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November 1, 2012
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Daily coverage for the global derivatives industry

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  • EU short-selling rules create confusion, experts say
    Traders, brokers and other market participants are criticizing regulatory guidance on pan-EU rules governing short selling, saying it has left the market confused and unprepared. "There isn't total clarity on how that market-making exemption will work," said Richard Metcalfe of ISDA. "There is still debate about what actually constitutes market making and whether that has to be a frequent activity. That shouldn't be the case." Meanwhile, exchange-traded government-bond futures not covered by new rules are opening a way for traders to effectively short government debt, essentially sidestepping the rule. Financial Times (tiered subscription model) (10/31), International Financing Review (free content) (10/31) LinkedInFacebookTwitterEmail this Story
What's in a Name? In The Case of Smart Beta, It's Hard to Tell
Do ETF buyers, especially those seeking smart beta strategies, really know what they are getting? Is it alpha? In this paper, we focus on a few types of smart beta portfolios in order to highlight similarities and differences driven by methodology. Our results suggest a number of conclusions about how investors should be thinking about the proliferation of smart beta portfolios.
Click here to read the Research Paper
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  Industry News and Trends 
 
  • ICAP opens securities and derivatives exchange
    Seth Johnson, CEO of ICAP Securities & Derivatives Exchange, which launched Wednesday in London, said listed companies will have to meet higher standards for disclosure and governance, with a point system coming next year. "We are raising the bar for companies listed on the exchange," Johnson said. "The 133 companies already listed will have time to pull their socks up. If they don't, they'll be forced to leave." Reuters (10/31) LinkedInFacebookTwitterEmail this Story
  • Bank wades into waters of interest-rate swaps
    Europe will have another place to transact interest-rate swaps beginning Nov. 13, when Deutsche Boerse takes aim at the $648 trillion market. "Our offering is focused on a solution for the buy side as well as the sell side," said Andreas Preuss, head of Eurex, the derivatives unit of the Deutsche Boerse. Eurex will compete head-to-head with LCH.Clearnet Group, which has dominated the sector for more than 10 years. Fox Business/Dow Jones Newswires (10/31) LinkedInFacebookTwitterEmail this Story
 The Industry's Choice for Regulatory Reporting Services
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  Regulatory Roundup 
 
  • O'Malia scrutinizes CFTC's handling of swaps-trading rules
    Scott O'Malia, a member of the Commodity Futures Trading Commission, said the agency is unlikely to complete swaps-trading rules by a Nov. 15 meeting. O'Malia also criticized the CFTC's handling of a key rule covering energy derivatives, calling it a "train wreck." Bloomberg (10/31), Reuters (10/31) LinkedInFacebookTwitterEmail this Story
  • FSB calls on derivatives regulators to iron out differences
    The Financial Stability Board told regulators worldwide to accelerate efforts and coordinate derivatives rules. "Market infrastructure is in place and can be scaled up. Regulatory uncertainty remains the most significant impediment to further progress and to comprehensive use of market infrastructure," according to an FSB report for Group of 20 finance ministers. "However, progress to date in cross-border discussions has been slow. This risks delaying the full and timely implementation of the G20 objectives." Reuters (10/31), Bloomberg Businessweek (10/31) LinkedInFacebookTwitterEmail this Story
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