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March 5, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • ISE outlines plan to launch equity-derivatives exchange
    International Securities Exchange Holdings has announced a plan to open an options market, the 12th U.S. exchange for equity derivatives. The initial market structure of Topaz looks similar to ISE's, but the fee structure would differ. Boris Ilyevsky, managing director of ISE Options Exchange, says Deutsche Boerse-owned ISE hasn't set a target percentage of trading this year for Topaz. Bloomberg Businessweek (3/4), Traders Magazine Online (3/4) LinkedInFacebookTwitterEmail this Story
  • CBOE's Brodsky sees transaction tax as redundant
    CBOE Holdings Chairman and CEO William Brodsky on Monday spoke on topics including VIX volatility and possible priorities for the Securities and Exchange Commission, and he made it clear that he views financial-transaction tax proposals as unwise. "We already have a transaction tax. It's called Section 31 fees. It has been around for decades. If you look at any transaction you do ... you pay a Section 31 fee that although it doesn't go directly to the SEC, it is intended to fund the SEC," Brodsky said. SmartBrief/SmartBlog on Finance (3/5), CBOE TV (3/4), Bloomberg (3/4) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • Buy side names consolidated tape as key MiFID II change
    One-third of respondents to an online poll by The Trade said creation of a consolidated tape for equities is the most crucial market-structure change under the revised Markets in Financial Instruments Directive. About 30% of respondents named fixed-income transparency as the most important change, while others pointed to a better framework for dark trading and curbs on high-frequency or algorithmic trading. The Trade News (U.K.) (3/4) LinkedInFacebookTwitterEmail this Story
  • Common CCP reporting is needed, Payments Risk Committee says
    Central clearing parties should have a common framework for reporting to encourage consistency among CCPs, a recommendation by the Payments Risk Committee says. "The ultimate goal is that clearing member banks will not only have the data necessary to better evaluate the risks they face, but that in so doing all market participants will better understand the unique and critically important role played by the CCP, enabling systemic risks to be addressed before they have opportunity to surface," the committee's report says. Traders Magazine (3/2013) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Treasury wants single version of Volcker rule, Miller says
    Mary John Miller, Treasury undersecretary for domestic finance, said at an industry conference that the five regulators working on the Volcker rule should produce a single version. "We think a joint rule is optimal," she said. "To have a different rule developed by a banking regulator and a securities regulator would not be helpful to the market. ... That requires a significant amount of coordination and discussion to think about how they can all work together. And that process takes time -- it has taken time." Former Federal Reserve Chairman Paul Volcker says progress on the rule has been hindered by a fragmented regulatory landscape and other obstacles. Risk.net (subscription required) (3/4), Reuters (3/4) LinkedInFacebookTwitterEmail this Story
  • FSA defends its role on Libor issue
    The U.K. Financial Services Authority has published an internal report on when it first became aware of manipulation of the London Interbank Offered Rate. The FSA says it should have been better about detecting manipulation but that it did not have direct oversight of the benchmark at the time. Reuters (3/5)
  SmartQuote 
It is with words as with sunbeams -- the more they are condensed, the deeper they burn."
--Robert Southey,
British poet


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