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November 21, 2012
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  Top Stories 
  • CFTC sets common date for swaps-dealer registration
    The Commodity Futures Trading Commission has designated April 10 as the deadline for all swaps dealers to register and begin reporting data. It was feared that early-reporting requirements for some dealers would have forced disclosure of sensitive commercial data, leading to "identification of parties to the swaps," the CFTC said. Reuters (11/20) LinkedInFacebookTwitterEmail this Story
  • CTAs struggle amid "wrong volatility"
    Commodity-trading advisers are facing a fourth straight year of disappointing returns amid the "wrong type" of volatility, involving high correlations throughout various asset classes, Sam Jones writes. Financial Times (tiered subscription model) (11/20) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • ESMA pushes common rulebooks across EU
    Common rulebooks for banking, insurance and securities markets should extend across the EU, instead of only the eurozone, European Securities and Markets Authority Chairman Steven Maijoor said, noting that "in securities markets, we hardly ever talk about eurozone and not eurozone." Maijoor's remarks come as efforts to establish a banking union raise fears of divisions along national lines or between the eurozone and nations outside. The Wall Street Journal/Dow Jones Newswires (11/20) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Developments 
  • Analysis: Libor manipulation evolved into common practice
    By steps and stages, manipulation of the London Interbank Offered Rate to profit on derivatives had become standard practice by the mid-2000s, industry experts say. However, the tale of how the practice grew began in the 1990s, when CME Group's popular Eurodollar contract provided a forum for betting on interest rates. Reuters (11/20) LinkedInFacebookTwitterEmail this Story
  • TMX plans expansion of fixed-income product offerings
    CEO Thomas Kloet says TMX Group plans to expand its range of fixed-income products as new rules push trading onto exchanges. "It's a fundamental sea change, bigger than I've ever seen in the last 30 years," Kloet said. "The fixed-income space is a natural space for us to look at. We have a relatively modest position in fixed income." Bloomberg (11/21) LinkedInFacebookTwitterEmail this Story
  • OTC derivatives clearing takes hold in IRS and CDS markets
    A look at clearing of interest-rate swaps and credit default swaps at large clearinghouses in September shows the progress being made, Dan Mannetti writes. For example, LCH.Clearnet's volume of interest-rate swaps clearing in September was about 43% higher than it was during the same month a year ago. Futures Industry (registration required) (11/2012) LinkedInFacebookTwitterEmail this Story
  Electronic Trading News 
  • Australia aims to curb computer trading
    The Australian government rolled out measures to rein in automatic trading. Among the rules are so-called kill switches, pricing restrictions for dark-pool trading and stricter data reporting. The kill-switch measure is designed to protect investors from volatility that can stem from superfast, computer-driven transactions. Reuters (11/20), Financial Times (tiered subscription model) (11/20), The Wall Street Journal (11/20) LinkedInFacebookTwitterEmail this Story
  • Virtu wants to expand European operations, exec says
    Virtu Financial is interested in expanding its operations in Europe, executive Doug Cifu says. "Our business in Europe has been successful and, as shown by our acquisition of Nyenburgh, is one which we think has room for growth. We are always evaluating companies and opportunities as they arise," he said. Virtu reported a 14% increase in trading income for the year ending Dec. 31, 2011. Financial News Online (U.K.) (subscription required) (11/21) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • Fee-disclosure loophole is cited
    Knollwood Investment Advisors found a loophole in the fee-disclosure rules, which resulted in Grant Park Managed Futures Fund hiding fees, Morningstar analyst Nadia Papagiannis says. The move allowed the fund to lower its expense ratio. Papagiannis said it's only a matter of time before other funds do the same. InvestmentNews (free registration) (11/19) LinkedInFacebookTwitterEmail this Story
  • Other News
  Editor's Note 
  • SmartBrief will not publish Thursday and Friday
    In observance of Thanksgiving in the U.S., SmartBrief will not be published Thursday and Friday. Publication will resume Monday. Enjoy the holiday! LinkedInFacebookTwitterEmail this Story
If the only prayer you said in your whole life was 'thank you,' that would suffice."
--Meister Eckhart,
German theologian and philosopher

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