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- CFTC will hold discussion on Libor changes
The Commodity Futures Trading Commission has scheduled an event today to consider possible changes to the London Interbank Offered Rate. Industry participants including representatives from CME Group, NYSE Euronext and IntercontinentalExchange are expected to attend. CFTC Chairman Gary Gensler has expressed concern about benchmark interest rates. Meanwhile, the U.K. government has started seeking a body to take over supervision of Libor. Bloomberg
(2/26), City A.M. (London)
(2/26), Bloomberg Businessweek
(2/25)     
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| Regulatory Roundup |  |  |
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- Global transaction tax is possible, EU official says
EU Tax Commissioner Algirdas Semeta says a global tax on financial transactions eventually should be a reality, as he encourages U.S. supporters to continue their efforts. The U.S. Treasury Department remains opposed. Meanwhile, the head of the Lisbon Stock Exchange has called on the Portuguese government to oppose Europe's proposed tax until all EU members support it. Bloomberg
(2/26), Reuters
(2/25), The Trade News (U.K.)
(2/25)
| Industry Developments | | |
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- Spanish exchange eyes Euronext acquisition
If Euronext is sold as part of a merger of NYSE Euronext and IntercontinentalExchange, Bolsas y Mercados Españoles will consider acquiring the European exchange operator, says Javier Hernani, managing director of the Spanish exchange. "We will look at a Euronext deal -- everybody will," Hernani said. "So far, we haven't knocked on anybody's door, but we will look at anything in the market; we always do." The Trade News (U.K.)
(2/25)
- CME Group boosts yuan's international role
CME Group is launching deliverable offshore yuan futures in Hong Kong in a major step on the road to full internationalization of the Chinese currency. The CME offering will consist of three-year contracts worth either $100,000 or $10,000 in ranges pegged to attract a wide investor base. "Our decision to launch the USD/CNH [renminbi traded offshore] foreign-exchange futures contracts is primarily commercially driven," said K.C. Lam, CME Group's Singapore-based head of foreign-exchange products in Asia. China Daily (Beijing)
(2/25)
| Electronic Trading News | | |
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- SEC tackles high-frequency-trading concerns
The Securities and Exchange Commission plans to convert voluntary guidelines for high-frequency trading into mandatory regulations in order to maintain market stability and prevent disruptions such as the 2010 flash crash. "Rather than just trying to reduce the impact of these disruptions, we're trying to eliminate the causes by focusing on systems compliance and integrity," SEC Chairman Elisse Walter said. The Hill/RegWatch blog
(2/25)
- German proposal would more tightly regulate HFT
Legislation in Germany would require high-frequency traders to get authorization from financial regulator BaFin, a coalition source says. The proposal stops short of requiring traders to hold onto purchases for a minimum length of time. Reuters
(2/25)
| Commodities and Managed Futures | | |
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- CME takeover to elevate hard-red wheat
The little-traded hard-red winter wheat futures contract is poised to become the U.S. wheat benchmark as a result of a CME Group takeover. CME's purchase of the Kansas City Board of Trade will allow it to move the wheat-futures contracts to the Chicago Board of Trade, which will facilitate trade of the commodity. Reuters
(2/25)
- Commentary: Performance dispersion is key for managed futures
Managed futures had a 15.4% gain in 2008, but the S&P 500 posted a 38% drop and more than 20% of commodity trading advisers went out of business. Performance dispersion explains the dichotomy, Jon Sundt writes, arguing that picking a premier manager is how to avoid the scarier end of the spectrum. AdvisorOne
(2/25)
| FIA News | | |
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- Save the Date for Bürgenstock 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.
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