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November 5, 2012
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  Top Stories 
  • Barclays reportedly will battle FERC allegations
    The Federal Energy Regulatory Commission says Barclays' traders manipulated electricity prices in California, and it has threatened to impose a $470 million penalty against the bank. Barclays plans to argue that the traders are not guilty of rigging prices but simply of braggadocio, a source said. Reuters (11/5) LinkedInFacebookTwitterEmail this Story
  • Court rules in favor of CBOE in case with ISE
    A court in Illinois has barred the International Securities Exchange from listing options similar to the Chicago Board Options Exchange's flagship contracts on the Standard & Poor's 500 contract. CBOE Holdings CEO William Brodsky characterized the ruling as a victory against its smaller rival's "ongoing attempts to gain access to CBOE's exclusive products." The Wall Street Journal/Dow Jones Newswires (11/2) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Firms seek clarity on U.S. swaps rules
    Reforms of the U.S. swaps market have many firms simply trying to understand how to meet requirements, Brian Scheid writes. "We've done a lot of analysis and preparation to try and make sure that we comply with all the requirements, interpret them correctly and manage the best we can for our customers. There's just not enough clarity there, and it makes it challenging for businesses," said Patrice Gorton of Avista, an electric utility. Platts/The Barrel blog (11/2) LinkedInFacebookTwitterEmail this Story
  • China works to expand RQFII program
    The China Securities Regulatory Commission is drawing up rules for the Renminbi Qualified Foreign Institutional Investor program to expand it. The program allows as much as 70 billion yuan in exchange-traded funds raised offshore to be invested domestically. The proposal also would ease the way for mainland businesses to go public in Hong Kong. Meanwhile, foreign bankers are keeping on eye on China's upcoming leadership change, hoping it will bring more market reforms. (China) (11/2), South China Morning Post (Hong Kong) (free registration)/Reuters (11/5) LinkedInFacebookTwitterEmail this Story
  • Commentary: Dodd-Frank expanded the too-big-to-fail pool
    Gretchen Morgenson writes that clearinghouses, such as Chicago Mercantile Exchange and IntercontinentalExchange, got a bonus from the Dodd-Frank Act -- they are allowed to tap taxpayer money if they get into trouble. Morgenson pulls from a book by former Federal Deposit Insurance Corp. chief Sheila Bair, who wrote that the clearinghouses "were drooling at the prospect of having access to loans from the Fed. I thought it was a terrible precedent and still do. It was the first time in the history of the Fed that any entity besides an insured bank could borrow from the discount window." The New York Times (tiered subscription model) (11/3) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Developments 
  • ICE aims to clear sovereign debt of 5 European nations
    IntercontinentalExchange has sought approval from the Securities and Exchange Commission to back credit default swap contracts insuring against default by Greece, Ireland, Italy, Portugal and Spain. The move is intended to limit systemic risk. ICE has a history of backing sovereign-debt credit default swaps, handling those for Argentina, Brazil, Mexico and Venezuela. Bloomberg Businessweek (11/2) LinkedInFacebookTwitterEmail this Story
  • Other News
  Electronic Trading News 
  • Australia moves toward "kill switches" for automated trades
    The Australian Securities & Investments Commission is expected to release proposals to govern automated trading in the wake of incidents such as the May 2010 "flash crash" and the Knight Capital glitch this year. The proposed changes are part of a broader overhaul, which includes task forces delving into high-frequency trading and dark pools. "You have got to make sure that [technological change] doesn't outpace regulation because if it does outpace regulation, that is where you get risk," ASIC Chairman Greg Medcraft said. The Australian (tiered subscription model) (11/5) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • U.S. iron-ore swaps regulation hits Singapore Exchange
    The Singapore Exchange has not registered with the Commodity Futures Trading Commission, so U.S. iron-ore swaps traders are being told to no longer use the exchange, the prime clearer of such swaps. Some say the stance could affect liquidity. It is estimated that U.S. customers make up about 10% of the iron-ore swaps on the SGX. Reuters (11/2) LinkedInFacebookTwitterEmail this Story
Whoever is winning at the moment will always seem to be invincible."
--George Orwell,
British novelist and journalist

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