Banks aim to capitalize on new derivative-clearing rules
Banks are prepared for their gatekeeper role when some derivatives trading clearing becomes mandatory Monday. Many big banks have invested in trading platforms built to help clients handle the new regulations. JPMorgan Chase predicts it will bring in as much as $500 million over the next two to three years from derivatives clearing and related services. Reuters
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Buy-side firms raise concerns about CDS collateral calls
Users of credit default swaps are concerned they might face large collateral calls because regulations by the Securities and Exchange Commission do not allow clearing members to offer CDS cross-margining to customers. Some market participants remain hopeful that the SEC will provide a last-minute reprieve, while others say the agency might offer a compromise. Risk.net (subscription required)
SEC proposes rules aimed at trading platforms
The Securities and Exchange Commission has been working for more than a year on rules intended to ensure trading platforms are better prepared to handle technology glitches, hurricanes and other issues that might cause market disruptions. On Thursday, the SEC proposed rules that would require certain exchanges, clearing agencies and alternative trading systems to develop procedures to ensure security, resilience, integrity and capacity. Reuters
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SGX sees Philippine, Thai futures as revenue boosters
Singapore Exchange President Muthukrishnan Ramaswami said the bourse plans to bolster revenue from derivatives by as much as 15% this year. SGX will launch equity-index futures on Thailand and the Philippines, Ramaswami said. "Singapore has become a good facilitator of derivatives transactions," he said. "It's much easier to transact in Singapore than to go directly into each of these individual markets. Investors find that rules don't change overnight." Bloomberg
If attractive target materialized, CME might buy it, CFO says
CME Group's chief financial officer, James Parisi, said Wednesday the exchange would be willing to make a sizable acquisition if the right target emerged, the latest sign that the company may reverse its longstanding lack of interest in a merger. "If a great opportunity were to arise where we can create shareholder value through some type of M&A opportunity, we will certainty take a look at it," Parisi said. Reuters
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