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November 2, 2012
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5 Cures for Business Growing Pains
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  Regulatory Roundup 
  • Chicago will have key role in new market structure, exec says
    Chicago will be key in resolving issues related to the model for privately traded derivatives, some market participants say. "I think the solution is going to be found in Chicago and the Chicago community. Not by Wall Street or [London's] Lombard Street," said Clifford Lewis of State Street Global Markets. Reuters (11/1) LinkedInFacebookTwitterEmail this Story
  • CFTC's Wetjen discusses futures insurance, position-limits appeal
    Mark Wetjen, a member of the Commodity Futures Trading Commission, says the idea of developing a government-sponsored insurance fund to protect futures traders is worth considering. Wetjen also said that a majority of CFTC members support appealing a court ruling that struck down the agency's position-limits rule. Reuters (11/1), Reuters (11/1)
  • Other News
  Industry Developments 
  • CBOE Q3 results point to VIX popularity
    CBOE Holdings exceeded expectations with third-quarter results because of continued strong demand for its line of investment products linked to stock volatility, including the VIX "fear gauge." "We were especially pleased to see the continued growth of trading in our volatility products, which included record volume in VIX futures," said CEO William Brodsky. He also announced that the exchange's most active traders will soon receive fee discounts. Reuters (11/1), Financial Times (tiered subscription model) (11/1), The Wall Street Journal (11/1) LinkedInFacebookTwitterEmail this Story
  • Judge rules in favor of MF Global's U.K. unit
    A judge ruled that MF Global Holdings' U.K. unit wasn't in default and that therefore KPMG, its administrator, can set values for internal repurchase agreements on securities. KPMG had set the values at $60 million, while MF Global's U.S. bankruptcy trustee, James Giddens, said they were $463 million. The legal tussle between the U.S. and U.K. units has put a hold on assets worth more than $1 billion, delaying repayment to creditors and clients. Bloomberg (11/1) LinkedInFacebookTwitterEmail this Story
  • CME delays launch of deliverable forwards for offshore yuan
    CME Group says clients have asked for more time to prepare for the introduction of offshore yuan futures, prompting the exchange to delay the launch to Feb. 25. "We've got a lot of interest from players and a lot of them are very keen, but obviously setting up renminbi accounts takes some time," said K.C. Lam, head of foreign exchange for Asia at CME. "They came back to us requesting more time to set that up." Bloomberg Businessweek (11/2) LinkedInFacebookTwitterEmail this Story
  • Nasdaq OMX offers incentives for its planned London market
    Nasdaq OMX says it's in talks with trading houses and banks to persuade them to become customers of NLX, its planned London futures exchange. Incentives are on offer, although exchange CEO Charlotte Crosswell declined to specify what they are. Other European startup exchanges have been known to offer a share in profits, an equity stake or lower fees. Reuters (11/1) LinkedInFacebookTwitterEmail this Story
  • Other News
Thinking is the enemy of creativity. It's self-conscious, and anything self-conscious is lousy. You can't try to do things. You simply must do things."
--Ray Bradbury,
American writer

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