill (4/21),  MLex (subscription required) (4/21) 
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House panel to mark up Financial CHOICE Act next week
The House Financial Services Committee is scheduled to mark up the Financial CHOICE Act on Tuesday. The bill, intended to replace the Dodd-Frank Act, would provide regulatory relief to banks and would roll back the Volcker rule and other aspects of post-crisis regulation.
Bloomberg BNA (free content) (4/25) 
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Fed's Powell urges review of post-crisis rules
While core changes enacted after the financial crisis should remain, it is time for regulations to be streamlined to encourage growth and better meet initial intentions, Federal Reserve Governor Jerome Powell said at the Global Finance Forum. Powell particularly called for raising applicability thresholds to ease the burden on small and midsize banks.
ABA Banking Journal online (4/20),  Financial Times (tiered subscription model) (4/20),  The Bond Buyer (subscription required) (4/20),  MarketWatch (4/20) 
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Former Fed chief Volcker defends namesake rule
Former Fed Chair Volcker defends namesake rule
Volcker (Alex Wong/Getty Images)
Former Federal Reserve Chairman Paul Volcker is defending the proprietary-trading ban that was implemented under the Dodd-Frank Act, saying the "effort has not been futile." "I've heard from people within banks who have said this has really changed the environment within banks, especially around the trading desks, which were filled with conflicts of interest," he said. (subscription required) (4/19) 
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Hot Topics
This Week in Commodities
Small Chinese refiners reshape global oil markets
Chinese oil refiners known as "teapots" are driving increasing demand from the world's largest consumer of energy, which in turn is helping to vault Russia into the No. 1 exporter spot. "High imports from Russia mostly can be attributed to growing demand from teapots and strategic reserves purchase," said Amy Sun, an analyst with commodities researcher ICIS-China.
Bloomberg Professional (4/24) 
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So far in 2017, aluminum is king
Renewed belief that China will curb production and help end an aluminum supply glut has helped push prices of the metal to their highest level in nearly three years.
Financial Times (tiered subscription model) (4/24) 
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Goldman bearish on near-term prospects for gold
Potential interest-rate hikes in the US and solid global economic growth are among the reasons investment banker Goldman Sachs is taking a bearish view of gold prices.
Financial Times (tiered subscription model) (4/25) 
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India becomes a commodities force
The "Make in India" initiative enacted by the government in 2014 is starting to pay dividends as manufacturing ramps up and brings the demand for commodities along with it. New projects, some already underway, are behind the country's increasing need for oil, coal, natural gas, renewables and metals, among other commodities.
Hellenic Shipping News Worldwide (4/25) 
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Hedging uptick helps oil, gas firms survive low prices
Oil and gas producers can maintain output in the face of weak prices because of increased hedging late last year and this year, says Deloitte's John England. "Hedging incentivizes you to just keep going in and producing; it takes out the boom-and-bust cycles a little bit," England said.
Argus Media (4/20) 
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ETF investors ignore silver despite high price
Investors of exchange-traded funds have ignored a five-month-high price of silver, which has risen 14% since December. They might think "prices have gotten ahead of underlying industrial demand," Gradient Investments' Mariann Montagne says.
Bloomberg (4/19),  Financial Times (tiered subscription model) (4/19) 
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Derivatives trading rising in Asia, CME says
Asia-Pacific is becoming important for derivatives trading, says Christopher Fix, regional head at CME Group, who attributes the firm's double-digit growth in the past two years to Australia, China, Hong Kong, Singapore and South Korea. "China will be the important driver in the integration of the global derivatives markets," Fix said.
China Daily (Beijing) (4/24) 
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CME Group Insights
How the Henry Hub became a natural gas price benchmark
This article takes an in-depth look at the Henry Hub natural gas futures contract, now among the most-traded in the world. It looks at the evolution of the US natural gas market and details the factors that make the Henry Hub the de facto price reference.
CME Group (4/24) 
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