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December 3, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • ISDA warns about over-regulation of indexes and benchmarks
    ISDA has cautioned regulators about the "inappropriate" oversight of private indexes and benchmarks. ISDA's comments were prompted by the European Commission's consultation on the subject. The organization has warned that overzealous regulation of private indexes could increase the cost of investing while at the same time "reduce investor choice." Financial News Online (U.K.) (subscription required) (11/30) LinkedInFacebookTwitterEmail this Story
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  Industry News and Trends 
  • CME's interest rate swap futures expected to debut today
    CME Group plans to roll out today interest rate swap futures -- standardized, deliverable products designed to reduce the costs of certain transactions for end users. Guaranteed by the CME, the products are tied to interest rate swaps with maturities of two, five, 10 and 30 years. Reuters (11/30) LinkedInFacebookTwitterEmail this Story
  • U.S. banks help offshore clients sidestep derivatives rules
    Wall Street banks are telling foreign clients that they can sidestep upcoming U.S. rules on over-the-counter derivatives by routing their trades through their overseas subsidiaries rather than through parent banks, sources say. The detour could eventually be shut down by foreign regulators. Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory Roundup 
  • ASIC warns derivatives brokers fail to follow client money rules
    The Australian Securities and Investment Commission estimates that contracts for difference issuers hold roughly $500 million in client money at any given time. However, derivatives brokers aren't always following rules designed to safeguard those funds, according to ASIC. Greg Tanzer, a commissioner at ASIC, said the violations of client money policies are worrying. "The client money provisions are an important safeguard to protect the interests of retail investors," Tanzer said. Australian Financial Review (12/3) LinkedInFacebookTwitterEmail this Story
  • Mid-2013 seen as realistic for Basel III, Bundesbank member says
    January implementation is unrealistic for Basel III, which may have to wait till the middle of 2013, according to Bundesbank board member Andreas Dombret. However, in a Handelsblatt interview, Dombret expressed high confidence that U.S. banks will be on board eventually. Reuters (12/2) LinkedInFacebookTwitterEmail this Story
  • Basel margin rules draw a challenge from exchanges
    The world's biggest exchanges have joined forces to protest strict capital requirements proposed by the Basel Committee on Banking Supervision's Interim Capital Framework. The exchanges contend that the measures "will increase the cost of exchange traded derivatives and could potentially make [them] more expensive than less liquid and less transparent products," according to a letter sent to the Financial Stability Board. Financial News Online (U.K.) (subscription required) (11/30) LinkedInFacebookTwitterEmail this Story
  • Rules will rein in alternative sources of credit, study says
    Allen & Overy has released a study that asserts that new regulations in Europe, the U.S. and elsewhere will curtail the ability of asset managers, insurers and investment funds to provide alternative sources of credit. The research found that rules governing the derivatives markets, hedge funds, banks and other areas of the financial industry will combine to increase the cost of credit. "Allen & Overy believes it will take years to clarify exactly what the growing number of regulations mean, creating confusion and uncertainty in the market and bringing with it a prolonged period of credit paralysis," the study says. Financial Times (tiered subscription model) (12/2), Banking Times (London) (12/3), The Wall Street Journal/Dow Jones Newswires (12/2) LinkedInFacebookTwitterEmail this Story
  • Other News
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