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November 19, 2012
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  Top Stories 
  • Financial firms and FERC are at odds in manipulation cases
    The Federal Energy Regulatory Commission, which oversees U.S. electricity markets, has accused three banks of market manipulation in an unprecedented exercise of its powers. Deutsche Bank is preparing to fight back in court, arguing that the regulator is seeking to punish trades that were made without "deceit or dishonesty." The Wall Street Journal (11/18) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Regulations could scuttle LSE's buyout of LCH.Clearnet
    The London Stock Exchange's £480 million acquisition of European clearinghouse LCH.Clearnet Group has run into "new uncertainty" because of regulatory changes, LSE CEO Xavier Rolet said. Rolet declined to say whether the takeover will close this year as expected. A collapse of the deal would be damaging to the exchange. The Telegraph (London) (tiered subscription model) (11/16) LinkedInFacebookTwitterEmail this Story
  • SEC focuses on technology amid glitches
    A string of technology-related glitches has prompted regulators to turn their attention to minimizing such disruptions. The Securities and Exchange Commission held a discussion on glitches, and participants came up with possible solutions, including drop copies, live test symbols and kill switches. Futures Industry (registration required) (11/2012) LinkedInFacebookTwitterEmail this Story
  • Editorial: 2 derivative rules before CFTC are paramount
    The Commodity Futures Trading Commission has two derivatives rules on its plate that the industry is challenging. The first would push transactions to open electronic platforms, which is expected to increase transparency but decrease profits. The other would make U.S. law trump foreign rules when the U.S. law is stricter. This editorial argues for both rules to be implemented. The New York Times (tiered subscription model) (11/17) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • Court allows LCH, ICE to join MF Global collateral suit
    A lawsuit between U.S. and U.K. liquidators of two MF Global Holdings units regarding $600 million in assets has two new parties: LCH.Clearnet Group and IntercontinentalExchange Clear Europe. An LCH.Clearnet lawyer said the clearinghouse "is entitled to take the monies that it needs in terms of the margin" where MF Global's U.K. business sustained losses. Bloomberg (11/16) LinkedInFacebookTwitterEmail this Story
  • LSE plans derivatives products for 2013
    The London Stock Exchange says it will add derivatives products next year. The time "has come" for European derivatives competition, CEO Xavier Rolet said. Meanwhile, the LSE released results showing better-than-expected financial performance from March to September. Financial News Online (U.K.) (subscription required) (11/16), Financial Times (tiered subscription model) (11/16) LinkedInFacebookTwitterEmail this Story
  • CME bolsters firewall against possibility of client collapse
    CME Group has increased its credit line to $5 billion in an effort to strengthen its protections against the potential collapse of a client. "With the [over-the-counter derivatives] clearing mandate approaching, we anticipate a significant growth in the amount of collateral on deposit and have adjusted our liquidity facility as a result," an unidentified spokeswoman for CME wrote in an e-mail. The Wall Street Journal (11/18) LinkedInFacebookTwitterEmail this Story
  • Other News
  Commodities and Managed Futures 
  • LME aims to address metals hangups in warehousing
    Long queues that have affected the metals markets may be relieved by rules instituted at the London Metal Exchange governing warehousing. The LME has proposed that warehousing companies with 30,000 metric tons or more of a single metal in a queue should deliver up to an additional 500 metric tons of other metals that would otherwise be held back in line. Reuters (11/16), Financial Times (tiered subscription model) (11/15) LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Nothing is too small to know, and nothing is too big to attempt."
--William Cornelius Van Horne,
Canadian railway executive


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