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February 4, 2013
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  • Europe's proposed transaction tax is finding more critics
    Experts and industry groups are increasingly voicing opposition to a proposed tax on financial transactions in Europe. Noel Amenc, an EDHEC Business School professor, told EU Internal Market Commissioner Michel Barnier in a letter that the tax would increase the price of capital. "The theoretical arguments in support of [financial-transaction tax] as a measure to reduce volatility are, at best, mixed," Amenc wrote. The European Commission is scheduled to present a plan Feb. 14. Financial News Online (U.K.) (subscription required) (2/1), Bloomberg (2/1) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • OCC report says it missed VaR change by JPMorgan, source says
    Changes to JPMorgan Chase's value-at-risk calculations for its chief investment office went overlooked by the Office of the Comptroller of the Currency, the agency reportedly says in a report to a Senate committee. Detection could have alerted the OCC to mounting derivatives activity at JPMorgan sooner, a source said. Bloomberg (2/4) LinkedInFacebookTwitterEmail this Story
  • Some futures industry members back NFA audit changes
    The National Futures Association's plan to overhaul its auditing practices after a report on the collapse of Peregrine Financial Group has won the support of some members of the futures industry. "My initial impressions are that these are all good and much-needed changes," said Typhon Capital Management CEO James Koutoulas, an incoming NFA board member. "The spirit of the report that cultural changes are needed, as opposed to more forms and red tape, is a great step forward and I think the vast majority of NFA members would gladly comply with requests that make sense." Crain's Chicago Business (2/1) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • U.K. fended off EU review of LSE's takeover bid for LCH.Clearnet
    France, Spain and Portugal tried to get the EU to delay the London Stock Exchange's takeover of 60% of LCH.Clearnet Group in December, but the U.K.'s Office of Fair Trading opposed the calls for an investigation and the European Commission declined to get involved, Aoife White writes. Bloomberg (2/1) LinkedInFacebookTwitterEmail this Story
  • ICE targets default risk with credit-swaps futures, sources say
    IntercontinentalExchange intends for credit-swaps futures it has in the works to protect investors from default by underlying borrowers, sources say. The contracts, which might be available in April, are expected to involve companies that are current on debt payments. The credit-swaps futures reportedly will reference Markit Group indexes. Bloomberg Businessweek (2/1) LinkedInFacebookTwitterEmail this Story
  • Regulations to undercut swaps market, buy-side traders say in survey
    About 70% of buy-side traders say over-the-counter derivatives rules will reduce liquidity and volumes in the swaps markets, a UBS survey indicates. Half of the respondents said they are likely to transact more swaps business in the futures markets, citing stronger liquidity, better execution costs and lower capital and margin mandates. The Trade News (U.K.) (2/1) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • Traders fret that ICE-Liffe merger would be costly for them
    A proposed takeover of NYSE Liffe by IntercontinentalExchange has some Liffe commodities brokers and traders concerned, especially about higher trading fees and a near monopoly. Liffe and ICE handle the majority of derivatives trading in sugar, coffee and cocoa. Reuters (2/1) LinkedInFacebookTwitterEmail this Story
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