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November 13, 2012
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  Top Stories 
  • DTCC weighs in on CME's lawsuit against CFTC
    Depository Trust and Clearing says it opposes a lawsuit by CME Group that challenges a regulatory requirement for exchanges to open up nonpublic reports of cleared swap transactions to swaps-data repositories registered with the Commodity Futures Trading Commission. "DTCC is currently considering its possible responses to the suit and resulting Commission activity, including possible judicial recourse," a letter from the DTCC to CFTC Chairman Gary Gensler says. Reuters (11/12), Fox Business/Dow Jones Newswires (11/12), Bloomberg Businessweek (11/12) LinkedInFacebookTwitterEmail this Story
  • EU lawmakers step up pace to meet Basel III deadline
    European lawmakers remain committed to implementing standards to meet Basel III capital requirements by a Jan. 1 deadline, accelerating a schedule of meetings on the subject. Even so, some lawmakers say they might have to extend the deadline to February. U.S. regulators recently said they won't be able to implement Basel III by Jan. 1. Reuters (11/12), The Wall Street Journal (11/12) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Analysis: Who sets position limits for commodities in MiFID II?
    Europe's revised Markets in Financial Instruments Directive calls for position limits for commodity derivatives, but market participants are raising concerns about recent drafts, saying national regulators are given too much authority for setting the limits. The situation is causing confusion about which entities will be responsible for establishing the limits, Jay Maroo writes. (subscription required) (11/13) LinkedInFacebookTwitterEmail this Story
  • FSA looks into rigging allegations in natural gas market
    The U.K.'s Financial Services Authority will investigate allegations of manipulation in the nation's wholesale natural gas market. Key benchmarks in gas are set by one price-reporting company, and prices could be inappropriately influenced due to relationships between reporters and traders. Bloomberg (11/12), Financial Times (tiered subscription model) (11/13) LinkedInFacebookTwitterEmail this Story
  • Ever-changing regulations frustrate companies
    Companies have held off on preparing for new rules, but as a raft of measures take effect -- Basel III, a revised Markets in Financial Instruments Directive and the Dodd-Frank Act -- many might be caught off guard by their wait-and-see approach, Richard Henderson writes. Still, many firms are asking a logical question: How does one prepare for rules that still need to be solidified? The Trade News (U.K.) (11/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Developments 
  • Firms seek to develop pre-trade credit-checking utilities
    Traiana and MarkitServ are working to develop pre-trade utilities that will offer execution and clearing certainty under regulations governing the over-the-counter derivatives market. The post-trade-technology providers are trying to come up with a solution to market participants' concerns, but their efforts could run into other obstacles, such as risks associated with entrusting sensitive information to third-party firms. FX Week (U.K.) (subscription required) (11/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Electronic Trading News 
  • Expert says he has proof HFT does not manipulate markets
    Alex Frino, CEO of the Capital Markets Cooperative Research Centre, says he has found proof that high-frequency trading doesn't manipulate financial markets and could actually suppress such abuses. "The debate on HFT has become almost hysterical in some regions, yet it's characterized by an excess of opinion and deficit of proof," Frino says. "Some progress is being made in producing real research based on real exchange data, and we're pleased to add to that." The Trade News (U.K.) (11/12) LinkedInFacebookTwitterEmail this Story
  • Market experts talk HFT and swaps "futurization"
    High-frequency trading and the "futurization" of swaps were discussed by a panel at CME Group's Global Financial Leadership Conference. Representatives from GETCO, Credit Suisse and BlackRock discussed the definition of high-frequency trading, possible improvements, market stability and futures' role in the markets. SmartBrief/SmartBlog on Finance (11/13)
  Commodities and Managed Futures 
  • Survey: Energy firms expect to be exempt from CFTC rules
    A survey of more than 50 energy companies found that more than half of them have set aside nothing to comply with Commodity Futures Trading Commission rules on reporting and record keeping that will take effect early next year. Many are operating under the expectation that they will be exempt from the forthcoming rules. Platts (11/12) LinkedInFacebookTwitterEmail this Story
  • Other News
For the happiest life, rigorously plan your days, leave your nights open to chance."
--Mignon McLaughlin,
American author and journalist

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