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February 13, 2013
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  Top Stories 
  • CFTC could vote on final SEF rule on March 1
    The Commodity Futures Trading Commission could vote on rules to establish swap-execution facilities at a meeting tentatively scheduled for March 1. Mark Wetjen, a Democratic member of the CFTC, could cast the deciding vote, but he hasn't said which way he is leaning. Wetjen said he doesn't want the agency to "push the markets precipitously in a way that ends up being counterproductive." The Wall Street Journal (2/12) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Margin rules for uncleared derivatives coming soon, IOSCO head says
    Regulators still have work to do on assessing the effects of margin requirements for non-centrally cleared derivatives, but an interim consultation will be published soon, says David Wright, secretary general of the International Organization of Securities Commissions. "We haven't sorted out yet the margin requirements for over-the-counter derivatives that are not cleared. You can expect in a few days that IOSCO and the banking regulators will come out with what is described as a near-final consultation, which will open up for further comment three or four issues," Wright said. (subscription required) (2/13) LinkedInFacebookTwitterEmail this Story
  • House panel plans to review Dodd-Frank implementation
    The House Financial Services Committee will review how the Dodd-Frank Act is being implemented, according to a draft agenda. "The Committee will seek to ensure that regulators carefully and transparently assess the costs and benefits of regulations called for by the Dodd-Frank Act," committee Chairman Jeb Hensarling says in the document. The agenda also includes discussion of changing or ending Fannie Mae and Freddie Mac's charters, and a review of government oversight of over-the-counter derivatives. Democrats on the committee are expected to resist what they perceive to be a watering down of Dodd-Frank. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • DTCC: Data-sharing obstacles might hamper regulatory progress
    Although Depository Trust & Clearing is seeking to become a worldwide derivatives-data repository, differences between U.S. and EU law are proving difficult to overcome, the company says. "There are fairly major impediments to data sharing at the moment," said Stewart Macbeth, president of DTCC unit Deriv/SERV. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  • MF Global Holdings trustee seeks to address JPMorgan concerns
    The bankruptcy trustee for MF Global Holdings has added concerns raised by JPMorgan Chase, one of failed brokerage's creditors, to a court document regarding liquidation options. The lender is part of a group that argues the payout to creditors could be increased, depending on the accounting for loans. A hearing on a liquidation plan is set for April 5. Bloomberg Businessweek (2/12) LinkedInFacebookTwitterEmail this Story
  Electronic Trading News 
  • HFT industry already misses the good old days
    High-frequency traders said at an industry conference that it has become more difficult for them to make money because of the number of firms that have entered the field. "The low-hanging fruit has been plucked," said Donald MacKenzie, a University of Edinburgh professor who has studied the industry. (2/12) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • ICE adds iron-ore swap futures but remains in SGX's shadow
    IntercontinentalExchange has added two iron-ore swap-futures contracts. Many traders say ICE has a long way to go to be competitive with the Singapore Exchange, which handles more than 90% of the world's capacity in this particular market. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  • Barclays will halt some speculative trading, CEO says
    Barclays CEO Antony Jenkins has announced an overhaul that includes suspending softs and agricultural trading with hedge funds. Barclays is one of the leading banks in commodities, but it has not focused on agricultural trading. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  FIA News 
  • Registration is Now Open for L&C 2013
    The FIA Law & Compliance Division will hold its yearly conference May 8 to 10 at the Baltimore Marriott Waterfront in Baltimore. Compliance officers, attorneys and regulators consider issues affecting the legal and regulatory framework of the derivatives industry. Register here. LinkedInFacebookTwitterEmail this Story
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--Aldous Huxley,
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