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March 4, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • Argentina sees CDSs jump
    Credit default swaps covering Argentina's debt continues to increase, after the government said payments on restructured bonds will be suspended if a U.S. court demands payment to holdouts. The CDS market reflects "an aggressive stance and a positioning where things are going to go against Argentina," said Ray Zucaro, a fund manager at SW Asset Management. Bloomberg (3/1)
  • Disparity in swaps rules hurts industry, exec says
    ICAP's Peter Best said at a FIX Protocol conference that the industry is already feeling the effect from a gap between swaps rules in Europe and the U.S. He said the divergence foreshadows long-term inefficiency. "Until we know what the final rules and recognition of foreign regulatory regimes look like, it's incredibly hard to know exactly what to deliver," Best said. The Trade News (U.K.) (3/1)
  Industry News and Trends 
  • Banks express concerns about consequences of regulations
    A Citigroup securities filing says a Dodd-Frank Act provision forcing overseas branches to comply with U.S. derivatives rules might cost the bank customers. Clients "have expressed an unwillingness to continue to deal with overseas branches of U.S. banks if the rules would subject them to these requirements," according to Citigroup. Meanwhile, Goldman Sachs says ring-fencing subsidiaries would force the bank to hold more capital. Bloomberg (3/1) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Analysis: India tax change may not pull trading back from SGX
    India's National Stock Exchange shouldn't expect to take business back from the Singapore Exchange because of a reduction in India's Securities Transaction Tax, Samie Modak and Sachin Mampatta write. Brokers say SGX has other advantages that will retain investors. "A few basis points reduction in STT might not help in bringing the volumes back or even preventing further export of futures volumes," says Yogesh Radke of Edelweiss Financial Securities. Business Standard (India) (3/1) LinkedInFacebookTwitterEmail this Story
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--William Hazlitt,
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