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January 17, 2013
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  Top Stories 
 
  • NYSE Euronext's Europe assets won't be sold, Niederauer says
    NYSE Euronext CEO Duncan Niederauer says IntercontinentalExchange, which will finalize its purchase of NYSE Euronext this year, has no plans to sell the European business. Niederauer offers his insight into the biggest obstacles to the NYSE-ICE deal and he talks about the future of Euronext's assets in Europe. Bloomberg (1/16), Bloomberg (1/16) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • SEC works to revise money market rules
    The Securities and Exchange Commission hopes to have its second attempt at rules to govern money market mutual funds ready before April, Commissioner Daniel Gallagher says. "I hope and expect in the first quarter to have a proposal out for comment," Gallagher said. "Hopefully soon here we will see a proposal coming out of the commission, something that is more tailored and will engender much more cooperation from the industry than we have seen before." Bloomberg (1/16) LinkedInFacebookTwitterEmail this Story
  • U.K.'s Vickers says Volcker rule would be too hard to police
    John Vickers, chairman of the U.K. Independent Commission on Banking, says British banks shouldn't be held to restrictions on proprietary trading similar to the Volcker rule. Instead, Vickers advocates protecting banks' retail divisions from investment-banking activities. "If one had ring fencing and Volcker, there would be two boundaries to police," Vickers said. "Volcker draws the line in a very difficult, almost excruciatingly difficult, place." Bloomberg (1/16) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • Bloomberg is clearing Citadel interest-rate swaps
    Citadel says it's using Bloomberg this week to clear some of its interest-rate swaps. The move helps the firm abide by regulations that will take effect in March that require immediate confirmation and clearing of the trades. The switch to Bloomberg means Citadel will not need to use a third party for confirmation as both the trades and clearing will be done by Bloomberg. The Wall Street Journal/Dow Jones Newswires (1/16) LinkedInFacebookTwitterEmail this Story
  • Central securities depositories form a coalition
    Central securities depositories in Germany, Spain, Australia, Brazil and South Africa have launched a forum to address concerns that regulations will lead to a global capital crunch. "Different markets have different needs and a truly global liquidity management solution needs to factor in these differences while still catering to the globally operating banks. It is our objective that the Liquidity Alliance will deliver an efficient value proposition for the worldwide industry enriched by local know-how and experience," says Peter Hiom of ASX Group. Financial Times (tiered subscription model) (1/16), The Wall Street Journal/Dow Jones Newswires (1/16) LinkedInFacebookTwitterEmail this Story
  Electronic Trading News 
  • Exchanges criticize Germany's proposed HFT rules
    German lawmakers are debating proposed rules on high-frequency trading. Exchanges argue that the rules would do little to improve market safety. "Minimum resting times for orders will increase volatility," according to an e-mail from Boerse Berlin co-CEO Artur Fischer. "At times of high volatility, no trading will take place and prices will have to be estimated rather than be based upon real volume." Bloomberg (1/16) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • JPMorgan and Goldman report a drop in commodities risk
    JPMorgan Chase noted a decrease in its commodity-trading risk in the fourth quarter compared with the same period the previous year. Meanwhile, Goldman Sachs Group reported a decline in its commodities revenue during the final three months of last year. Analysts said lower commodity prices might be the cause. "As commodity prices come down, the risk factor diminishes so it's not surprising to see banks reporting lower [value at risk] numbers," says Peter Cardillo of Rockwell Global Capital. Reuters (1/16), Financial Times (tiered subscription model) (1/17) LinkedInFacebookTwitterEmail this Story
  FIA News 
  • FIA Hosts NY Expo 2013, April 10 and 11
    The Futures Industry Association, in cooperation with FIA Chicago, Futures Services and Information Technology Divisions, will hold its second annual NY Expo on April 10 and 11 at the Hilton New York. Session topics will include a regulatory update; OTC clearing -- onboarding, margining, settlement and reporting requirements; high-frequency trading; middleware; plus product-specific panels on interest-rate swaps, energy and more. Join us for an intensive day of practical sessions. Mark your calendar and contact tvitale-chan@futuresindustry.org for sponsorship and exhibiting opportunities. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Admiration is a very short-lived passion that immediately decays upon growing familiar with its object; unless it be still fed with fresh discoveries, and kept alive by a perpetual succession of miracles rising into view."
--Joseph Addison,
British writer and politician


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