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December 7, 2012
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Daily coverage for the global derivatives industry

  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
  • SEC lets actively managed ETFs use derivatives
    Norm Champ, director of the Securities and Exchange Commission's investment-management division, says the regulator will drop a blanket prohibition on use of a significant amount of derivatives by actively managed exchange-traded funds. Instead, the SEC will bar derivatives use to increase returns or deliver the inverse performance of an index, he said. Bloomberg (12/7) LinkedInFacebookTwitterEmail this Story
OTC regulation & portfolio reconciliation - are you ready?
New regulations in the US and Europe require most firms with OTC derivative portfolios to reconcile them and research differences regularly. Get a summary of the new portfolio reconciliation regulations and learn how triResolve can help you comply, connecting you to virtually all your counterparties via a secure, automated process.
  Industry News and Trends 
  • 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. Risk.net (subscription required) (12/6) LinkedInFacebookTwitterEmail this Story
  • 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. Risk.net (subscription required) (12/6) LinkedInFacebookTwitterEmail this Story
  • NYSE Liffe unveils contracts based on Turkish stocks
    NYSE Liffe is responding to demand from institutional investors for exposure to Turkey by offering futures and options based on constituents of the country's IMKB 30 Index. "The introduction of these new futures and options on underlying stocks from Turkey and derivatives on the IMKB 30 ... highlights our commitment to working collaboratively with IMKB and meeting the needs of our customers in rapidly evolving markets," said Roland Bellegarde of NYSE Euronext. Financial News Online (U.K.) (subscription required) (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
  • Regulators take closer look at risk-weighted assets
    As risk-weighted assets take on greater importance in determining banks' capital requirements, regulators are starting to doubt whether it is a good idea to let banks determine the riskiness of their assets. The Bank of England's Financial Policy Committee recently warned that banks might have understated capital needed by as much as £35 billion. The Economist (12/8) LinkedInFacebookTwitterEmail this Story
Excel and Modern Financial Planning
In today's digital age in financial planning, a new role of the "modern financial modeler" is coming to surface to bridge the gap between financial operations and strategic finance. View a complimentary copy of the Blue Hill research report and learn the role, skills and background of the "modern modeler", strategies and tools that provide for transition to this role for individuals, and best practices and pitfalls in moving to this set of skills.

  SmartQuote 
Freedom lies in being bold."
--Robert Frost,
American poet


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