CFTC reportedly considers compromise on SEF rules | JSCC eyes March 2014 for client clearing | ICE will buy NYSE Euronext under holding company
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March 20, 2013
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Groups ask IOSCO to take lead in derivatives overhaul
ISDA, other associations and exchanges are calling on the International Organization of Securities Commissions to lead an effort to resolve concerns about cross-border application of certain rules. Read the letter. Financial Times (tiered subscription model) (3/19)
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CFTC reportedly considers compromise on SEF rules
The Commodity Futures Trading Commission reportedly is considering a compromise proposed by Commissioner Bart Chilton to resolve "request for quote" differences in proposed rules for swap-execution facilities. Financial Times (tiered subscription model) (3/19)
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Industry News and Trends
JSCC eyes March 2014 for client clearing
Japan Securities Clearing plans to allow client clearing from member banks starting in March 2014. "We have nearly finished the design of client clearing and expect to begin this as early as the first quarter of next year," said Takeshi Hirano of JSCC. Risk.net (subscription required) (3/19)
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ICE will buy NYSE Euronext under holding company
A regulatory filing says IntercontinentalExchange will acquire NYSE Euronext under a holding company named ICE Group. The entity will retain ICE's ticker symbol. The combined company will run the New York Stock Exchange and ICE's commodity markets as subsidiaries, according to the Securities and Exchange Commission filing. Financial Times (tiered subscription model) (3/19), The Wall Street Journal/Dow Jones Newswires (3/19)
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Bank plans to withdraw from Euribor-setting panel
UBS says it will withdraw from the panel that sets the Euro Interbank Offered Rate. "We have decided to withdraw from the Euribor panel and to focus on our core funding markets, Swiss franc and U.S. dollar," a spokesman said. UBS previously pulled out of the Australian rate panel, while Rabobank announced in January that it would no longer participate on the Euribor panel. Reuters (3/19), Bloomberg (3/19), The Wall Street Journal (3/19)
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Markit reportedly considers market listing
Markit Group reportedly is looking into a market listing that would value the company at more than £4 billion. The company is not committed to going public and would consider other customers, according to reports. City A.M. (London) (3/19)
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Regulatory Roundup
House bill would give banks reprieve on swaps rules
The House Agriculture Committee might push through a bill that would make it easier for banks to trade swaps overseas. It is one of seven measures the panel is expected to take up today. The legislation is aimed at curtailing the Dodd-Frank Act. Bloomberg (3/20)
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Data from new rules is of little help, CFTC's O'Malia says
Derivatives rules mandated by the Dodd-Frank Act don't provide regulators with the information they would have needed to prevent JPMorgan Chase's "London whale" debacle, says Scott O'Malia, a member of the Commodity Futures Trading Commission. The data "is not usable in its current form," O'Malia said, noting that the agency has been overwhelmed with data. Bloomberg (3/19), Reuters (3/19), Financial Times (tiered subscription model) (3/19)
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ESMA reportedly will gain power to force banks to set benchmarks
The European Securities and Markets Authority might become the first EU institution that can force banks to submit prices to help set benchmarks such as the London Interbank Offered Rate. The move comes as banks exit rate-setting panels in the wake of manipulation investigations. Financial News Online (U.K.) (subscription required) (3/18)
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Hedge fund directors worry about FATCA
The Foreign Account Tax Compliance Act is a large concern for many hedge fund directors, according to an industry poll. "These managers went from light regulation to having to comply with significant new regulations, reporting requirements and government oversight," respondent Derek Delaney said. "This stretched many investment managers from an operational support perspective." The Wall Street Journal/Corruption Currents blog (3/19)
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ISDA News and Events
Free ISDA paper: "Non-Cleared OTC Derivatives: Their Importance to the Global Economy"
Noncleared over-the-counter derivatives create significant value to the economy, including enabling companies and governments to manage risk and helping pension funds meet obligations to retirees. Regulatory proposals on margin requirements pose a threat to the continued functioning of this vital market segment. This free ISDA paper explains noncleared OTC derivatives, who uses them, the reason some -- but not all -- will be cleared and the impact of regulatory proposals.
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