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- 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
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| Regulatory Roundup |  |  |
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- 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 harbour" from the rule, Cameron writes. Risk.net (subscription required)
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- 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)
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| Industry Developments | | |
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| Electronic Trading News | | |
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- Knight Capital CEO: High-frequency traders benefit all
High-frequency traders are essential to the workings of the markets because of the liquidity they provide, Knight Capital Group CEO Tom Joyce writes in this letter to The Wall Street Journal. Joyce argues that it's wrong to blame high-frequency traders for market issues such as the May 2010 "flash crash" or the disappointing Facebook initial public offering. The Wall Street Journal
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| Commodities and Managed Futures | | |
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- Hedge funds' commodities holdings begin '13 at '12 start level
While commodity markets were rather volatile in 2012, particularly crude oil, they ended up pretty close to where they were at the beginning of 2012. All long contracts in U.S. commodity futures classified as "managed money" stood at $70.4 billion on Jan. 1. Whereas on Jan. 3, 2012, they were at $66.8 billion, according to Commodity Futures Trading Commission figures that Reuters compiled and calculated. Reuters
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