Banks call for all-to-all trading of CDX | Bank retains monitor to ensure proper swaps reporting | FSB says issue of "too big to fail" banks remains
August 19, 2016
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Banks call for all-to-all trading of CDX
The credit default swap index market is dominated by Tradeweb and Bloomberg, which have a joint 88% market share resulting in a lack of liquidity and price information for traders, experts say. Some banks hope to move to all-to-all trading in order to help provide dealers with better pricing information.
Risk.net (subscription required) (8/18) 
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Bank retains monitor to ensure proper swaps reporting
Deutsche Bank has complied with US regulatory demands to employ a monitor to ensure its swaps are reported properly following a system failure in April that kept it from reporting swaps data for multiple asset classes for five days. Deutsche Bank stated that it understands the Commodity Futures Trading Commission's concerns and is "committed to meeting all regulatory requirements."
Reuters (8/18),  Bloomberg (8/18),  Financial Times (tiered subscription model) (8/18) 
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Industry News and Trends
FSB says issue of "too big to fail" banks remains
FSB says issue of too-big-to-fail banks remains
Carney (Dylan Martinez/AFP/Getty Images)
The Financial Stability Board, which Bank of England Governor Mark Carney leads, is seeking to renew efforts to mitigate risks posed by "too big to fail" financial firms. The FSB noted concerns about major banks' ability to be wound down in an orderly fashion, but also said that progress has been made.
Bloomberg (8/18) 
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US lawsuit says banks misled investors on Australian rate
A lawsuit filed by a US trader and two US investment funds alleges that Australia's primary interest-rate benchmark was fixed by the country's largest banks and global investment banks. The suit repeats similar manipulation allegations brought by the Australian Securities and Investments Commission against three of the country's banks.
The Australian Financial Review (free content) (8/18),  The Wall Street Journal (tiered subscription model) (8/18),  International Business Times (8/19),  Business Standard (India)/Bloomberg (8/19) 
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German banks want Frankfurt to gain business from UK
German bankers are calling on their government to actively promote Frankfurt as the best financial center in order to win business from London after Brexit.
Financial Times (tiered subscription model) (8/18) 
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Regulatory Roundup
CFTC won't ease rules for HFT firms, Massad says
CFTC won't ease rules for HFT firms, Massad says
Massad (Alex Wong/Getty Images)
Commodity Futures Trading Commission Chairman Timothy Massad said new market participants must adhere to existing rules as he dismissed the idea of easing regulations to help high-frequency trading firms.
Financial Times (tiered subscription model) (8/18) 
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BIS warns over risk of emerging-market corporate debt defaults
The volume of corporate debt maturing from developing nations will spike 40%, to $340 billion, over the next three years, the Bank for International Settlements reports. The situation is creating a potential default risk, the BIS said.
Bloomberg (8/18) 
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ICE sets out to prove CMA wrong on Trayport takeover
Intercontinental Exchange has hit back at the Competition and Markets Authority's concerns about its $650 million takeover of Trayport. ICE said it doesn't think the deal will have a negative effect on competition, and plans to demonstrate this to the CMA before the watchdog's final decision in October.
Reuters (8/18) 
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EU to study potential of fintech startups to disrupt finance
The European Commission is getting ready to spend up to €350,000 to examine whether internet-based fintech startups pose a threat to the stability of traditional banks and other financial firms. The growing investment in fintech "can potentially disrupt the banking and other financial industries, which deserve specific attention considering their systemic role for the economy," the commission said in a document explaining the need for the study.
MLex (subscription required) (8/18) 
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ISDA News and Events
ISDA Amend Webcast: Are you ready for the upcoming margin rules?
ISDA
ISDA and IHS Markit have launched ISDA Amend 2.0, which allows market participants to implement the new margining requirements for noncleared derivatives, as well as the ability to inform counterparties about elections they have made under the ISDA Resolution Stay Jurisdictional Modular Protocol. Listen to the webcast replay that outlines the new functionality of ISDA Amend 2.0.
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Focus on: Unique Product Identifiers
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ISDA Symbology Project and OTC ISINs
This half-day conference is focused on the work surrounding the definition of product identifiers for OTC derivatives. Panel discussions will provide an overview of the work on product identification accomplished so far, with a focus on the regulatory and business requirements. In addition, the conference will discuss infrastructure and implementation of product ISINs and industry usages.
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London: Sept. 22
New York: Sept. 30
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