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- Brokerage scandal puts spotlight on CFTC again
The Commodity Futures Trading Commission is under scrutiny once again after Peregrine Financial Group was found to have a $200 million shortfall in client funds. Lawmakers are looking into supervision of the futures market. "It is absolutely imperative that there is accountability in the futures markets so customers can feel safe knowing their money is protected," said Senate Agriculture Committee Chairwoman Debbie Stabenow, D-Mich. Reuters
(7/10), The Wall Street Journal/Dow Jones Newswires
(7/10)     
- Peregrine situation means another hit for futures industry
The futures industry is reeling as another brokerage faces a shortfall in customer funds. Peregrine Financial Group is missing about $200 million in client money. The brokerage handled agricultural futures accounts, dealing another blow to farmers and other market participants. Financial Times (tiered subscription model)
(7/10), Reuters
(7/11)
 | Eurex Exchange’s new trading architecture: More choices, greater performance, Eurex reliability. Technology that delivers a world of opportunity. Discover more from Eurex Exchange. |
| Regulatory Roundup |  |  |
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- SEC will consider adopting consolidated audit trail
The Securities and Exchange Commission is expected to vote on a comprehensive system for monitoring order and trading data across equity and options markets. The system, known as the consolidated audit trail, was proposed weeks after the May 6, 2010, flash crash. It is intended to help authorities analyze trading and reconstruct market crises. Bloomberg
(7/10)
- U.K. Lords criticize electronic-trading rules in MiFID II
The financial industry's objections to EU proposals for electronic trading have received strong support from the U.K. House of Lords. "The scope of the [European] Commission's proposals is too broad, and the distinction between algorithmic trading and high-frequency trading needs to be more carefully drawn," the House of Lords said in a review of Markets in Financial Instruments Directive II. A requirement that algorithmic-trading strategies must operate throughout the trading day drew particular attention. The Trade News (U.K.)
(7/10), Financial Times (tiered subscription model)
(7/10)
| Industry Developments | | |
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| Commodities and Managed Futures | | |
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- HKMEx signs up another clearing member, bringing total to 30
The Hong Kong Mercantile Exchange added Phillip Commodities as a clearing member, its eighth of 2012. Trades by Phillip Commodities, also a broker on HKMEx, will now be cleared through the exchange. "[The HKMEx] is emerging as a key marketplace for trading commodity futures in Asia. With our new clearing membership, we look forward to offering other members an additional venue for clearing HKMEx products," Phillip Commodities' Lim Wah Sai said in a statement. Financial News Online (U.K.) (subscription required)
(7/11)
| FIA News | | |
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- FIA Japan Sets Tokyo Conference
FIA Japan will hold a conference in Tokyo on July 25 and 26 to discuss current developments in Japan's financial markets. The program will focus on sharing the latest developments in domestic regulations for overseas investors, providing a forum of discussion for Japanese and foreign players, and considering the impacts of U.S. regulatory reforms on the Japanese markets.
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