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February 21, 2013
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  • 2 Democrats plan to introduce transaction-tax bill
    Sen. Tom Harkin, D-Iowa, and Rep. Peter DeFazio, D-Ore., reportedly plan to introduce a bill that would impose a 0.03% tax on bond and equity transactions. Derivatives would be taxed at a yet-to-be-determined rate. Industry experts say such levies would curb economic growth and shrink trading volume. Also, there appears to be limited political will for such a tax. The Trade News (U.K.) (2/20) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Internal Libor review is coming soon, U.K.'s FSA says
    The U.K.'s Financial Services Authority has promised a parliamentary committee that it will publish an internal review of an investigation into manipulation of the London Interbank Offered Rate in the next few weeks. The Treasury Select Committee has expressed concern that despite the FSA's assertion that it worked with U.S. regulators, its investigation seemed to lag significantly. Meanwhile, Gary Gensler, chairman of the Commodity Futures Trading Commission, said that fraud continues to affect the way Libor is set. "We have a lot more work to do," said Gensler. Reuters (2/21), Bloomberg (2/21), BBC (2/21), The Wall Street Journal/Dow Jones Newswires (2/20) LinkedInFacebookTwitterEmail this Story
  • Industry groups voice concern about MiFID provision
    Several industry groups have expressed alarm at the creation of a category of organized trading facilities that aims to formalize the structure of over-the-counter trades. The groups see a closing window to influence drafting of the Market in Financial Instruments Directive and wrote to express concern that "the introduction of an OTF for equities will create a two-tier market which risks leaving small and midsize companies behind and compromise a neutral price discovery process." Financial News Online (U.K.) (subscription required) (2/20) LinkedInFacebookTwitterEmail this Story
  • Commentary: CFTC can help to prevent future collapses
    There are ways for the Commodity Futures Trading Commission to avert future collapses similar to MF Global and Peregrine Financial, Andrew Waxman writes. For one, the agency should make brokers keep all futures customers in the loop on how their assets are held, Waxman writes. Also, it should demand that firms get written approval to transfer sizable amounts of customer cash. AdvancedTrading.com (2/20) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • FDIC's Hoenig seeks greater transparency on banks' risk exposure
    U.S. accounting laws that allow banks to account for less of their derivatives portfolios than their European peers do mask the big banks' true size, says Federal Deposit Insurance Corp. Vice Chairman Thomas Hoenig. "Derivatives, like loans, carry risk," Hoenig says. "To recognize those bets on the balance sheet would give a better picture of the risk exposures that are there." Bloomberg (2/19) LinkedInFacebookTwitterEmail this Story
  Electronic Trading News 
  Commodities and Managed Futures 
  FIA News 
  • FIA Division Membership Drive is Now Open for 2013
    The FIA Chicago, Futures Services, Information Technology and Law & Compliance Divisions have started their membership drives for 2013. Any employee of an FIA member firm is eligible to join a division for a small annual membership fee. Divisions give members the opportunity to discuss common issues, exchange ideas, give input to the FIA board, and network with peers. Join here. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Never help a child with a task at which he feels he can succeed."
--Maria Montessori,
Italian physician and educator


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