ISDA resets Determinations Committees | LSE moves to establish swaps-trade repository | ICE and DTCC work to become European trade repositories
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March 29, 2013
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CME plans European road show to discuss industry changes
CME Group is holding meetings in a dozen European cities, aiming to ramp up its business as rival IntercontinentalExchange pursues a merger with NYSE Euronext. CME executives are discussing the changing regulatory landscape in Europe and the U.S., clearing of over-the-counter derivatives and the company's London exchange, says William Knottenbelt, head of operations in Europe, the Middle East and Africa. Bloomberg (3/28)
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ISDA resets Determinations Committees
ISDA has reshuffled roles on its Determinations Committees, with MetLife and clearing units of LCH.Clearnet Group and IntercontinentalExchange gaining different positions. "This annual resetting process is required under the DC rules," said Mark New, ISDA's assistant general counsel. The Wall Street Journal/Dow Jones Newswires (3/28)
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Industry News and Trends
LSE moves to establish swaps-trade repository
The London Stock Exchange has applied to the European Securities and Markets Authority to launch UnaVista, a swaps-trade repository for all asset classes. Approval is expected by June, the LSE says. According to the European Market Infrastructure Regulation, reporting of swaps trades must start 90 days after ESMA authorizes the first repository. The Trade News (U.K.) (3/28)
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ICE and DTCC work to become European trade repositories
IntercontinentalExchange and Depository Trust & Clearing say they have applied to become EU trade repositories. If the European Securities and Markets Authority approves the applications, the companies will compete with REGIS-TR, a joint venture between Spain's Iberclear and Deutsche Boerse-owned Clearstream. Reuters (3/28)
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Bloomberg considers launching futures venue, exec says
George Harrington, Bloomberg's global head of fixed-income trading, says the company is considering opening a regulated futures exchange if the Commodity Futures Trading Commission fails to resolve differing collateral treatment for futures and over-the-counter swaps. Bloomberg recently sent a letter requesting that the CFTC "take all steps necessary to stay the five-day minimum liquidation period on financial swaps, so that the same one-day minimum period applies to all cleared swaps and futures." (subscription required) (3/28)
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CME-Nasdaq system speeds up data delivery
CME Group and Nasdaq OMX Group announced Thursday that they are rolling out a system that can send market data from New York to Chicago in less than 4.25 milliseconds, more than a millisecond faster than competing systems. The CME-Nasdaq system will tap microwave technology to attain the faster delivery. Securities Technology Monitor (3/28), The Wall Street Journal (3/28)
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Regulatory Roundup
CFTC's O'Malia seeks to revisit certain rules
As the Commodity Futures Trading Commission continues to work its way through the Dodd-Frank rule-making process, Commissioner Scott O'Malia is pushing to revisit some of the rules. O'Malia is raising concerns about regulations such as the swap-dealer definition. He has said he also is aware of the how delays in rule writing, particularly those related to swap-execution facilities, are affecting market participants. (subscription required) (3/28)
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FSA reportedly wants more clearing testing of Nasdaq's NLX
Nasdaq OMX Group's European derivatives market, NLX, must delay its opening because the U.K.'s Financial Services Authority is not convinced of its clearing setup and wants more testing, sources say. NLX, which is in London, was scheduled to go live on April 12. Bloomberg (3/28)
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It is always the secure who are humble."
-- G.K. Chesterton,
British writer
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