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February 22, 2013
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  Top Stories 
  • NFA designates Cargill as a swaps dealer
    The National Futures Association has registered Cargill as a swaps dealer, making it the first major nonfinancial enterprise to hold that status. Would-be swaps dealers also must register with the Commodity Futures Trading Commission. Reuters (2/21) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Automatic cuts are seen as unlikely to disrupt CFTC, SEC
    The Securities and Exchange Commission and the Commodity Futures Trading Commission expect mostly business as usual if the budget sequester goes into effect March 1. "We would definitely have to cut back expenditures in technology. ... We're doing everything to husband our resources to avoid a furlough," CFTC Chairman Gary Gensler said. Similarly, an SEC spokesman says there likely would be no reduction in workforce. Reuters (2/22)
  • CFTC's Gensler raises concerns about benchmark rates
    Gary Gensler, chairman of the Commodity Futures Trading Commission, says he doubts the long-term viability of benchmarks such as the London Interbank Offered Rate. Gensler said Libor and other benchmarks are unstable and that their underlying markets are permanently disrupted, adding that "anchoring to real transactions is essential to have confidence in these benchmarks." Bloomberg Businessweek (2/21) LinkedInFacebookTwitterEmail this Story
  • Opinion: Europe's proposed transaction tax is a mistake
    The 11 EU countries aiming to adopt a financial-transaction tax might be justified in wanting the financial sector to pay more tax, but a levy linked to transactions is the wrong way to do it, according to The Economist. "If [these countries] want to extract more money from finance, they should drop this idea and instead impose a levy on their own banks' balance-sheets," the magazine notes. "That would be more precisely targeted, easier to collect and more respectful of legal jurisdictions." The Economist (tiered subscription model) (2/23) LinkedInFacebookTwitterEmail this Story
Get with the flow. How payment processing affects cash flow.
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  Industry Developments 
  • GETCO execs will outnumber Knight's after merger
    When Global Electronic Trading completes its takeover of Knight Capital Group, the company will be led largely by GETCO executives, according to Securities and Exchange Commission filings. "The senior management team ... possesses the expertise to successfully integrate our two organizations, develop new and innovative products and, most importantly, serve the needs of our clients across multiple asset classes and time zones," GETCO CEO Daniel Coleman said in statement. Coleman will run the combined company. Securities Technology Monitor (2/21) LinkedInFacebookTwitterEmail this Story
  • UBS announces Chinese derivatives approval
    UBS has gained permission from the China Securities Regulatory Commission to create derivatives tied to Chinese equities, according to the bank. The products will give overseas investors a method to access the Chinese stock market. The approval marks another step in China's plan to add financial sophistication. Bloomberg (2/21) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • LME official says transparency will be good for business
    The London Metal Exchange may see huge benefits from the EU's push for transparency among over-the-counter derivatives, says Diarmuid O'Hegarty, the LME's deputy CEO. "The fact that the stuff the LME currently doesn't see will end up needing to be cleared means more business for the exchange," O'Hegarty said. Bloomberg (2/21), Reuters (2/21) LinkedInFacebookTwitterEmail this Story
You can do anything in this world if you are prepared to take the consequences."
--W. Somerset Maugham,
British writer

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