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March 1, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • CFTC struggles to develop swaps-oversight system
    The Commodity Futures Trading Commission has found it difficult to realize the Dodd-Frank Act's goal of transparency on swaps, especially amid a dispute involving CME Group and Depository Trust and Clearing, Silla Brush writes. Bloomberg (3/1) LinkedInFacebookTwitterEmail this Story
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  Industry News and Trends 
  • Banks advise clients to capitalize on debt-insurance difference
    Morgan Stanley and JPMorgan Chase, facing a possible flare-up of Europe's sovereign-debt crisis, are recommending that clients hedge themselves through the difference between the price of short- and long-term bond insurance. "Credit volatility and curve flatteners remain our preferred hedges," Morgan Stanley's Andrew Sheets wrote in a note. "The greatest risk to European credit remains a return of sovereign-led systemic risk." Bloomberg (2/28) LinkedInFacebookTwitterEmail this Story
  • Cross-margining will help ASX win market share, exec says
    The Australian Securities Exchange says it plans to provide cross-margining between over-the-counter and exchange-traded derivatives when it launches clearing for OTC derivatives this year. The move will help the exchange win market share, ASX's Rohan Delilkhan says. However, concerns have been raised that there is not enough liquidity in Australia's OTC market to sustain more than one clearinghouse. (subscription required) (2/28) LinkedInFacebookTwitterEmail this Story
  • Argentine bonds drop and CDSs rise amid default threat
    In U.S. court, attorney Jonathan Blackman said Argentina would rather stop payments to creditors who had agreed to restructure debt than agree to pay creditors who had held out. The news sent Argentina's bonds down and drove up credit default swaps covering the nation's debt. Bloomberg (2/28) LinkedInFacebookTwitterEmail this Story
  • DTCC partners with CUSIP on LEI application process
    Depository Trust & Clearing and CUSIP Global Services say they're working together on an application process for legal-entity identifiers. The firms want to streamline the process by allowing users to apply for Commodity Futures Trading Commission Interim Compliant Identifiers and CUSIP numbers at the same time. CICIs are a precursor to LEIs. Securities Technology Monitor (2/28) LinkedInFacebookTwitterEmail this Story
  • Commentary: Derivatives are following equities' path from 1930s
    The position of interest-rate and credit derivatives is not unlike that of equities in the 1930s, Andrew Waxman writes. Joseph Kennedy, the first leader of the Securities and Exchange Commission, worked to establish transparency while simultaneously luring participants to return to the market, Waxman writes. (2/28) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Democratic lawmakers reintroduce derivatives-transaction tax
    Derivatives, including futures, would face a 0.03% transaction tax under legislation introduced this week by Rep. Peter DeFazio, D-Ore., and Sen. Tom Harkin, D-Iowa. The pair floated similar bills in recent years, but the legislation never took hold. "There is no question that Wall Street can easily bear this modest tax," Harkin said. Platts (2/28) LinkedInFacebookTwitterEmail this Story
  • CFTC's Gensler suggests Libor replacements
    Commodity Futures Trading Commission Chairman Gary Gensler says a rate determined by a traded market, such as overnight indexed swaps, should replace the London Interbank Offered Rate. "Given what we know now, it's critical that we move to a more robust framework for financial benchmarks, particularly those for short-term, variable interest rates," Gensler said. (subscription required) (2/28) LinkedInFacebookTwitterEmail this Story
  Editor's Note 
  • Correction
    A summary in Wednesday's dailyLead incorrectly characterized the Securities and Exchange Commission's request for banks to notify investors about the valuation of some securities backed by equity derivatives sold during the past two years. Banks are being given 10 days to notify the SEC about whether they will comply with the rule. Many banks began notification as early as May. The dailyLead regrets the error. LinkedInFacebookTwitterEmail this Story
The mark of mediocrity is to look for precedent."
--Norman Mailer,
American writer

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