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February 18, 2013
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  Regulatory Roundup 
  • EU transaction tax would hit jobs outside tax area, experts say
    Europe's proposed tax on financial transactions, a large proportion of which go through London, is dividing the EU, threatening jobs in financial hubs and frustrating U.S. bankers, experts say. Critics say the levy would create a bureaucratic nightmare and hinder economic growth. The countries that agreed to participate, including France, Germany and Spain, must approve the proposal for it to become law. United Press International (2/15), Bloomberg (2/14) LinkedInFacebookTwitterEmail this Story
  • EU's Barnier urges U.S. to stick with global rules
    U.S. regulators should adhere to international rules governing derivatives and bank stability, the EU's financial services chief says. "Expanding interpretation of home-grown rules to transactions that are already covered by equally solid foreign rules will only lead to legal conflicts," Michel Barnier said in reference to derivatives rules. "It will create uncertainty, increase costs and push trade to less well-regulated places. This is precisely what we want to avoid." Bloomberg (2/15), Reuters (2/15) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • Positive ECB outlook drives Europe's fixed-income market
    The European fixed-income market experienced a sharp increase in trading volume in January linked in part to unexpected positive news from European Central Bank President Mario Draghi. "A lot of leveraged traders, particularly commodity trading advisers, were positioned completely the wrong way in the run-up to Draghi's speech," ICAP's Gary Pettit says. "The market had been expecting rates to fall but, when they rose, people had to get out and reposition. Many of the largest players had to completely turn their trading books around." Financial News Online (U.K.) (subscription required) (2/18) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  FIA News 
  • FIA Division Membership Drive is Now Open for 2013
    The FIA Chicago, Futures Services, Information Technology and Law & Compliance Divisions have started their membership drives for 2013. Any employee of an FIA member firm is eligible to join a division for a small annual membership fee. Divisions give members the opportunity to discuss common issues, exchange ideas, give input to the FIA board, and network with peers. Join here. LinkedInFacebookTwitterEmail this Story
  • Save the Date for B├╝rgenstock 2013
    The Swiss Futures and Options Association and the Futures Industry Association are pleased to announce Bürgenstock, the Global Forum for Derivatives Markets. The conference will be held Sept. 25 to 27, 2013, at the InterContinental Hotel in Geneva, Switzerland. Bürgenstock provides an ideal forum for encouraging closer cooperation among market participants and international regulators. To learn about sponsorship and exhibit opportunities, contact Toni Vitale Chan or Carol Gregoir. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
You will become as small as your controlling desire; as great as your dominant aspiration."
--James Allen,
British author


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