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January 7, 2013
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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 (1/4) LinkedInFacebookTwitterEmail this Story
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  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 harbour" from the rule, Cameron writes. Risk.net (subscription required) (1/4) LinkedInFacebookTwitterEmail this Story
  • 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
  Industry Developments 
  Electronic Trading News 
  • 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 (1/4) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • 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 (1/4) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
If money be not thy servant, it will be thy master. The covetous man cannot so properly be said to possess wealth, as that may be said to possess him."
--Francis Bacon,
British author and statesman


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