Most Clicked FIA SmartBrief Stories

1. Derivatives-clearing rules reportedly continue to vex EU, U.S.

FIA SmartBrief | Feb 26, 2015

Negotiators for the EU and U.S. are hoping to reach an agreement on rules governing derivatives clearinghouses by June 15. However, several hurdles remain, sources say. For example, EU officials are concerned about U.S. margin rules. Reuters (02/25)

2. CFTC's Giancarlo, execs question position limits

FIA SmartBrief | Feb 27, 2015

Efforts by the Commodity Futures Trading Commission to establish position limits for energy contracts has prompted concerns from market participants as well as CFTC member J. Christopher Giancarlo. Authorities tried to ease market participants' concerns, noting, for example, that fewer than four natural gas traders hold positions that would breach the limits. Argus Media (02/26) FOW magazine online (subscription required) (02/26) Financial Times (tiered subscription model) (02/26)

3. Commentary: Vague definitions of disruptive practices could prove problematic

FIA SmartBrief | Mar 03, 2015

Craig Pirrong argues that the word "manipulation" can be used to target anything that does not suit the person speaking, including high-frequency trading. "Order cancellation is a crucial component of the spoofing strategy, and this has created widespread suspicion about the legitimacy of order cancellation generally," Pirrong writes. However, he writes, many legitimate strategies also include order cancellation. (03/01)

4. Virtu's Concannon named CEO of BATS Global Markets

FIA SmartBrief | Feb 25, 2015

Chris Concannon will be CEO of BATS Global Markets, current CEO Joseph Ratterman says. Concannon was chief operating officer at electronic trading firm Virtu Financial. Reuters (02/24)

5. Derivatives execs discuss consequences of regulatory changes

FIA SmartBrief | Mar 02, 2015

Panelists at an industry event focused on the consequences of regulatory changes affecting the derivatives markets. Jacqueline Mesa, senior vice president and director of international relations and strategy at FIA, noted concerns about market stability. "The strength of the entire central clearing ecosystem depends on diverse and healthy participants," Mesa said. "However, we are witnessing a disturbing downward trend in the number of clearing [futures commission merchants] registered with the [Commodity Futures Trading Commission]." MarketWatch (02/27)

6. CFTC reportedly looks into dividend-arbitrage trading

FIA SmartBrief | Mar 02, 2015

The Commodity Futures Trading Commission has asked global banks for data on dividend-arbitrage trades intended to decrease or negate tax liabilities, sources say. The Division of Enforcement reportedly has sent inquiries to Goldman Sachs Group, Morgan Stanley, Bank of America, Citigroup and Deutsche Bank. Reuters (02/27) Wall Street Journal (tiered subscription model), The (02/27)

7. JPMorgan says clearing returns are "uneconomic"

FIA SmartBrief | Feb 25, 2015

JPMorgan Chase has warned that, under today's capital requirements, the returns produced by client clearing for over-the-counter derivatives are "uneconomic." The bank said its business was not built on "halo revenues or synergies" with other business lines. (subscription required) (02/24)

8. SGX chief regulatory officer steps down; replacement named

FIA SmartBrief | Mar 02, 2015

Tan Boon Gin, the chief of Singapore's executive-crime police force, will succeed Richard Teng as chief regulatory officer at Singapore Exchange. Global Times (China) (02/27) Reuters (02/27)

9. CFTC's Massad willing to harmonize swaps rules with EU, Japan

FIA SmartBrief | Feb 27, 2015

Commodity Futures Trading Commission Chairman Timothy Massad has indicated willingness to harmonize U.S. swaps rules with those of Japan and Europe. "I am willing to consider some changes to our proposed rule in order to ensure greater consistency," Massad said. The margin requirement for uncleared swaps, for example, could be increased, he said. Politico Pro (subscription required) (02/26) Financial Times (tiered subscription model) (02/26) Reuters (02/26)

10. SGX seeks CEO as Bocker plans June departure

FIA SmartBrief | Feb 25, 2015

Magnus Bocker, CEO of Singapore Exchange for more than five years, plans to leave in June, when his contract expires. Bocker has overseen the exchange's expansion in Asia. "There is a time and season for everything, and it is now time for me to take on new challenges," he said. SGX has hired an executive-search firm to find a successor. Reuters (02/24) Financial Times (tiered subscription model) (02/24) Straits Times (Singapore) (free content), The (02/24)

Sign up for FIA SmartBrief

Designed specifically for futures industry professionals, FIA SmartBrief is a FREE, daily e-mail newsletter. It provides the latest regulatory news, industry developments, international news and more. Learn more