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November 6, 2012
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  Top Stories 
  • Global swaps reforms won't be in place by year-end, FSB says
    The Financial Stability Board has informed the Group of 20 nations that progress on overhauling global financial rules has been moving forward, but that much work remains. Mark Carney, head of the FSB, said that the international groups tasked with introducing regulations governing the over-the-counter swaps market will miss a year-end deadline. "We are going to use all the time that is left in 2012 to get as much done in 2012 and then take stock instead of what remains to be done in a reasonable time frame," Carney said. The Wall Street Journal/Dow Jones Newswires (11/5), Financial Times (tiered subscription model) (11/5), Reuters (11/5) LinkedInFacebookTwitterEmail this Story
  • U.S. and European officials aim to coordinate swaps rules
    The Commodity Futures Trading Commission and the Securities and Exchange Commission will host a two-day session where U.S. and European officials will discuss ways to coordinate swaps rules, sources said. Varying swaps rules around the world have made it difficult for the financial industry to comply. Bloomberg Businessweek (11/5) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Editorial: Dodd-Frank pushes swaps trading overseas
    The Commodity Futures Trading Commission is working on rules that will drive derivatives trading to foreign jurisdictions, this editorial argues. The CFTC is moving ahead with the regulations, despite concerns from foreign regulators and the industry. Another issue is that the rules, as mandated by the Dodd-Frank Act, will increase U.S. taxpayer exposure to the derivatives market, the editorial argues. The Wall Street Journal (11/5) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Developments 
  • Transition from swaps to futures may help ICE
    IntercontinentalExchange is banking on energy futures to replace swaps as the latter become more heavily regulated and less attractive to traders, executives said Monday as they announced that ICE's profit declined 1% in the third quarter. "What we've seen is a sort of sigh of relief and growth in those markets, relative to what was going on before the transition," ICE chief executive Jeffrey Sprecher said. Reuters (11/5), The Wall Street Journal/Dow Jones Newswires (11/5) LinkedInFacebookTwitterEmail this Story
  • Factors combine to feed growth in Asian futures markets
    Hong Kong Exchanges & Clearing's acquisition of the London Metal Exchange and a greater desire globally to be engaged in Eastern markets are powering growth in Asia's futures markets, Tom Osborn writes. Liberalization in China is also a factor, and mainland exchanges are soon expected to get in on the action with access to their own products, Osborn writes. Financial News Online (U.K.) (subscription required) (11/5) LinkedInFacebookTwitterEmail this Story
  • Other News
  Commodities and Managed Futures 
  • Banks mull whether commodities are still worth the effort
    Banks that were involved in the commodities markets before the financial crisis are faced with the question of whether to stay in and face the burden of regulatory rules and diminished returns, or to give up. "The total wallet back at the peak was about $14 billion for the banking sector in commodities trading. I'd imagine this year it'll be about $7 billion. There were 10 to 14 banks when it was at $14 billion; now there are really five relevant ones," said David Silbert of Deutsche Bank. Reuters (11/5) LinkedInFacebookTwitterEmail this Story
  • Natural gas hedging market makes some noise
    Filings by North American companies and market participants point to a greater reliance on hedging in the natural gas industry. The rebound is attributed to an increase in prices from their recent 10-year lows. A natural gas futures contract transacted Thursday on the New York Mercantile Exchange settled at a price more than 86% higher than one from April 11. Risk.net (subscription required) (11/5) LinkedInFacebookTwitterEmail this Story
  • Other News
  FIA News 
  • Chicago Fed Adviser to Discuss Central Clearing with FIA Japan on Nov. 7
    Robert Steigerwald, a senior policy adviser with the Federal Reserve Bank of Chicago, will give a presentation to members of FIA Japan on "Central Clearing -- Systemic Risk and Bankruptcy Issues." The event will take place on Nov. 7 at Tokyo Commodity Exchange. For more information, contact ogawa@fiajapan.org. LinkedInFacebookTwitterEmail this Story
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