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- CFTC seeks feedback on swaps rules
A Commodity Futures Trading Commission meeting Jan. 31 will seek input from the financial industry about concerns that clients will shift from swaps to futures because of rules on swaps-execution facilities. Details of those rules will determine how expensive swaps trading will become. Reuters
(1/18)     
| Regulatory Roundup | | |
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- National proposals undermine MiFID II, FIA EPTA's Spanbroek says
Mark Spanbroek, general secretary at the FIA European Principal Traders Association, has voiced concerns about how proposals in European countries, particularly Germany, will work with the revised Markets in Financial Instruments Directive. "It's a shame that European countries are moving ahead with their own national legislation on market structure, when we have worked so hard on MiFID II," Spanbroek says. "The German proposals are sensible, but this independent action undermines MiFID II. It's going to be very hard for the [European Securities and Markets Authority] to control the market effectively when there are different rules across Europe." Banking Technology
(1/18)
- FINRA to focus on options-order mistakes
The Financial Industry Regulatory Authority says it's taking a closer look at practices that options firms may have used to sidestep exchange fees and cut ahead of other investors in completing trades. "Order origination is an area of concern for our department right now," says Gene DeMaio, senior vice president of options regulation. The Wall Street Journal
(1/18)
- U.S. regulators still have many rules to write
The Commodity Futures Trading Commission is two-thirds done writing 60 rules as mandated by the Dodd-Frank Act. The Securities and Exchange Commission has written 33 of 95 rules. Analysts expect the most important outstanding rules to be finished this year, but the entire process likely will take until at least 2014 to complete. The Trade News (U.K.)
(1/18)
| Industry Developments | | |
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- Markets are hurt by unclear rules, CME's Duffy says
Terry Duffy, executive chairman of CME Group, said at an industry conference that a lack of clarity in rule making is driving market issues, including low volume. "The rules have yet to come out and be clear, so what happens is that keeps participants on the sidelines until they see what's going to happen," Duffy said. OpenMarkets.com
(1/18)
| Electronic Trading News | | |
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- Rep. Markey: 1989 law gave SEC the tools to limit HFT
Rep. Edward Markey, D-Mass., in a letter to the Securities and Exchange Commission, suggests that because of a 1989 law he co-sponsored, the agency has the ability to slow down, or even stop, high-frequency trading. Markey references a law that gives the SEC power to "limit practices which result in extraordinary levels of volatility." Reuters/MacroScope blog
(1/18)
| Commodities and Managed Futures | | |
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- IEA warns of volatility linked to energy-trading rules
The International Energy Agency is expressing concern about rules that place stricter margin requirements and position limits on the energy-swaps market. "Regulatory uncertainties and inconsistencies within and across jurisdictions might in fact lead to less transparent and more risky global financial markets," the IEA said in a monthly report. Bloomberg
(1/18)
| FIA News | | |
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- FIA Boca Panels Announced; Register by Jan. 25 for Discounted Rates
The Global Financial Reform panel at the FIA's 38th Annual International Derivatives Conference in Boca Raton, Fla., will feature regulators from around the world. Hear the latest about the regulatory landscape from officials from the U.S. Treasury Department, the U.K.'s Financial Services Authority, the European Commission, and the CFTC. Don't miss our opening panel, "Driving the Derivatives Business Forward," which will include a discussion on the future of the exchange-traded and cleared swaps markets. Click here for program details, and be sure to register by Jan. 25 for discounted registration rates.
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