ICE and Gasunie plan joint venture for energy trading | Major European exchanges face possible open-access requirement | SIX Group would consider bidding for Euronext, CEO says
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March 28, 2013
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Stockholders allow LSE to purchase LCH.Clearnet stake
Shareholders of the London Stock Exchange and LCH.Clearnet Group have approved LSE's acquisition of a 57.8% stake in the trans-Atlantic clearinghouse. The deal also has cleared all regulatory and antitrust obstacles, according to the LSE. Financial Times (tiered subscription model) (3/27), (subscription required) (3/26)
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ICE and Gasunie plan joint venture for energy trading
Dutch and U.K. regulators approved a joint venture by IntercontinentalExchange and Gasunie to launch a platform, ICE Endex, to trade European energy derivatives. Earlier this year, APX-ENDEX was split into a derivatives and spot gas group, and a power spot and clearing operation. The debut of ICE Endex, of which ICE will hold 79.12% and Gasunie will have 20.88%, follows that split. Reuters (3/27), Financial Times (tiered subscription model) (3/28)
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Industry News and Trends
Major European exchanges face possible open-access requirement
The Council of the EU's Irish presidency has proposed requiring the biggest exchanges in Europe to allow trade-feed access by clearinghouses. Trading venues with more than €100 billion in annual securities turnover and €500 billion in derivatives would be subject to the rule, proposed under the revised Markets in Financial Instruments Directive. The Trade News (U.K.) (3/27)
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SIX Group would consider bidding for Euronext, CEO says
If Euronext were for sale, SIX Group would be interested, said Urs Rueegsegger, CEO of the Swiss stock exchange operator. "Should [IntercontinentalExchange] put Euronext up for sale, we would certainly take a look," Rueegsegger said. He noted interest in Euronext's equity and derivatives business, financial-information services, and clearing and settlement operations. SIX Group also reported a nearly 47% increase in profit in 2012. Reuters (3/27), Bloomberg Businessweek (3/27)
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Energy companies reportedly avoid swaps rules
Oil companies have expressed concern about tighter derivatives rules, and they are working around the regulations. First, they successfully lobbied to raise the threshold on annual swaps deals that would force them to register as swaps dealers; then, they switched to futures, sources say. Reuters (3/27)
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Analysis: Swap-execution facilities face uncertainties
The Dodd-Frank Act mandated that swap-execution facilities and exchanges would be the only places for trading standardized over-the-counter derivatives. Since then, would-be SEFs have been waiting for regulators to finalize rules, and raising concerns about proposed regulations and other issues. Bloomberg, for example, has asked the Commodity Futures Trading Commission to align its treatment of margins for swaps and futures or face a lawsuit. (subscription required) (3/27)
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Regulatory Roundup
Rule change could hit peripheral banks' capital-raising ability
Peripheral banks could see a fundraising tool closed off because of a proposed change from the Basel Committee on Banking Supervision. The panel is considering adjusting its capital framework to prohibit troubling risk-transfer deals. Reuters/International Financing Review (3/27)
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U.K. should sue over financial-transaction tax, lawmakers say
The EU Committee in the U.K. House of Lords says the government should take its opposition to Europe's proposed tax on financial transactions to court. "We exhort you to take urgent legal advice on the case for a legal challenge at the European Court of Justice," committee Chairman Lyndon Harrison wrote in a letter to Greg Clark, financial secretary to the Treasury. Reuters (3/27)
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Japan, Australia ahead of OTC derivatives regulation curve
Japan and Australia are at the forefront of over-the-counter derivatives regulations in the Asia-Pacific region. The Australian Securities and Investments Commission recently set out proposals for repositories. About the same time, the Japan Securities Clearing Corp. took action on the same issue. The Trade News (U.K.) (3/27)
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Adventure is worthwhile in itself."
-- Amelia Earhart,
American aviator
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