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January 31, 2013
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  Top Stories 
  • Clearing deal could discourage bids for NYSE Euronext
    A little-noticed side deal may discourage bidders from competing with IntercontinentalExchange's offer to take over NYSE Euronext. The two agreed that NYSE Euronext's European derivatives unit, known as Liffe, will use ICE to clear trades for at least two years, people familiar with the contract said. The Wall Street Journal (1/30) LinkedInFacebookTwitterEmail this Story
  • Clearinghouses cite OTC clearing volumes for Oct., Nov.
    Central counterparties had a solid October and November for clearing over-the-counter derivatives, Dan Mannetti writes. LCH.Clearnet cleared $39 trillion worth of interest-rate swaps in October and $37 trillion in November. CME Group reported an increase in volume in October, including more than $40 billion in credit default swaps, the clearinghouse's second-highest monthly total. Futures Industry (1/2013) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • CEOs of French banks defend proprietary trading
    The CEOs of BNP Paribas, Societe Generale and Credit Agricole have defended proprietary trading to a parliamentary committee. France is considering legislation that would force banks to separate out proprietary trading from trades made on behalf of clients. Although the draft law isn't as strict as Europe's proposed ring fence, the CEOs say it would still put French banks at a disadvantage internationally. Reuters (1/30) LinkedInFacebookTwitterEmail this Story
  • CFTC public meeting has a broad agenda
    The Commodity Futures Trading Commission will hold a public meeting Tuesday to gather comments about proposals to safeguard futures customers. On the meeting's agenda are reporting requirements, examination programs for self-regulatory organizations and residual interest requirements for futures commission merchants, which include Goldman Sachs, Merrill Lynch and Morgan Stanley. (U.S.)/Rulebook blog (1/30) LinkedInFacebookTwitterEmail this Story
  • CFTC scrutinizes trading rules amid futurization of swaps
    Exchanges decide what size energy-futures contracts can trade privately and rules on reporting such trades. The Commodity Futures Trading Commission, however, is looking into the matter and considering taking on that role. "The transition to futures in the energy market has been facilitated by the exchanges establishing extremely low threshold sizes for block trades in the futures contracts," CFTC Commissioner Scott O'Malia said. "This is a significant issue that needs to be sufficiently thought through by both the commission and market participants." Bloomberg (1/31), The Wall Street Journal/Dow Jones Newswires (1/30) LinkedInFacebookTwitterEmail this Story
  • Commentary: Don't give up on swaps regulation
    Regulation of swaps is worthwhile even if it pushes some traders away from swaps and into futures, writes Terry Duffy, executive chairman and president of CME Group. Opposition to regulation is driven solely by fear of what the Commodity Futures Trading Commission plans to implement and not on realistic concerns, Duffy writes. Politico (Washington, D.C.) (1/30) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • OTC clearing embraced in Japan
    Japan has quickly instituted central clearing of interest-rate swaps and says trading volume is surging. The country handles only 7% of the global market for rate swaps, but it is the largest market for such derivatives in Asia-Pacific, with $36 trillion in notional value outstanding at the end of June. Futures Industry (1/2013) LinkedInFacebookTwitterEmail this Story
  Electronic Trading News 
  • CFTC needs to get better at market surveillance, O'Malia says
    The Commodity Futures Trading Commission needs better methods to keep an eye on markets, commissioner Scott O'Malia says. "We need to develop solutions that are more thoughtful and more cognizant of existing developments in the market," O'Malia said. In particular, he noted that high-frequency traders needed to be better understood. (1/30) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • Japan official encourages Tocom to pursue partners
    Despite taking over futures from the Tokyo Grain Exchange, the Tokyo Commodity Exchange hasn't been able to increase trading enough to survive without help from overseas, Japanese Trade Minister Atsushi Toyonaga says. The company has not made a profit since 2009 despite accounting for 99% of the commodities traded in Japan. (1/29) LinkedInFacebookTwitterEmail this Story
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Any workout which does not involve a certain minimum of danger or responsibility does not improve the body -- it just wears it out."
--Norman Mailer,
American writer

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