Exchange reportedly to launch ether derivatives | EU nears US equivalence deal ahead of MiFID II | Group: UK banks should have post-Brexit access to big EU clients
November 17, 2017
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Exchange reportedly to launch ether derivatives
An exchange dubbed "Virtuoso" plans to offer ether derivatives, sources say, in the wake of a decision by CME Group and Cboe Global Markets to launch bitcoin futures. Digital Asset Holdings co-founder Sunil Hirani reportedly is a co-founder of Virtuoso.
Bloomberg (free registration) (11/16) 
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EU nears US equivalence deal ahead of MiFID II
The European Commission has reportedly made an informal agreement to offer equivalent status to US trading venues ahead of Europe's revised Markets in Financial Instruments Directive, with similar approval for Swiss venues said to be possible but as yet unconfirmed. If EU states agree to the deal, it would ease investor access across European, Swiss and US markets.
Reuters (11/16) 
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Brexit
Group: UK banks should have post-Brexit access to big EU clients
After Brexit, UK banks should be free to offer services to institutional clients and large sophisticated investors in the EU, bank lobby UK Finance said. UK and EU supervisors should grant mutual recognition to one another's rules so British banks licensed by the Bank of England would not have to obtain licenses in the EU to do business outside the UK, the group said.
MLex (subscription required) (11/16) 
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Regulatory Roundup
CFTC: Deal nears for swaps transaction identifiers
An international agreement is close on reporting requirements for swaps data, including uniform transaction identifiers, uniform product identifiers and critical data elements, says Eric Pan, director of international affairs at the Commodity Futures Trading Commission. "For the product identifier, we have had a public consultation paper, which lays out all the issues that we are looking at," he said.
Risk (subscription required) (11/16) 
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Nowotny: Cryptocurrency regulation on ECB radar
Nowotny: Cryptocurrency regulation on ECB radar
Nowotny (Dieter Nagl/Getty Images)
Legislators and central bankers are considering regulations for cryptocurrency trades to protect investors, said Ewald Nowotny, governing council member of the European Central Bank. Investors must understand the risks involved with cryptocurrencies, he said.
Reuters (11/16) 
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Industry Developments
Industry seeks CFTC relief from MiFID II rule
Complying with Europe's revised Markets in Financial Instruments Directive might force brokers to charge separately for research and thus require them to register with the US Commodity Futures Trading Commission as commodity-trading advisers and face additional regulation. FIA is asking the CFTC for relief from registration.
Bloomberg (free registration) (11/17) 
CME establishes safeguard against bitcoin-futures risk
CME Group CEO Terry Duffy plans to mitigate risk traders face with bitcoin futures by prohibiting trading at prices 20% above or below the prior day's settlement.
Financial Times (tiered subscription model) (11/16) 
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UniCredit's Weimer to become Deutsche Boerse CEO
Deutsche Boerse has appointed Theodor Weimer, head of UniCredit subsidiary HypoVereinsbank, as CEO, effective Jan. 1. Weimer will succeed Carsten Kengeter, who has resigned amid an insider trading investigation.
Reuters (11/16),  Financial Times (tiered subscription model) (11/16) 
Financial Technology
Global authority pushes LEI requirement for fintech firms
The Global Legal Entity Identifier Foundation is calling on the Basel Committee on Banking Supervision to include the use of LEIs in a pending standard for financial technology. "For banks to be able to implement fintech and to address the associated operational, cyber and compliance risks, banks are going to need to be able to unequivocally identify all service provider types," according to the foundation.
MLex (subscription required) (11/15) 
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Commodities and Managed Futures
Venezuela, state-owned oil company default
The International Swaps and Derivatives Association's determinations committee has unanimously ruled that Venezuelan state-owned oil company PDVSA and the Venezuelan government have defaulted on bonds worth billions of dollars, triggering a credit event. The committee will meet Monday to discuss payments on credit default swaps.
Reuters/International Financing Review (11/16),  The Wall Street Journal (tiered subscription model) (11/16) 
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FIA News
Clearing 101 event in New York City
Ever wonder why there's so much fuss about derivatives clearing? Do you understand the purpose and function of clearing, the core concepts of how clearing works, and the seemingly confusing terms used to describe clearing and the relationships among market participants, clearing intermediates (futures commission merchants) and centralized clearinghouses? The FIA Law & Compliance Division presents Clearing 101 on Dec. 6 in New York City, a half-day interactive program designed to demystify clearing by giving you a basic understanding of what clearing is about and how and why it is regulated. Register today!
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