First clearing deadline shouldn't be an issue, Gensler says | Regulation is expected to hit investment-banking revenue | LCH.Clearnet: Swaps clearing surges ahead of Dodd-Frank deadline
Web Version
March 6, 2013
ISDA dailyLead
Daily coverage for the global derivatives industry

Top Stories
ISDA seeks industry feedback on credit-derivatives proposals
ISDA is seeking feedback on proposed changes to standards governing credit derivatives. "This review is about looking back at the experience of the past 10 years since the 2003 definitions were published and thinking about what have we learned in that time and what changes might need to be made," said Mark New, ISDA's assistant general counsel in the Americas. "The working group is very much ongoing and considering a lot of different proposals." Bloomberg Businessweek (3/5), International Financing Review (free content) (3/5), The Wall Street Journal/MarketBeat blog (3/5)
First clearing deadline shouldn't be an issue, Gensler says
The first deadline for mandatory clearing should pass smoothly Monday, Commodity Futures Trading Commission Chairman Gary Gensler says. Some firms have expressed concern that clients will not register on time and will be frozen of out derivative markets after the deadline, but Gensler says no firms have sought a temporary delay because of that. (subscription required) (3/5)
Share: LinkedIn Twitter Facebook Google+ Email
Industry News and Trends
Regulation is expected to hit investment-banking revenue
At JPMorgan Chase's annual investor day, a data point indicated how market-structure rules might affect revenue at investment banks. Analysts say rules governing clearing, collateral, post-trade transparency and trading on swaps-execution facilities could reduce JPMorgan's revenue as much as $2 billion annually. Analysts also have looked at how rules might affect revenue at Royal Bank of Scotland and Barclays. Financial News Online (U.K.) (free content) (3/5)
Share: LinkedIn Twitter Facebook Google+ Email
LCH.Clearnet: Swaps clearing surges ahead of Dodd-Frank deadline
Though a deadline for mandatory clearing isn't until Monday, LCH.Clearnet Group says SwapClear has cleared more than $22 trillion notional in interest-rate derivatives. "We are pleased with the surge in buy-side activity, but more specifically we are encouraged by the volume of trades, as this is the real indication of the market's readiness for central clearing," said Daniel Maguire, head of SwapClear in the U.S. (3/5)
Share: LinkedIn Twitter Facebook Google+ Email
Banks seek dismissal of Libor lawsuits
JPMorgan Chase, Bank of America and other banks are being sued by local governments, community banks and customers regarding possible manipulation of the London Interbank Offered Rate. The defendants have asked U.S. District Judge Naomi Reice Buchwald to dismiss the cases, arguing there is no evidence they broke the law. Reuters (3/5), Bloomberg (3/5), The Wall Street Journal (3/5)
Share: LinkedIn Twitter Facebook Google+ Email
Regulatory Roundup
Gensler may keep post at CFTC
The White House is in talks with Gary Gensler about a second term as chairman of the Commodity Futures Trading Commission, sources say. Gensler, who became chairman in May 2009, can remain in the job through year-end. He reportedly has expressed interest in other financial or economic positions in the Obama administration. Bloomberg Businessweek (3/5), The New York Times (tiered subscription model)/DealBook blog (3/5), The Wall Street Journal (3/5)
Share: LinkedIn Twitter Facebook Google+ Email
Some EU countries want more time to implement Basel III
Ireland hopes to publish Basel III rules in the EU Official Journal by July 1, with the aim of implementation by Jan. 1. Some EU nations are concerned about the timeline. "A number of delegations maintain their reservations and indicate that under any circumstances 12 months would be needed between publication in the Official Journal and the date of application/transposition," according to an EU document. Bloomberg (3/5)
Share: LinkedIn Twitter Facebook Google+ Email
Osborne backs giving investors a choice in clearing trades
U.K. Chancellor George Osborne told EU finance ministers that he supports a proposal to give investors a choice of where they clear stock, bond and derivative trades. The measure, which is part of the revised Markets in Financial Instruments Directive, faces opposition from nations including Germany. Reuters (3/5), Bloomberg (3/5), The Wall Street Journal (3/5)
Share: LinkedIn Twitter Facebook Google+ Email
The world is much more interesting than any one discipline."
-- Edward Tufte,
American statistician and professor
Share: LinkedIn Twitter Facebook Google+ Email
Learn more about ISDA® ->Home | Conferences | Latest News | Bookstore | Join ISDA | Determinations Committee
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
Subscriber Tools
Please contact one of our specialists for advertising opportunities, editorial inquiries, job placements, or any other questions.
Lead Editor:  Sean McMahon
Advertising:  Abiy Bekele
  P: 919.931.5915

Download the SmartBrief App  iTunes / Android
iTunes  Android
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2013 SmartBrief, Inc.®
Privacy policy |  Legal Information