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November 14, 2012
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  Top Stories 
  • Stricter rules are sought for money funds
    The Financial Stability Oversight Council says money market funds should face stronger regulation because they are vulnerable to a run if a financial crisis arises. "Some basic vulnerabilities in the design of money market funds helped accelerate the financial crisis of 2008 and 2009," said Treasury Secretary Timothy Geithner, who chairs the council. "We are not yet at the point where we have achieved and put in place a set of reforms that provide us a sufficient degree of comfort against those basic vulnerabilities." Reuters (11/13), Bloomberg (11/14), The New York Times (tiered subscription model) (11/13), The Wall Street Journal (11/13) LinkedInFacebookTwitterEmail this Story
  • CFTC extends deadline for CME to comply with reporting rules
    The Commodity Futures Trading Commission has extended the deadline for CME Group to report trading data, a move that follows a lawsuit by the exchange operator over such compliance. CME wants to use its own swaps-data repository rather than reporting its trading data to a third party. The rules were due to go into effect Tuesday; CME now has until Dec. 4 to comply. Reuters (11/13) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Swaps brokers see dangers in CFTC rule interpretations
    U.S. firms could be harmed by advice being handed out by the Commodity Futures Trading Commission to overseas firms on interpreting Dodd-Frank rules for the swaps market, swaps brokers say. "It's actually very evident that a lot of what the CFTC has done is harming the U.S.," said Mark Beeston of ICAP. Bloomberg (11/13) LinkedInFacebookTwitterEmail this Story
  • PIMCO exec raises concerns about incoming margin regimes
    William De Leon of Pacific Investment Management is raising concerns about rules governing margins for over-the-counter derivatives and futures. "Policymakers and regulators have been alerted to the issue, but it's not clear whether they fully understand the potential implications. Part of that is a function of the fact that it's also not clear how much collateral will be required," De Leon said. (subscription required) (11/13) LinkedInFacebookTwitterEmail this Story
  • CFTC's Chilton urges disaster preparedness
    Bart Chilton of the Commodity Futures Trading Commission called for creation of a private-public task force to improve market preparation in the event of another natural catastrophe. "Now that we have this stark and frankly frightening example to work from, we'd be negligent not to move quickly to make sure that our emergency systems are comprehensive and fully tested," Chilton said, citing superstorm Sandy. The New York Times (tiered subscription model)/DealBook blog (11/13), CNBC (11/13) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Developments 
  • CBOE says ISE infringed on options-trading patents
    A lawsuit by Chicago Board Options Exchange says the International Securities Exchange infringed on patents that cover CBOE's automated options-trading system. CBOE is seeking at least $525 million from ISE, a division of Deutsche Boerse. Reuters (11/13) LinkedInFacebookTwitterEmail this Story
  • Interdealer brokers get into exchange game to stay relevant
    Interdealer brokers that handled over-the-counter derivatives trades are looking to reinvent themselves with the arrival of rules requiring central clearing. Among the options are to set up or buy an existing exchange to meet the new requirements. "It's looking more and more like taking the exchange bet is the way the market is panning out," said Will Rhode of TABB Group. Fox Business/Dow Jones Newswires (11/13) LinkedInFacebookTwitterEmail this Story
  • Other News
  Electronic Trading News 
  • Measures to curb HFT improved order book, EBS chief says
    Gil Mandelzis, chief executive at EBS, says the currency-trading platform's order book has improved after it took measures to curb predatory practices of some high-frequency traders. Meanwhile, starting Nov. 26, EBS will change its pricing in the euro-Swiss franc pair in an effort to restrict the ability of high-frequency traders to exploit discrepancies in prices. Financial Times (tiered subscription model) (11/13), Reuters (11/13) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
The best way to find out if you can trust somebody is to trust them."
--Ernest Hemingway,
American author and journalist

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