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January 24, 2013
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  Top Stories 
  • Dodd-Frank is less than half implemented, GAO says
    The Government Accountability Office says in a report that less than half of Dodd-Frank Act rules had been implemented by the end of 2012. The GAO blames the complexity of the task as well as difficult coordination by overlapping and interconnected regulators. "Although regulators have established mechanisms to facilitate coordination ... several regulators indicated that coordination increased the amount of time needed to finalize rulemakings," according to the report. Reuters (1/23) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Bill on financial-product tax changes is expected
    The chairman of the House Ways and Means Committee is expected to release proposed changes to the taxation of financial products, including derivatives, a source said. "Today's marketplace features a wide array of products that can result in different tax or financial accounting treatment of economically similar products, including debt, equity -- and mixtures of the two -- and financial derivatives, such as options, futures, and forward contracts and swaps," Chairman Dave Camp said. Bloomberg (1/23) LinkedInFacebookTwitterEmail this Story
  • Small banks might be hardest hit by Europe's transaction tax
    Major banks, which often have operations in Zurich or London, are not expected to be significantly affected by Europe's financial-transaction tax and will have an easier time shifting trading activity, experts say. Meanwhile, smaller banks might bear the brunt of the cost. "The idea ... is not the brightest," said Chas Roy-Chowdhury of the Association of Chartered Certified Accountants. "Banks in countries that have adopted the FTT will have the minimum level of transactions and will shift as much as possible to London." Reuters (1/23) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Developments 
  • WFE reports a decline in equity-derivatives trading
    Equity-derivatives trading volumes declined last year, led by a 40% drop for stock-index options, a World Federation of Exchanges report says. "Derivatives markets were affected from the continued low interest-rate environment and the significant decrease of volatility," the report says. Bloomberg (1/23) LinkedInFacebookTwitterEmail this Story
  • Deutsche Boerse seeks to offset reduced trading volumes
    Deutsche Boerse is seeking to reduce expenses because trading volumes have declined, sources say. The exchange's management board and supervisory board are expected to discuss cuts next month, according to one source. Derivatives trading on the exchange dropped 18% last year. Reuters (1/23) LinkedInFacebookTwitterEmail this Story
  • Critics of lax oversight win spots on NFA board
    Typhon Capital Management CEO James Koutoulas, Roe Capital Management President John Roe and Attain Capital Management CEO Jeffrey Malec, all of whom have criticized past oversight of the futures industry, have won positions on the board of the National Futures Association. They have pledged to push for more aggressive customer protections. Reuters (1/23) LinkedInFacebookTwitterEmail this Story
  Electronic Trading News 
  • Influx of HFT into currency market prompts concerns
    High-frequency traders have bombarded the foreign exchange market, prompting concerns that they are gaining an unfair advantage and raising questions about how platforms police such activity. For example, GSA Capital Partners has voiced concerns about the way Thomson Reuters sanctioned Lucid Markets, a high-frequency-trading firm, for violations of trading rules. The Wall Street Journal (1/22) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • Durum-wheat futures contracts debut in Italy
    The durum-wheat futures contracts that Borsa Italiana launched his month allow pasta-makers to hedge against the volatility of the wheat market. Wheat and grain volatility has increased in the past year, tempting industry heavyweights such as CME Group and IntercontinentalExchange to either acquire wheat-futures exchanges or launch their own. Borsa Italiana's Ennio Arlandi says the limited area where durum wheat is grown makes it volatile. Financial News Online (U.K.) (subscription required) (1/23) LinkedInFacebookTwitterEmail this Story
  FIA News 
  • U.S. Legislative Landscape in 2013: Briefing for FIA Members
    A new Congress has taken office, and the legislative process for the next two years is under way. FIA members are invited to participate in a webinar discussion led by Dawn Stump, FIA’s head of government affairs, on legislative issues affecting the derivatives industry. The webinar will take place on Tuesday, Jan. 29, from 10 to 11 a.m. EST. Register here for the webinar. LinkedInFacebookTwitterEmail this Story
  • FIA Japan’s December Newsletter is Now Available
    FIA Japan’s latest newsletter contains important updates on amended commodity regulations and on the TSE/OSE merger, as well as a special report on the commodity futures market. FIA Japan is the only organization in Japan with a membership drawn from the entire cross section of the futures industry. To have access to all FIA Japan newsletters, subscribe here. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
All news is an exaggeration of life."
--Daniel Schorr,
American journalist


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