 |  |
| Top Stories |  |  |
|
- Most senior MF Global execs weren't registered with CFTC
Most senior executives at MF Global -- with the exception of CEO Jon Corzine -- were not registered with the Commodity Futures Trading Commission, so regulators can't charge them with "failure to supervise" related to the brokerage's collapse. Legal experts say supervision-failure sanctions tend to be easier to prove than are claims of deliberate wrongdoing. The Wall Street Journal
(6/11)     
- LSE announces several senior-management changes
The London Stock Exchange Group says Alexander Justham, formerly of the U.K.'s Financial Services Authority, will become chief executive of the company's regulated subsidiary, London Stock Exchange PLC. Justham's appointment was part of a series of management changes at the exchange operator. David Warren, formerly an executive at Nasdaq OMX Group, will succeed Doug Webb as chief financial officer next month. Financial Times (tiered subscription model)
(6/12), The Wall Street Journal
(6/12)
| Regulatory Roundup | | |
|
- SEC could hit JPMorgan for nondisclosure on risk change
JPMorgan Chase's earnings release in April omitted the news that the company had increased the riskiness of one of its trading portfolios. By not disclosing the change in a timely manner, JPMorgan might have opened itself up to an enforcement action by the Securities and Exchange Commission, Sarah Lynch and David Henry write. Reuters
(6/12)
- CFTC delves into international reach of swaps oversight
The Commodity Futures Trading Commission is preparing "interpretive guidance" on the international reach of swaps oversight, sources said. The move would allow the regulator to avoid conducting a cost-benefit analysis. "It allows the agency to maintain the highest level of flexibility as the rest of the rules are completed and the rest of the world stands up," CFTC spokesman Steven Adamske said. Bloomberg
(6/11)
- FOA voices concerns about EMIR derivatives requirements
The Futures and Options Association has notified regulators about concerns related to the European market-infrastructure regulation, which outlines the region's overhaul of the over-the-counter derivatives market. EMIR requires that derivatives trades be reported to data repositories. The FOA is concerned that the regulations will prompt duplicative reporting requirements. The Trade News (U.K.)
(6/11)
- Merkel insists her support for financial-transaction tax is real
German Chancellor Angela Merkel isn't serious about a financial-transaction tax and is leveraging the issue only to get euro-crisis legislation through the country's parliament, Der Spiegel reported. Merkel responded that she not only supports the tax but will campaign for it as well. Reuters
(6/11)
| Industry Developments | | |
|
- Difficulties remain in determining banks' derivatives risk
Determining the derivatives risks of different banks remains difficult due to a lack of transparency and consistency in reporting, timeliness of reports and other issues, according to industry experts. The issue has prompted complaints from credit rating agencies, institutional investors and other market participants, but an effective solution has yet to emerge. Financial News Online (U.K.) (subscription required)
(6/11)
- Analysts raise concerns about CCP clearing of OTC derivatives
A team of analysts at JPMorgan Chase says clearing of over-the-counter derivatives by central counterparties might not improve the safety of the financial markets. The JPMorgan team says efforts to process OTC derivatives through clearinghouses will likely shift the risk to the CCPs. "Proposed clearing member banks' capital support is a solution, but makes a potential failure of a CCP a potential circular event directly impacting the banking system," according to a report by the analysts. The Trade News (U.K.)
(6/11)
| Electronic Trading News | | |
|
- CFTC to seek feedback on supervision of high-frequency trading
The Commodity Futures Trading Commission aims to improve its oversight of high-frequency trading and will conduct a public-comment period, Commissioner Bart Chilton says. Regulating algorithmic and high-frequency traders is challenging, Chilton told industry officials including DRW Trading Group CEO Don Wilson and former Chicago Mercantile Exchange Chairman Leo Melamed. Reuters
(6/11)
| Commodities and Managed Futures | | |
|
- Release of USDA reports during trading hours prompts scrutiny
Large farm groups are scrutinizing prices of wheat, soybeans and corn as the U.S. Agriculture Department releases its monthly report during active futures-trading hours in Chicago for the first time. Major agricultural groups will base their recommendations to the USDA regarding report timing on the trading activity. Reuters
(6/12)
| FIA News | | |
|
- FIA/FOA IDX Features 4 Keynote Speakers, June 26 and 27 in London
Bring your team to the FIA/FOA International Derivatives Expo in London at the Brewery, June 26 and 27. Keynote speakers include: David Lawton, acting director in the Financial Services Authority's Markets Division; Dr. Gerard Lyons, chief economist and group head of global research, Standard Chartered Bank; David Wright, IOSCO secretary-general; and Patrick Pearson, head of financial market infrastructure, Internal Market Directorate General, European Commission. Session topics will cover a broad range of issues, including financial reform, market structure around automated trading, extraterritoriality of financial reform, the future of clearing and more. Click Here to register and for more information.
| SmartQuote | | |
|
 | Be brave enough to live creatively."
--Alan Alda,
American actor
|
| |
| Advertise |
|
Account Executive:
Abiy Bekele (212) 450-7919
|
| |
|
Read more at SmartBrief.com |
|
A powerful website for SmartBrief readers including:
|
|
|
|
| |
| |
| | Recent FIA SmartBrief Issues:
- Monday, June 11, 2012
- Friday, June 08, 2012
- Thursday, June 07, 2012
- Wednesday, June 06, 2012
- Tuesday, June 05, 2012
| | | Lead Editor: Bridget Lux
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 | |
| |
|
| © 1999-2012 SmartBrief, Inc.® Legal Information |
|
