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November 26, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • CFTC to firm up clearing rules for swaps dealers
    The Commodity Futures Trading Commission will meet Thursday and is expected to make the final determination of which swaps must be guaranteed by clearinghouses owned by LCH.Clearnet Group, IntercontinentalExchange and CME Group. The rules are expected to go into effect in March and would have to be followed by dealers such as JPMorgan Chase and Goldman Sachs Group. Bloomberg (11/21) LinkedInFacebookTwitterEmail this Story
  • CFTC delays start date for swaps dealers to report data
    The Commodity Futures Trading Commission has postponed the start date for when swaps dealers must report trades to data warehouses. The change gives the industry a common date for beginning disclosure, after concerns were raised about different starting dates for different market participants. Reuters (11/21) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • CME gets green light for its swaps-data repository
    The Commodity Futures Trading Commission has given CME Group permission to set up a swaps-data repository. The approval came after the exchange sued the regulator over a delay in approval. SDRs are intended to provide transparency in the $650 trillion swaps-trading market. Reuters (11/21) LinkedInFacebookTwitterEmail this Story
  • Argentina will appeal order to pay bondholders $1.33B
    Economy Minister Hernan Lorenzino says Argentina will appeal an order by U.S. District Judge Thomas Griesa to pay $1.33 billion to bondholders who refused to go along with an exchange of defaulted debt in 2005 and 2010. Lorenzino says a challenge will be presented to the 2nd U.S. Circuit Court of Appeals Reuters (11/23) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory Roundup 
  • CFTC won't enforce certain Dodd-Frank pay-to-play rules
    The Commodity Futures Trading Commission says it will not enforce pay-to-play restrictions on banks selling swaps to government pensions. The rules state that dealers must wait two years after making a political contribution to a municipal official before transacting business with said municipality. The CFTC said industry participants convinced it that they would need to "expend significant resources to update their current policies and procedures to ensure compliance." (11/20), Bloomberg (11/21) LinkedInFacebookTwitterEmail this Story
  • European banks seek delay of tougher capital rules
    Citing U.S. delays, European banks are urging the European Commission to put off implementation of Basel III capital rules until 2014. "We are now very troubled over the possible repercussions that the most recent statement from the US Authorities may have for the international competitiveness of Europe's banks," a banking group said in a letter to EU Internal Market Commissioner Michel Barnier. Reuters (11/24) LinkedInFacebookTwitterEmail this Story
  • FX products are caught in proposed rules, BoE official says
    Michael Cross, the Bank of England's head of foreign exchange and reserves management, says proposed capital and margin requirements could disproportionately affect basic forex products. "It is not always the case that these products are inherently more risky," Cross said. "So this leaves us with a situation with certain products being potentially subject to disproportionately high margin requirements in relation to the risk they pose." (subscription required) (11/22) LinkedInFacebookTwitterEmail this Story
  • Singaporean regulator provides relief to ICE energy brokers
    The Monetary Authority of Singapore has granted temporary exemptions for interdealer brokers amid IntercontinentalExchange's transition for energy swaps contracts to listed futures. Brokers say the exemptions are applied individually for those who are also seeking a license for capital-market services. (subscription required) (11/23), Financial Times (tiered subscription model) (11/23) LinkedInFacebookTwitterEmail this Story
  • Other News
The most exhausting thing in life is being insincere."
--Anne Morrow Lindbergh,
American author and aviator

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