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December 12, 2012
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  Top Stories 
  • Market participants say CFTC rules threaten swaps market
    A coalition of trading platforms and New York-based GFI Group submitted written testimony to a House Financial Services subcommittee, saying the viability of the swaps market is being hurt by Commodity Futures Trading Commission rules. "After nearly 2 1/2 years of rulemaking, the CFTC's cumulative approach to swaps regulation has imposed such high costs on the industry that the U.S. swaps market is on the verge of becoming too costly and too regulated (particularly as compared with futures) to be a viable means for end user to hedge and manage their financing risk," according to the Companies Supporting Competitive Derivatives Markets. Bloomberg (12/12) LinkedInFacebookTwitterEmail this Story
  • Senate panel will look into high-speed trading
    Sen. Jack Reed, D-R.I., has called a hearing of the Senate banking subcommittee on securities to look into whether new regulations are needed governing high-speed computerized trading. Lawrence Leibowitz, chief operating officer at the New York Stock Exchange, Eric Noll, vice president of transaction services at Nasdaq OMX Group, and executives from ITG and Credit Suisse are scheduled to testify. Reuters (12/11) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • IOSCO chief proposes treaty for global regulatory regime
    An international treaty is in order to establish a regulatory framework needed for increasingly interconnected financial markets, says David Wright, secretary general of the International Organization of Securities Commissions. The goal would not be to impose a single set of rules but to ensure agreed principles are applied consistently across jurisdictions, he says. Wright also predicted that by 2032, there will be 20 capital-market centers worldwide, making legal-entity identification all the more necessary. The Trade News (U.K.) (12/11), Securities Technology Monitor (12/11) LinkedInFacebookTwitterEmail this Story
  • Survey: Buy-side traders have little faith in MiFID II
    A survey by agency broker CA Cheuvreux found that a majority of European buy-side traders don't think the revised Markets in Financial Instruments Directive would improve markets much. Only 26% say MiFID II would increase quality. Meanwhile, 68% think there should be fewer than five trading platforms in Europe. The Trade News (U.K.) (12/11) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Industry Developments 
  • Other News
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  Electronic Trading News 
  • ASIC says high-frequency traders didn't cause ASX spike
    The Australian Securities and Investments Commission said high-frequency traders did not cause the price spike on the Australian Securities Exchange in October. The ASX 200 Futures Index exceeded the 4600 level on Oct. 18, the first time it has done so since the global financial crisis. "ASIC has ruled out a dysfunctional algorithm or high-frequency trading strategies as the cause of the spike," according to the regulator's update. The Age (Melbourne, Australia) (12/12) LinkedInFacebookTwitterEmail this Story

  Commodities and Managed Futures 
  • European Energy Exchange introducing green contracts
    The European Energy Exchange said it will roll out three futures contracts trading in European wind and hydroelectric power. The certificates will feature trading in hydro power from Scandinavia and the Alpine region (Germany, Austria, Switzerland) in addition to wind power from northern Europe. Reuters (12/11) LinkedInFacebookTwitterEmail this Story
Thinking is like loving and dying. Each of us must do it for himself."
--Josiah Royce,
American philosopher

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