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February 19, 2013
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  Top Stories 
  • FCMs raise concerns about CFTC's 60-second rule
    A Commodity Futures Trading Commission rule to require futures commission merchants to decide on clearing within 60 seconds may cause them to incorrectly reject some trades, FCMs say. "If the client is close to a limit and sends a risk-increasing trade through first, and we don't know there's a subsequent trade that's risk reducing ... we will reject that first leg of the trade," said Piers Murray of Deutsche Bank. (subscription required) (2/19) LinkedInFacebookTwitterEmail this Story
  • Forex-options clearing faces delays, experts say
    Market participants are set to discuss clearing mechanisms for foreign exchange options, although such clearing is unlikely to start before next year. An industry group is expected to publish a study about the potential liquidity burden on central counterparties in the event of a default by a clearing member. (subscription required) (2/18) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Research finds little merit in EU's naked CDS ban
    A pan-European ban on naked credit default swaps is unlikely to have any effect on sovereign-default risk or governments' cost of borrowing, according to research from New Imperial College. "CDS spreads are the symptoms, not the cause, of a country getting into trouble," said Paul Crean, co-founder of Finisterre Capital. Structured Credit Investor (U.K.) (2/15) LinkedInFacebookTwitterEmail this Story
  • SEC's Walter rejects "caretaker" tag
    Securities and Exchange Commission chief Elisse Walter says she has no interest in acting like an interim leader. "I made it clear to everyone that I wasn't interested in being a caretaker," Walter says. Her agenda includes finalizing regulations mandated by the Dodd-Frank Act. The Washington Post (2/18) LinkedInFacebookTwitterEmail this Story
  • Analysis: Europe's transaction tax could backfire
    A group of European nations are moving forward with a proposed tax on financial transactions, including stocks, bonds and derivatives. However, history shows that attempts to tax transactions have forced activity to different jurisdictions and failed to meet revenue expectations. Transaction taxes "stem from the desire of politicians to punish the markets," said Bill Blain, a fixed-income strategist at Mint Partners. "But markets can always vote with their feet." Bloomberg Businessweek (2/18) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  Commodities and Managed Futures 
  • India bill would create commodity-futures market
    India's food and consumer affairs minister says he's optimistic about the chances for legislation to create a commodity-futures market. "I believe the Forward Contract Regulation Act bill will be passed in the coming session of Parliament," KV Thomas said. "... There are apprehensions about futures trade that it is leading to price rise in commodities. But a number of studies have indicated there is no evidence to prove it." (India)/Press Trust of India (2/15) LinkedInFacebookTwitterEmail this Story
  FIA News 
  • Registration is Now Open for L&C 2013
    The FIA Law & Compliance Division will hold its yearly conference May 8 to 10 at the Baltimore Marriott Waterfront in Baltimore. Compliance officers, attorneys and regulators consider issues affecting the legal and regulatory framework of the derivatives industry. Register here. LinkedInFacebookTwitterEmail this Story
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Everything that lives, lives not alone, nor for itself."
--William Blake,
British poet and painter

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