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February 13, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • Margin rules for uncleared derivatives coming soon, IOSCO head says
    Regulators still have work to do on assessing the effects of margin requirements for non-centrally cleared derivatives, but an interim consultation will be published soon, says David Wright, secretary general of the International Organization of Securities Commissions. "We haven't sorted out yet the margin requirements for over-the-counter derivatives that are not cleared," Wright said. "You can expect in a few days that IOSCO and the banking regulators will come out with what is described as a near-final consultation, which will open up for further comment three or four issues." Read ISDA's letter to the Basel Committee on Banking Supervision and IOSCO about its proposal on margin requirements for non-centrally cleared derivatives. (subscription required) (2/13) LinkedInFacebookTwitterEmail this Story
  • SNS Reaal CDS decision might have broad implications
    ISDA's Determinations Committee is meeting to decide whether some credit default swaps will be triggered by the Netherlands' nationalization of SNS Reaal. Because the bank was nationalized and its bonds expropriated, there cannot be a bond auction to determine the level of compensation from the swaps. These issues are similar to ones that would be raised by so-called bail-in laws being considered in Europe, and the determination could have wider implications for investors in European bank bonds. The Wall Street Journal/The Euro Crisis blog (2/12) LinkedInFacebookTwitterEmail this Story
Margin Savings up to 90% for Cleared OTC IRS vs. Futures
90% is no small number—especially when it comes to margin savings. Market participants have been actively utilizing portfolio margining of Cleared OTC IRS and Eurodollar and Treasury futures, and total risk reductions now account for over $1 billion in initial margin savings—figures that remain unparalleled in the industry. Click here to learn more.
  Industry News and Trends 
  • DTCC: Data-sharing obstacles might hamper regulatory progress
    Although Depository Trust & Clearing is seeking to become a worldwide derivatives-data repository, differences between U.S. and EU law are proving difficult to overcome, the company says. "There are fairly major impediments to data sharing at the moment," said Stewart Macbeth, president of DTCC unit Deriv/SERV. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • CFTC could vote on final SEF rule on March 1
    The Commodity Futures Trading Commission could vote on rules to establish swap-execution facilities at a meeting tentatively scheduled for March 1. Mark Wetjen, a Democratic member of the CFTC, could cast the deciding vote, but he hasn't said which way he is leaning. Wetjen said he doesn't want the agency to "push the markets precipitously in a way that ends up being counterproductive." The Wall Street Journal (2/12) LinkedInFacebookTwitterEmail this Story
  • House panel plans to review Dodd-Frank implementation
    The House Financial Services Committee will review how the Dodd-Frank Act is being implemented, according to a draft agenda. "The Committee will seek to ensure that regulators carefully and transparently assess the costs and benefits of regulations called for by the Dodd-Frank Act," committee Chairman Jeb Hensarling says in the document. The agenda also includes discussion of changing or ending Fannie Mae and Freddie Mac's charters, and a review of government oversight of over-the-counter derivatives. Democrats on the committee are expected to resist what they perceive to be a watering down of Dodd-Frank. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  • U.S. reportedly examines 2 U.K. interdealer brokers over Libor
    The U.S. Justice Department and the Commodity Futures Trading Commission are investigating U.K. interdealer brokers ICAP and R.P. Martin Holdings regarding their possible role in manipulation of the London Interbank Offered Rate, sources say. Neither firm has been accused of wrongdoing. ICAP is also being questioned by the U.K. Financial Services Authority. Reuters (2/12), The Wall Street Journal (2/11) LinkedInFacebookTwitterEmail this Story
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