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November 9, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • CME sues CFTC over swaps-data-reporting rules
    CME Group has filed a lawsuit seeking to prevent the Commodity Futures Trading Commission from enforcing rules governing reporting of swaps. "[T]he CFTC acted in a manner that was arbitrary and capricious and otherwise not in accordance with law," the lawsuit says, adding that the rules would "impose costly, cumbersome, and duplicative requirements." Reuters (11/8) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • Reform will lead to derivatives-market ice age, expert says
    When asked whether regulators are trying to kill over-the-counter derivatives, Central Bank of Ireland adviser Giuseppe Insalaco said, "Isn't that obvious?" Insalaco added, "I think what regulators are bringing about is something akin to a new ice age. London will be under a new ice sheet and there will be mammoths in France, but people are trying to figure out how to protect their rose beds from frost. This is not the point. The point is we want to change how things are done, because the way they were done before is clearly wrong." (subscription required) (11/8) LinkedInFacebookTwitterEmail this Story
  • Buy-side firms say collateral crunch is real
    Buy-side representatives said at an industry conference that despite the opinion of a Bank of England official, rules pushing over-the-counter derivatives through central counterparties will create a squeeze on high-quality liquid collateral. An industry report projects a need for $15.7 trillion to $29.9 trillion in initial margin. (subscription required) (11/7) LinkedInFacebookTwitterEmail this Story
  • Taiwanese derivatives trading might rise under relaxed rules
    Taiwan should see increased derivatives trading as foreign asset managers enter the market under less-restrictive rules, Celent says. However, high volume in foreign exchange will decline as institutional investors diversify into other instruments, said Hua Zang, an analyst with Celent's Asian Financial Services Group. The Trade News (U.K.) (11/8) LinkedInFacebookTwitterEmail this Story
  • Group suggests paring Libor variations
    The British Bankers' Association says that to restore trust in the London Interbank Offered Rate, only 30 of 150 variations should be allowed to survive. The group laid out a phased plan to make the transition. Reuters (11/8), Financial Times (tiered subscription model) (11/8) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Treasury discusses FATCA with nations
    The Treasury Department says it has been discussing with more than 50 jurisdictions the Foreign Account Tax Compliance Act, which requires foreign financial institutions to report U.S. taxpayer information to the Internal Revenue Service. The Treasury is working to implement FATCA and ensure compliance. "Global cooperation is critical to implementing FATCA in a way that is targeted and efficient," said Mark Mazur of the Treasury. Accounting Today (11/9) LinkedInFacebookTwitterEmail this Story
  • Firms advised to segregate U.S. business to avoid Dodd-Frank
    Citing concerns over extraterritorial issues relating to the Dodd-Frank Act, Celent is advising clients to consider segregating their business with U.S. counterparties. The advice comes after numerous appeals by foreign governments and regulators to the Commodity Futures Trading Commission to curb rules that fall outside U.S. jurisdiction. The Trade News (U.K.) (11/8) LinkedInFacebookTwitterEmail this Story
  • Battle brews over bill for cost-benefit analysis
    Legislation to force U.S. regulators to improve cost-benefit analysis of rules is facing opposition. Critics say the bill is designed to paralyze agencies and block initiatives. Supporters argue that the measure would force regulators to develop strong justification for rules. The Washington Post (11/8) LinkedInFacebookTwitterEmail this Story
Ideals are like stars ... you choose them as your guides, and following them, you will reach your destiny."
--Carl Schurz,
German-born American statesman

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