Getco to start operating in India as it exits Hong Kong | Chinese regulator pledges to raise financial-industry standards | Commentary: Western rules might hit Asian derivatives markets
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March 21, 2013
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House panel OKs bills to revise Dodd-Frank derivatives rules
The House Agriculture Committee has approved several bills meant to halt some of the unintended consequences of the Commodity Futures Trading Commission's swap-dealer rules that were mandated by the Dodd-Frank Act. One bill would help government-owned utilities hedge risks related to power and fuel prices. The bills face an uphill battle in Congress. Reuters (3/20), Bloomberg (3/20), Agri-Pulse.com (3/20)
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Getco to start operating in India as it exits Hong Kong
Indian regulators have given Getco approval to become a member of the National Stock Exchange and to open an office in Mumbai. The firm plans to trade equity options. Getco will shut down its small office in Hong Kong. Financial Times (tiered subscription model) (3/21), The Wall Street Journal (3/20)
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Regulatory Roundup
Chinese regulator pledges to raise financial-industry standards
Xiao Gang, who will succeed Guo Shuqing as chairman of the China Securities Regulatory Commission, has vowed to continue his predecessor's effort to overhaul the financial-services industry. Xiao, 54, has been heralded for years as a vital member of China's financial executive team. China Daily (Beijing) (3/20), Caixin online (China) (3/20)
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Commentary: Western rules might hit Asian derivatives markets
European and U.S. rules could drive foreign players out of Asia's derivatives markets, Keith Noyes of the International Swaps and Derivatives Association writes. The European Market Infrastructure Regulation and the Dodd-Frank Act contain measures that could prevent market participants in Europe and the U.S. from dealing with many third-country clearinghouses. The rules could significantly affect liquidity in Asian markets, Noyes writes. Risk.net (subscription required) (3/20)
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Industry Developments
CFTC's futurization discussion yielded clashing views
Disagreements among market participants were made clear at a Commodity Futures Trading Commission event in January on the futurization of swaps. CFTC staff at the gathering said the opinions expressed would help in finalizing the rules for swaps trading. "Let's be cautious about allowing lax oversight of these futures contracts, regardless of how they were treated before they were futurized," CFTC member Bart Chilton said at the event. Futures Industry (3/2013)
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HKEx plans to rework stock options
Hong Kong Exchanges and Clearing has announced several changes to its stock options market, including fee reductions, as part of a plan to increase market liquidity and attract increased turnover. "We are revamping our stock options to capture new opportunities created by regulatory changes that have increased demand for exchange-traded derivatives and central counterparty clearing," said Romnesh Lamba of HKEx. The Trade News (U.K.) (3/20), South China Morning Post (Hong Kong) (free registration) (3/21)
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Analysis: U.S. options-market complexity brings challenges
Increased fragmentation of the U.S. options markets is creating challenges for market makers as they must deal with increased numbers of exchanges, all with their own fee structures and protocols, analysts say. While innovative products are driving market growth, increased technological and regulatory costs may make it harder for smaller companies to compete, Ivy Schmerken writes. AdvancedTrading.com (3/20)
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Electronic Trading News
Standards for HFT and automated trading gain traction
Work toward establishing standards for automated and high-frequency trading is beginning to take hold, Keith Fishe writes. It is hoped that the standards, called AT 9000, would result in fewer, or at least less severe, problems for the industry. The initiative is in its early stages and pulls from existing work, including that of the FIA Principal Traders Group. Futures Industry (3/2013)
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Commodities and Managed Futures
Commentary: New grain hours are a compromise
Tim Andriesen, CME Group's managing director of commodity products, explains the thinking behind CME's plan to reduce grain-trading hours. CME listened to a range of feedback from market participants before arriving at its decision, Andriesen writes. OpenMarkets.com (3/20)
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-- Henrik Ibsen,
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