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December 12, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • ISDA wants CFTC deadline delay for business-conduct rules
    ISDA has asked the Commodity Futures Trading Commission to extend a Jan. 1 deadline for rules governing external business conduct. Dealers are concerned because few clients are prepared for the regime. Katherine Darras, ISDA's general counsel for the Americas, says a recent survey found that less than 1% of clients have completed and submitted their questionnaire through ISDA Amend. (subscription required) (12/12) LinkedInFacebookTwitterEmail this Story
  • Market participants say CFTC rules threaten swaps market
    A coalition of trading platforms and New York-based GFI Group submitted written testimony to a House Financial Services subcommittee, saying the viability of the swaps market is being hurt by Commodity Futures Trading Commission rules. "After nearly 2½ years of rulemaking, the CFTC's cumulative approach to swaps regulation has imposed such high costs on the industry that the U.S. swaps market is on the verge of becoming too costly and too regulated (particularly as compared with futures) to be a viable means for end users to hedge and manage their financing risk," according to Companies Supporting Competitive Derivatives Markets. Bloomberg (12/12) LinkedInFacebookTwitterEmail this Story
OTC regulation & portfolio reconciliation - are you ready?
New regulations in the US and Europe require most firms with OTC derivative portfolios to reconcile them and research differences regularly. Get a summary of the new portfolio reconciliation regulations and learn how triResolve can help you comply, connecting you to virtually all your counterparties via a secure, automated process.
  Industry News and Trends 
  • Survey: Buy-side traders have little faith in MiFID II
    A survey by agency broker CA Cheuvreux found that a majority of European buy-side traders don't think the revised Markets in Financial Instruments Directive would improve markets much. Only 26% say MiFID II would increase quality. Meanwhile, 68% think there should be fewer than five trading platforms in Europe. The Trade News (U.K.) (12/11) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • EU might put off Basel III a year, Bank of Italy says
    Following in U.S. footsteps, the EU might postpone implementation of Basel III capital rules, perhaps as long as a year. The delay, mentioned by Bank of Italy Director General Fabrizio Saccomanni, would be considered a blow to banking reform. Reuters (12/11) LinkedInFacebookTwitterEmail this Story
  • FSB moves forward with legal-entity identification
    The Financial Stability Board is hammering out details on legal-entity identifiers, including outlining a plan to include hierarchical and relationship data with LEIs. Also, the FSB plans to establish a governance body for the LEI system early next year. Meanwhile, legal experts are looking into the suitability of Switzerland to house the LEI foundation. (12/11) LinkedInFacebookTwitterEmail this Story
  • IOSCO chief proposes treaty for global regulatory regime
    An international treaty is in order to establish a regulatory framework needed for increasingly interconnected financial markets, says David Wright, secretary general of the International Organization of Securities Commissions. The goal would not be to impose a single set of rules but to ensure agreed principles are applied consistently across jurisdictions, he says. Wright also predicted that by 2032, there will be 20 capital-market centers worldwide, making legal-entity identification all the more necessary. The Trade News (U.K.) (12/11), Securities Technology Monitor (12/11) LinkedInFacebookTwitterEmail this Story
It is well for people who think to change their minds occasionally in order to keep them clean."
--Luther Burbank,
American botanist and horticulturist

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