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November 19, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • Treasury exempts FX swaps and forwards from rules
    Despite opposition from some Democratic lawmakers and regulators, the Treasury Department elected to exempt foreign exchange swaps and forwards from the Dodd-Frank Act. "Unlike other derivatives, FX swaps and forwards already trade in a highly transparent, liquid and efficient market," the department said. Market participants welcomed the move. Bloomberg (11/16), Reuters (11/16), The Wall Street Journal (11/16), Financial Times (tiered subscription model) (11/17) LinkedInFacebookTwitterEmail this Story
  • U.S. heads toward FATCA standoff with China, expert says
    China and the U.S. have not been negotiating an intergovernmental agreement regarding the Foreign Account Tax Compliance Act. Dan Niedle, a tax partner at Clifford Chance, says that once FATCA goes into effect, the U.S. and China likely will find themselves in a standoff. (subscription required) (11/19) LinkedInFacebookTwitterEmail this Story
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  Industry News and Trends 
  • LSE plans derivatives products for 2013
    The London Stock Exchange says it will add derivatives products next year. The time "has come" for European derivatives competition, CEO Xavier Rolet said. Meanwhile, the LSE released results showing better-than-expected financial performance from March to September. Financial News Online (U.K.) (subscription required) (11/16), Financial Times (tiered subscription model) (11/16) LinkedInFacebookTwitterEmail this Story
  • Argentina's bond woes drive up CDS
    Uncertainty about Argentine bonds increased the cost of credit default swaps to a three-year high Friday, with the debt the most expensive in the world to insure. Five-year swaps jumped 384 basis points, to 3,040, according to Bloomberg data. One-year swaps climbed 848 basis points, to a record 7,419.350. Bloomberg (11/16) LinkedInFacebookTwitterEmail this Story
  • Bank aims to launch ETF to hedge against liquidity risk
    Citigroup is shopping an idea that would provide a hedge against liquidity risk. The bank introduced the notion two years ago as a derivative, but it was criticized as "end-of-world insurance." The product, the Citi Liquidity Index, would be offered as an exchange-traded fund and would gain in value during periods of financial stress, especially funding stress. (subscription required) (11/16) LinkedInFacebookTwitterEmail this Story
  • CME bolsters firewall against possibility of client collapse
    CME Group has increased its credit line to $5 billion in an effort to strengthen its protections against the potential collapse of a client. "With the [over-the-counter derivatives] clearing mandate approaching, we anticipate a significant growth in the amount of collateral on deposit and have adjusted our liquidity facility as a result," an unidentified spokeswoman for CME wrote in an e-mail. The Wall Street Journal (11/18) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Regulations could scuttle LSE's buyout of LCH.Clearnet
    The London Stock Exchange's £480 million acquisition of European clearinghouse LCH.Clearnet Group has run into "new uncertainty" because of regulatory changes, LSE CEO Xavier Rolet said. Rolet declined to say whether the takeover will close this year as expected. A collapse of the deal would be damaging to the exchange. The Telegraph (London) (tiered subscription model) (11/16) LinkedInFacebookTwitterEmail this Story
  • Treasury official: Simpler Basel rules would help smaller banks
    Smaller banks' vital role in the community should be considered by regulators, which should weigh simpler Basel III rules to apply to these institutions, says Mary Miller, the Treasury Department's undersecretary for domestic finance. "While we strongly believe that finalizing the regulations is critically important for certainty and planning, we also believe there are merits to considering alternative, simpler approaches to rules that apply to community banks," Miller said. Reuters (11/16) LinkedInFacebookTwitterEmail this Story
  • Editorial: 2 derivative rules before CFTC are paramount
    The Commodity Futures Trading Commission has two derivatives rules on its plate that the industry is challenging. The first would push transactions to open electronic platforms, which is expected to increase transparency but decrease profits. The other would make U.S. law trump foreign rules when the U.S. law is stricter. This editorial argues for both rules to be implemented. The New York Times (tiered subscription model) (11/17) LinkedInFacebookTwitterEmail this Story
Nature never said to me: Do not be poor. Still less did she say: Be rich. Her cry to me was always: Be independent."
--Nicolas Chamfort,
French writer

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