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December 5, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • Global regulators vow to fix derivatives-rule problems
    Regulators worldwide recently met in New York and identified potential problems with derivatives rules. "We have identified various potential conflicts, inconsistencies, and duplicative requirements within our respective contemplated rules and we will continue to discuss measures to ameliorate the challenges they raise," the regulators said in the joint statement. For example, the regulators will strive to minimize issues arising from extraterritoriality. Jones Newswires (12/4), Reuters (12/4) LinkedInFacebookTwitterEmail this Story
  • ESMA's Ross indicates delay with derivatives reform
    European market participants likely won't face mandatory derivatives clearing before mid-2014, Verena Ross of the European Securities and Markets Authority said at an industry conference, signaling further delay to the global timetable for derivatives reform. Ross also said the buy side should make itself heard more in rule creation. "The buy side has historically only posted collateral, but under the new [over-the-counter] derivatives rules, ESMA is supportive of a two-way system, where collateral moves both ways," she said. The Trade News (U.K.) (12/4), Financial Times (tiered subscription model) (12/4) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • LCH.Clearnet overhauls SwapClear's margin model
    Users of LCH.Clearnet's interest-rate-swaps clearing service say its collateral calls were not high enough, causing risk to be covered by contributions to its default fund; the comments have prompted LCH.Clearnet to revamp SwapClear's margin model. The U.K.'s Financial Services Authority is reviewing the revised model, but it might be months before it is approved. (subscription required) (12/5) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory Roundup 
  • Switzerland agrees to comply with FATCA
    Switzerland signed a deal with the U.S. to share bank-account information under the Foreign Account Tax Compliance Act. "The accord guarantees that accounts held by American taxpayers with Swiss financial firms will be declared to the U.S. tax authorities," the Swiss government said. Bloomberg Businessweek (12/4), Reuters (12/4) LinkedInFacebookTwitterEmail this Story
  • EU transaction tax moves forward without U.K. input
    The EU is proceeding with a plan for a financial-transaction tax despite objections from the U.K., which wants wording changes to the proposal. The European Parliament and all EU nations must approve the measure before 11 interested countries can proceed. Bloomberg (12/3) LinkedInFacebookTwitterEmail this Story
  • HKMA discusses possible charge for trade reporting
    Participants in the over-the-counter derivatives market might face a charge to use the Hong Kong Monetary Authority's trade-reporting service once it's operational. Discussions with market players are under way and are expected to continue for months. However, Esmond Lee, executive director for financial infrastructure, says "the HKMA has not yet decided whether to charge and, if so, the level of charges." (subscription required) (12/4) LinkedInFacebookTwitterEmail this Story
Thoughts, like fleas, jump from man to man. But they don't bite everybody."
--Stanisław Jerzy Lec,
Polish poet and aphorist

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