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December 7, 2012
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  Top Stories 
  • CFTC might delay overseas swaps rules
    The Commodity Futures Trading Commission is considering postponing some overseas swaps rules as mandated by the Dodd-Frank Act, sources say. After postponing other rules, CFTC officials have indicated that more delays are likely. "We have and will continue to grant requests for phased compliance," Chairman Gary Gensler said. Not everyone supports postponement. Commissioner Scott O'Malia says the CFTC's rule-making process has started to "resemble Swiss cheese." Bloomberg (12/6) LinkedInFacebookTwitterEmail this Story
  • Industry says European regulators should work to understand HFT
    Market participants say regulators in Europe lack an understanding of high-frequency trading. "Our fear is that detailed discussions about new regulations are taking place at a high-level in Brussels, which is not the right forum for those issues," said Remco Lenterman, chairman of the FIA European Principal Traders Association. "We need to empower regulators, such as [the European Securities and Markets Authority] and national regulators to help them decide how market microstructure works." Financial News Online (U.K.) (subscription required) (12/6) LinkedInFacebookTwitterEmail this Story
  • FCMs need to focus on execution, TABB says
    A TABB Group report indicates that futures commission merchants face challenges and opportunities amid a changing regulatory landscape and reduced volumes. "In order to succeed, FCMs will need to focus on execution and execution-related services as these will be the areas where they will be able to differentiate themselves from their competition," TABB's Matt Simon says. The Trade News (U.K.) (12/6) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Canadian regulators propose OTC derivatives rules
    The Canadian Securities Administrators is moving ahead with rules governing over-the-counter derivatives, in line with commitments made by the Group of 20 nations after the global financial crisis. The CSA is working on rules for reporting derivatives to a recognized trade repository. Bill Rice, chairman of the CSA and of the Alberta Securities Commission, said using trade repositories will "improve transparency in the derivatives markets, mitigate systemic risk and protect against market abuse." Financial Post (Canada) (12/6) LinkedInFacebookTwitterEmail this Story
  • FERC isn't singling out Wall Street, chairman says
    Jon Wellinghoff, chairman of the Federal Energy Regulatory Commission, said the agency's recent enforcement actions shouldn't be taken as a sign that it is out to get Wall Street. "We're not trying to push anybody out of any business," he said. "We're just trying to make sure that the markets are operating fairly and that there is a minimum of fraud and manipulation." Reuters (12/6) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • Margin regimes for futures and OTC swaps raise concerns
    Market participants are divided on the different margin regimes for listed derivatives and their equivalent over-the-counter swaps. Critics say the system makes futures under-margined, while OTC swaps tend to be over-margined. Proponents of the margin regimes say that futures prices are more transparent and certain than OTC swap prices because futures are traded on a central limit order book. However, if OTC swaps shift to trading on a limit order book, the differences between the product sets could be even less clear. (subscription required) (12/6) LinkedInFacebookTwitterEmail this Story
  • Expert says derivatives trader's role is evolving
    An anonymous head of securities at one of the largest dealers in the world says the future of the derivatives business will be vastly different and that the number of traders will shrink significantly. New regulations, capital and liquidity requirements will force derivatives market making to become a numbers game, he says. "The old-school trader is going to fade away. Clients won't recognize the new-school version -- they'll be asking 'Are you an ops guy, are you a systems designer?' But he will be a trader, at least in the new definition of the word," the source says. (subscription required) (12/6) LinkedInFacebookTwitterEmail this Story
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  Commodities and Managed Futures 
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You will never find time for anything. If you want time you must make it."
--Charles Buxton,
British brewer, philanthropist, writer and legislator

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