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February 15, 2013
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Daily coverage for the global derivatives industry

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  • Experts debate consequences of futurization of swaps
    Some market participants say the conversion of swaps to futures could lead to problems. "As the market gravitates to the cheaper platform -- and it's cheaper because it's unsafe -- that creates risk for everyone," said James Cawley, CEO of Javelin Capital Markets. However, others say swaps continue to provide the best way to manage various exposure, so they will not be completely replaced by futures. "There's obviously a reason the rates-swap market emerged -- it allows very specific contract terms," said James Wallin of AllianceBernstein. "We don't see the futures market replacing that." (subscription required) (2/14), The Huffington Post (2/14) LinkedInFacebookTwitterEmail this Story
  • HKEx gains approval to offer after-hours futures trading
    Hong Kong Exchanges and Clearing says it will offer after-hours futures trading on April 8 now that it has received regulatory approval. The change is expected to help HKEx attract more investors in Europe and the U.S. "We want to have more access to markets over a broader swathe of time and across a bigger opportunity set. So we like the opportunity to be able to trade more hours," said Andrew Economos of JPMorgan Asset Management in Hong Kong. Bloomberg (2/14), Reuters (2/14) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Gensler warns of budget cuts' effect on CFTC's work
    The Commodity Futures Trading Commission's power to police the financial markets could be undercut by automatic federal spending cuts scheduled for next month, Chairman Gary Gensler told the Senate banking committee. "It just adds to the challenges, adds ultimately to the risks the public bears," Gensler said after the hearing. "We would definitely have to cut back expenditures in technology, be ever so more careful about any hires that we do." The Wall Street Journal/MarketBeat blog (2/14) LinkedInFacebookTwitterEmail this Story
  • EU and U.S. agree to implement Basel III ASAP, Barnier says
    EU Internal Market Commissioner Michel Barnier says he and Federal Reserve Governor Daniel Tarullo have "agreed it was essential that effective implementation of the new regulatory framework should be done as soon as possible." The EU and the U.S. missed a January deadline for launching a six-year phase-in of Basel III rules. Reuters (2/14) LinkedInFacebookTwitterEmail this Story
  • European transaction-tax proposal comes under fire
    Market participants and other interested parties are voicing opposition to Europe's proposed tax on financial transactions, including stocks, bonds and derivatives. The tax could be collected by 11 nations as early as next year. An industry group says the levy could become "another brake on economic growth" and that a transaction tax "with extraterritorial reach runs counter to that important objective" of cooperation among Group of 20 countries. Bloomberg (2/14) LinkedInFacebookTwitterEmail this Story
  • Editorial: Obama is right to oppose European transaction tax
    The White House has voiced opposition to a proposed tax on financial transactions, such as stocks, bonds and derivatives, in 11 European nations. Concerns include how the levy would affect the economy, its cross-border reach and double taxation. "The Obama Administration is right to oppose the tax on grounds that it will punish American investors," this editorial argues. The Wall Street Journal (2/14) LinkedInFacebookTwitterEmail this Story
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