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November 7, 2012
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  Top Stories 
  • Banks criticize SEC's capital rules
    Banks say the Securities and Exchange Commission's capital rules are too strict, and some won't offer client clearing for credit derivatives in the U.S. The chief concern, they say, is that under SEC rules, if a client were to miss a single margin payment, the entire clearing unit of the bank would be considered in default. A regulatory source said the banks were misreading the rules. (subscription required) (11/6) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Fight for position limits has obstacles for CFTC
    The Commodity Futures Trading Commission is expected to appeal a September court ruling that struck down its position-limit rule. "The obvious option is to appeal, and [Chairman] Gary Gensler is reportedly contemplating a challenge to the judge's ruling," said Holland West, a partner at Dechert. "The CFTC will have additional options, such as challenging the ruling on remand or going through the regulatory process of creating a record to determine that specific position limits are necessary." However, the CFTC faces significant challenges, experts say. (subscription required) (11/7) LinkedInFacebookTwitterEmail this Story
  • EU's OTC clearing mandates will take time, U.K. official says
    A Bank of England official says it is unlikely that the first clearing mandates for over-the-counter derivatives will be in effect in Europe before August, given necessary regulatory and legislative steps. "At that point, it is possible there will be [central counterparties] that have been authorized and that [the European Securities and Markets Authority] will pretty quickly, or around the same time, confirm that the central-clearing mandate applies for some or all of the products those CCPs clear," said Edwin Schooling Latter, head of payments and infrastructure at the U.K. central bank. (subscription required) (11/6) LinkedInFacebookTwitterEmail this Story
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  Industry Developments 
  • With profit down, NYSE trims growth goals for tech business
    NYSE Euronext on Tuesday reported a 42% decrease in its third-quarter profit. As a result, the exchange sped up its pullback from foreign investments and lowered a key growth target for its technology-services line of business. "Although we've made a lot of headway, a large portion of our earnings remain linked to trading," which has been in decline, " NYSE CEO Duncan Niederauer said. Financial Times (tiered subscription model) (11/7), The Wall Street Journal (11/6) LinkedInFacebookTwitterEmail this Story
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  Electronic Trading News 
  • Banks replace credit-derivatives traders with machines
    Credit-derivatives traders are finding themselves out of work as banks are replacing them with machines that use algorithms. The banks win in two ways: The machines reduce costs significantly, and make compliance with new regulations easier, Mary Childs writes. Bloomberg (11/6) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • EEX and Powernext aim to create pan-European gas market
    Exchange-based trading is on the way for Europe's natural gas market in a joint venture between the European Energy Exchange and Powernext. The combination is intended to bring continental Europe -- where gas is largely delivered under long-term contract -- more in line with market practices in the U.K. Reuters (11/6) LinkedInFacebookTwitterEmail this Story
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Success is often just an idea away."
--Frank Tyger,
American cartoonist, columnist and humorist

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