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- IOSCO pushes for more customer protections
Regulators are seeking a way for investors to get their assets back in the event of an insolvency, default or resolution, the International Organization of Securities Commissions says. IOSCO says it has guidance on how authorities can better supervise financial intermediaries that hold client assets. Bloomberg Businessweek
(2/8)     
| Regulatory Roundup | | |
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- EU looks to force banks to remain benchmark-rate setters
The European Commission is working on legislation that would force banks to remain on panels that set the Euro Interbank Offered Rate and other benchmark interest rates. "The commission will propose further legislation on benchmarks in the second quarter of 2013 in order to further clarify the framework under which benchmarks should operate," Internal Market Commissioner Michel Barnier said. "Any banks considering withdrawing from the contributing panels should therefore take into account that they may be required to rejoin the panels." Meanwhile, the European Central Bank is encouraging banks to remain on such panels, saying they play a key role in monetary policy. Reuters
(2/8), Reuters
(2/8), Bloomberg
(2/8)
- EBSA: Swaps trading by pension funds won't trigger fiduciary duty
An Employee Benefits Security Administration opinion may ease the concerns of pension-plan sponsors whose brokers were hesitant to execute swaps amid worries about being held to a fiduciary standard. The EBSA opinion says "it does not appear that Congress contemplated that [clearing members] would act as ERISA fiduciaries with respect to plan customers. The swaps regulations ... similarly do not envision" such a requirement. Pensions & Investments (free registration)
(2/8)
| Industry Developments | | |
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- Marex expands in Singapore
Commodities futures brokerage Marex Spectron says it will beef up its Asian presence, adding employees in Singapore and expanding into metals, energy, agriculture and foreign exchange futures. Marex also is seeking membership in the Singapore Exchange, Hong Kong Mercantile Exchange and Hong Kong Stock Exchange, the firm says. Financial News Online (U.K.) (free content)
(2/11)
| Commodities and Managed Futures | | |
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- Analysis: Rivals keep an eye on ICE's NYSE plans
IntercontinentalExchange has said it plans to spin off European entities after its planned acquisition of NYSE Euronext, which means London soft commodity contracts and Paris-based agricultural commodity contracts may be available to rivals such as CME Group and Asian exchanges, Nigel Hunt and Sarah McFarlane write. Reuters
(2/8)
- Study cites risks of commodity trading house diversification
Commodity trading houses looking to buy physical assets may be getting more than they expected by entering fields in which they have little experience and from which exiting is difficult, a report from Deloitte Switzerland says. In addition, funding the purchases in a tight credit environment can prove tricky for private companies, the report says. Reuters
(2/11)
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