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January 7, 2013
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Daily coverage for the global derivatives industry

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  Industry News and Trends 
  • Analysis: New rules for derivatives favor platform consolidation
    Derivatives are at the core of the merger of NYSE Euronext and IntercontinentalExchange, Helen Bartholomew writes. The regulatory push to get derivatives centrally cleared opens up new business lines for exchanges with a global reach, product breadth and cutting-edge technology, and those elements combined allow exchanges to create and list "contracts that mirror the economics of [over-the-counter] derivatives," Bartholomew writes. International Financing Review (free content) (1/5) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Foreign banks get no relief on swaps push-out
    The Office of the Comptroller of the Currency has repeated a mistake embedded in the Dodd-Frank Act concerning foreign banks, Matt Cameron writes. Non-U.S. financial institutions that conduct swaps in their American branches still will have to shift those activities into a separate legal entity by mid-July. U.S. banks can get a three-year "safe harbor" from the rule, Cameron writes. (subscription required) (1/4) LinkedInFacebookTwitterEmail this Story
  • Initial margin for OTC swaps gains support of Fed's Yellen
    Federal Reserve Board Vice Chair Janet Yellen says she supports a proposal to require traders to post initial margins on many swaps that would not be standardized and subject to clearing mandates this year. "A more robust and consistent margin regime for non-centrally cleared derivatives will not only reduce systemic risk, but will also diminish the incentive to tinker with contract language as a way to evade clearing requirements," Yellen said at an industry event. However, critics say the proposal could harm global over-the-counter trade. Reuters (1/4) LinkedInFacebookTwitterEmail this Story
  • FSA is criticized for slow response to swaps mis-selling
    The U.K. Financial Services Authority is accused of responding only fitfully to help small investors who were mis-sold complex interest rate derivatives. "I cannot understand why HSBC has had to pay out billions of pounds to the U.S. regulator [on money-laundering charges] when, closer to home, individuals like me continue to struggle financially due to being mis-sold a base-rate swap," retail investor Rachelle Cohen said. The Telegraph (London) (tiered subscription model) (1/6) LinkedInFacebookTwitterEmail this Story
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--Mahatma Gandhi,
Indian lawyer and activist

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