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- 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
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| Regulatory Roundup | | |
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- Swaps-rules disparity hurts industry, ICAP exec says
The financial industry is feeling the effects of a gap between swaps rules in Europe and the U.S., ICAP's Peter Best said at the FIX Protocol conference, adding that he expects long-term inefficiencies. "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.)
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| Industry Developments | | |
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- 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)
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| Commodities and Managed Futures | | |
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- HKEx may look to commodities to jump-start growth
Monthly metal contracts may be one way Hong Kong Exchanges and Clearing seeks benefits from its purchase of the London Metal Exchange, some industry executives say. Metals contracts could help increase business with mainland China, counteracting shrinking LME profits. HKEx also announced plans for commodity contracts geared at the Asian time zone, supported by a new clearinghouse, possibly in 2014. Reuters
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- Funds cut commodity exposure to lowest level in 4 years
Fund managers and other major speculators slashed net-long positions across 18 U.S. futures and options by 16% in the week that ended Feb. 26, according to Commodity Futures Trading Commission data. That brought exposure to commodities to its lowest level since March 2009. Bloomberg
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| FIA News | | |
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- Registration is now open for NY Expo 2013
The Futures Industry Association will hold its second annual NY Expo on April 10 and 11 at the Hilton New York in cooperation with FIA Chicago, Futures Services and Information Technology Divisions. Last year's event attracted more than 600 industry professionals and more than 20 vendors. This year's topics will include mandatory clearing, LSOC, portfolio margining, electronic trading of swaps, the evolving back office, institutionalizing social media and more. Register here.
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