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January 18, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • OTC derivatives margin rules are worrisome, ISDA official says
    An ISDA official has expressed concern about proposals by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions to implement variation and initial margin on over-the-counter derivatives. "In their attempts to correct the financial system, regulators may be overshooting and creating a collateral crunch," said George Handjinicolaou, deputy CEO and head of Europe at ISDA. The Trade News (U.K.) (1/17) LinkedInFacebookTwitterEmail this Story
  • Nasdaq OMX fills 3 posts in preparation for NLX launch
    Nasdaq OMX has hired David Helps as head of business development and Blake Stephenson as compliance director for its planned NLX derivatives market. "These strategic senior appointments build on our existing team as we prepare for the launch of NLX. They are well known in the industry and bring extensive experience and knowledge of our market," said Charlotte Crosswell, chief executive at NLX, which is expected to offer trading in interest-rate products. Nasdaq has also recruited Tom Morris, formerly of the London Stock Exchange, as a sales director. The Trade News (U.K.) (1/17), Financial News Online (U.K.) (subscription required) (1/17) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • U.S. corporate CDS drop amid improved economic data
    Positive data on housing starts and jobless claims have driven down the Markit CDX North American Investment Grade Index, a benchmark of credit default swaps. "Investors are looking at the housing-market recovery and the numbers today have moved the needle," said Jody Lurie, an analyst at Janney Montgomery Scott. "The market direction is a joining of many forces. Banks' earnings are showing a mixed picture, and that, combined with the economic news, sent ripples in the market." Bloomberg (1/17) LinkedInFacebookTwitterEmail this Story
  • Chinese rate swaps post large drop
    One-year interest-rate swaps in China have fallen the most in seven months. Traders moved the swaps amid rumors that the People's Bank of China will increase the frequency of cash injections into the banking system. Bloomberg (1/17) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • BoE official says Basel III isn't strong enough
    Robert Jenkins, a member of the Bank of England's Financial Policy Committee, warns that Basel III will not protect the global financial system. He says his opinion is shared by, among others, Andrew Haldane, the central bank's director of financial stability. Haldane has said in the past that Basel III is too complex to be effective. Reuters (1/17) LinkedInFacebookTwitterEmail this Story
  • Sources say former prosecutor is considered to lead SEC
    Former federal prosecutor Mary Jo White reportedly is in consideration to lead the Securities and Exchange Commission. White presents a different profile compared with former chairmen, who often were lawyers with experience in the financial sphere. Bloomberg (1/17) LinkedInFacebookTwitterEmail this Story
  ISDA News and Events 
  • Climate shocks cause price shocks
    A Jan. 4 article in The Telegraph discusses how the managing director of Waitrose, a major U.K. supermarket chain, expects prices could spike 5% because of substandard crop yields and the attendant supply shortage. The article goes on to say that this kind of shock might be, as the saying goes, "the new normal." Quoting the U.K. government's chief scientist, John Beddington: "There is going to be another billion people on the planet in 13 years' time. ... That is going to increase demand for food." ISDA believes it's important to understand and know the facts about commodity-price changes and volatility. That's the reason we developed, a website and blog. LinkedInFacebookTwitterEmail this Story

Passion, though a bad regulator, is a powerful spring."
--Ralph Waldo Emerson,
American writer

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