CFTC reportedly examines how silver, gold are priced in London | Dealers seek fresh study of margin rules for uncleared derivatives | CBOE keeps exclusive rights to S&P, Dow Jones options through 2032
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March 14, 2013
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House plans bill targeting concerns about cross-border swaps
House lawmakers are drafting legislation to address concerns regarding oversight of cross-border swaps. The bill aims to sync efforts by the Commodity Futures Trading Commission and the Securities and Exchange Commission. (free registration) (3/13)
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CFTC reportedly examines how silver, gold are priced in London
The Commodity Futures Trading Commission is looking into how the prices for gold and silver are set in London, with an emphasis on seeing whether manipulation is involved, sources say. The regulator is looking into the transparency of the process, but it has yet to launch a formal investigation, the sources say. CNBC/Reuters (3/14), The Wall Street Journal (3/13)
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Dealers seek fresh study of margin rules for uncleared derivatives
Banks say the industry might have underestimated margin requirements for uncleared derivatives in a study into the issue. They are calling on regulators to redo the research. Regulators acknowledge that estimated collateral requirements might have been understated, but they say the quantitative-impact study remains relevant. (subscription required) (3/14)
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Industry News and Trends
CBOE keeps exclusive rights to S&P, Dow Jones options through 2032
CBOE Holdings says it has extended its exclusive rights for the next two decades to trade contracts tied to the Dow Jones industrial average and Standard & Poor's 500 index. In the fourth quarter, these derivatives were responsible for 71% of CBOE's revenue. Terms of the deal were not disclosed. The Wall Street Journal/Dow Jones Newswires (3/13)
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Exec is at odds with dealers as he calls for exchange trading of most derivatives
Brian Leach, Citigroup's risk chief, is in the minority of derivatives dealers in favoring moving most derivatives from a bilateral-contract model to an exchange model to improve operational security. Financial Times (tiered subscription model) (3/13)
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Dubai exchange plans MSCI futures
The Dubai Gold and Commodities Exchange has announced an agreement with MSCI to launch a derivative product based on the MSCI India index. Financial Times (tiered subscription model) (3/13)
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Regulatory Roundup
South African official warns about fragmentation of OTC data
Roy Havemann of the South African National Treasury is voicing concern about how regulators will handle derivatives data if they are reported to multiple trade repositories. "We are heading towards a world where there will be multiple trade repositories," Havemann said. "That does place a large burden on the regulators, because what they will have to do is have a system in place to aggregate all the information from the different repositories that the banks in their jurisdiction are reporting to." (subscription required) (3/12)
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DTCC approval furthers Japan's efforts to regulate swaps
Japan has approved a data repository run by Depository Trust and Clearing, a move that brings regulation of the country's swaps market a step closer to being in line with changes worldwide. Japan's Financial Services Agency will require market participants to report over-the-counter derivatives deals directly to regulators or a third-party trade repository starting April 1. The DTCC Data Repository Japan is Asia's first repository offering reporting for OTC derivatives. The Trade News (U.K.) (3/13)
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Coordination on currency regulation is essential, CME says
CME Group is calling for coordination between the U.S. and Europe on rules covering currency trading. Without it, CME says, markets will become fragmented. "Nobody wants to see a regulatory regime that starts to bifurcate and create reasons, and maybe not natural reasons, to put business on less-regulated shores," CME's Derek Sammann said. Bloomberg (3/13)
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CFTC's Gensler won't speculate on possible second term
Commodity Futures Trading Commission Chairman Gary Gensler says he won't comment on reports that he plans to stay for a second term. "I'm not going to go further on the story other than to say this is an incredible job, an opportunity, a privilege, and there's an awful lot more to do here," he said at a news conference. Thomson Reuters/News & Insight (3/13)
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People may say I can't sing, but no one can ever say I didn't sing."
-- Florence Foster Jenkins,
American amateur operatic soprano
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