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January 2, 2013

Daily coverage for the global derivatives industry

Top Stories

International banks register as U.S. swaps dealers
Several European and Asian banks have joined the ranks of registered swaps dealers in the U.S. The move is part of rules to improve transparency in the derivatives market. Reuters (1/2)

European corporate-credit markets rebounded in 2012
The European Central Bank's unyielding stand behind the euro and open spigots on funding lifted 2012's corporate-credit markets to their best year since 2009. Prices of credit default swaps on 50 companies, most of which had high-yield credit ratings, declined. Bloomberg (12/31)

Industry News and Trends

India's NCDEX reportedly will acquire 65% stake in clearing firm
India's National Commodity & Derivatives Exchange is set to make National Commodity Clearing a wholly owned subsidiary, purchasing a 65% stake from the National Stock Exchange. DealCurry (India) (1/2), Business Standard (India) (1/2)

NYSE Euronext sale highlights weakness of 2007 merger
Though pitched differently, the sale of NYSE Euronext in a highly competitive environment stands as mute testimony to the failure of the merger of NYSE and Euronext in 2007. Financial Times (tiered subscription model) (12/31)

Japanese exchanges combine operations
Tokyo Stock Exchange Group and the Osaka Securities Exchange have merged to become Japan Exchange Group. The company is expected to face a challenge in trying to expand derivatives trading. The Japan Times/Kyodo News (1/2)

South Korea posts reduced derivatives trading
Derivatives-trading volume declined 17.7% last year compared with 2011 in South Korea. The eurozone sovereign-debt crisis and negotiations regarding the U.S. "fiscal cliff" drove the decrease. Yonhap News Agency (South Korea) (1/2)

Commentary: Market mergers are good for investors
The acquisition of Knight Capital by Getco and the proposed acquisition of NYSE Euronext by IntercontinentalExchange will promote market efficiency, and don't sacrifice regulatory oversight, Larry Tabb writes. The mergers don't add complexity, he writes; rather, they enable markets to better deal with an ever-more-complex trading environment. The New York Times (tiered subscription model)/DealBook blog (12/28)

Regulatory Roundup

Commentary: More white-collar crime is likely
The proliferation of opportunities in the financial system means it's only a matter of time before another white-collar scandal captures public attention, writes Peter Henning, a professor at Wayne State University Law School. "As the new year comes, white-collar cases will continue to serve up new object lessons of the perils and the pitfalls of the financial system," Henning writes. "Some will come as a result of creative maneuverings by financiers, and some may call into question whether regulators are effectively overseeing the markets." The New York Times (tiered subscription model)/DealBook blog (12/31)

SmartQuote

There is no delight in owning anything unshared."

--Seneca the Younger,
Roman philosopher and playwright

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