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November 2, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • CFTC might appeal position-limit ruling, Wetjen says
    Mark Wetjen, a member of the Commodity Futures Trading Commission, said a majority of commissioners support appealing a court ruling that struck down the CFTC's position-limit rule. Wetjen also said developing a government-sponsored insurance fund to protect futures traders is worth considering. Reuters (11/1), Reuters (11/1) LinkedInFacebookTwitterEmail this Story
  • Sovereign CDS short-selling ban begins in EU
    Though calm prevailed, uncertainty remained Thursday as a ban on short selling took effect in Europe in the sovereign credit default swaps market. However, liquidity was down, with many positions cut before the ban started. Market makers say they're still mystified about some aspects of the regime. (subscription required) (11/1) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • Chicago will have key role in new market structure, exec says
    Chicago will be key in resolving issues related to the model for privately traded derivatives, some market participants say. "I think the solution is going to be found in Chicago and the Chicago community. Not by Wall Street or [London's] Lombard Street," said Clifford Lewis of State Street Global Markets. Reuters (11/1) LinkedInFacebookTwitterEmail this Story
  • "Futurization of swaps" is key theme at conference
    A shift toward swaps futures emerged as a key focus during panel discussion at a futures industry conference. "Certainly I don't think we'd be here talking about swap futures if it weren't for Dodd-Frank regulation," said Michael Riddle, Eris Exchange's chief operating officer. Financial Times (tiered subscription model) (11/1), (10/31) LinkedInFacebookTwitterEmail this Story
  • Collateral management moves to center stage
    The financial crisis and resultant regulation have put collateral management in the spotlight. Markets have ample collateral, but access, availability and quality have become prime concerns. "You need to be sure you use collateral wisely, in the right place and at the right time," said Godfried De Vidts, director of European affairs at ICAP. The Trade News (U.K.) (11/1) LinkedInFacebookTwitterEmail this Story
  • Bank's closure of SSA business raises larger questions
    The sovereign, supranational and agency business at UBS was sacrificed as the bank moves to become capital light, a senior official said, noting that fixed income is relatively asset intensive. The decision raises questions about the business in general. "SSA clients have been very inflexible at looking at two-way [credit-support annexes], and with capital so scarce and expensive, the numbers just didn't add up," a senior UBS banker said. Reuters/International Financing Review (11/1) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • CFTC delays collateral rules for clearinghouses
    The Commodity Futures Trading Commission changed the implementation date for collateral rules from Thursday to Jan 14. The move gives swaps clearinghouses additional time to resolve technological issues and other challenges. Clearinghouses will be required to collect initial collateral on a gross basis. Bloomberg Businessweek (11/1) LinkedInFacebookTwitterEmail this Story
  • CEO of Dutch exchange decries transaction tax
    Interest in a financial-transaction tax by the Dutch coalition government has drawn the scorn of Cees Vermaas, CEO of the Amsterdam branch of NYSE Euronext. "We understand the political gain [of this plan]," Vermaas said. "But once you are aware of the impact on the Dutch investment community, you will see that it is unwise." Eleven EU nations have endorsed the tax. The Wall Street Journal/Dow Jones Newswires (11/1) LinkedInFacebookTwitterEmail this Story
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