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January 25, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • Sommers plans to step down from CFTC
    Jill Sommers, a Republican member of the Commodity Futures Trading Commission, says she will resign at the end of this quarter. Sommers, a commissioner since 2007, led the CFTC's investigation of MF Global Holdings. "I think for me personally it is the right time to leave," she wrote in an e-mail. Bloomberg (1/25), The Wall Street Journal (1/24) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • Survey: Firms aren't ready for OTC regulations
    The bulk of the financial-services industry is unprepared for coming regulations for over-the-counter derivatives, a survey by IPC Systems indicates. Thirty-six percent of companies said they don't have a plan for dealing with new regulations, and 62% said what they have in place is inadequate. Wall Street & Technology (1/24) LinkedInFacebookTwitterEmail this Story
  • Swaps migration raises concerns
    After the financial crisis, regulators worldwide tried to get a handle on swaps, which were faulted for the upheaval, particularly credit default swaps. However, two years of hard work in crafting rules were partly nullified when energy swaps deals simply migrated to futures exchanges to avoid constraints. "That is fundamentally a big problem with the swaps rules," said Scott O'Malia, a member of the Commodity Futures Trading Commission. Bloomberg Businessweek (1/24) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Regulators could govern techniques for asset-risk calculation
    Stefan Ingves, chairman of the Basel Committee on Banking Supervision, says there are large differences in banks' valuation of their assets' riskiness. Regulators could impose "limitations in the modeling choices for banks" to unify and simplify rules, Ingves says. Bloomberg (1/24) LinkedInFacebookTwitterEmail this Story
  • FSB says banks have trouble determining excessive risk
    Global regulations that call for reduced bonuses as a penalty for excessive risk taking are proving hard to implement, according to the Financial Stability Board. In addition to trouble defining "poor behavior" that should be penalized, opinions differ on whether such penalties are legal. Bloomberg (1/24) LinkedInFacebookTwitterEmail this Story
  • Bank exec: Big regulatory challenges have been "dealt with"
    Regulatory demands faced by financial institutions have been "fairly onerous," but banks have adapted to them and are operating with much higher liquidity than before, said James Gorman, president and CEO of Morgan Stanley. "So the big stuff has been dealt with," he said. "Now we're working through the various parts of Dodd-Frank." CNBC (1/23) LinkedInFacebookTwitterEmail this Story

  • Editorial: Political agenda comes with regulator nominees
    According to The Wall Street Journal editorial board, President Barack Obama's nominees to run the Securities and Exchange Commission and the Consumer Financial Protection Bureau indicate that he plans "to achieve by fiat what he can't get through a Republican House of Representatives." The nominees, Mary Jo White and Richard Cordray, likely would extend Obama's aim of going after the financial industry. The Wall Street Journal (1/24) LinkedInFacebookTwitterEmail this Story
  ISDA News and Events 
  • Climate shocks cause price shocks
    A Jan. 4 article in The Telegraph discusses how the managing director of Waitrose, a major U.K. supermarket chain, expects prices could spike 5% because of substandard crop yields and the attendant supply shortage. The article goes on to say that this kind of shock might be, as the saying goes, "the new normal." Quoting the U.K. government's chief scientist, John Beddington: "There is going to be another billion people on the planet in 13 years' time. ... That is going to increase demand for food." ISDA believes it's important to understand and know the facts about commodity-price changes and volatility. That's the reason we developed, a website and blog. LinkedInFacebookTwitterEmail this Story

Anger and jealousy can no more bear to lose sight of their objects than love."
--George Eliot,
British writer

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