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- Proposed EU swaps rules hit a hurdle in committee
The European Parliament's Economic and Monetary Affairs Committee has voted down draft rules for over-the-counter derivatives. The outcome, which was expected, hinged on lawmakers' concerns that the rules would create an undue burden on businesses and would run counter to EU law. The vote is expected to further delay plans to establish mandatory clearing of more OTC derivatives. The full Parliament could take up the matter this week. If the measure fails there, too, policymakers will have to start over. Bloomberg Businessweek
(2/4), Reuters
(2/4), Financial Times (tiered subscription model)
(2/4)     
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| Regulatory Roundup |  |  |
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- CFTC to hold customer-protection discussion
The Commodity Futures Trading Commission is set to host a discussion today on auditing standards, oversight of self-regulatory entities and futures brokers. This is the third such event in the past 12 months. Bloomberg
(2/5)
- FSB brings confusion with stance on FX derivatives margin
The Basel Committee on Banking Supervision and the Committee on Payment and Settlement Systems need to focus on foreign exchange derivatives and "set out strong provisions on variation margin," the Financial Stability Board says. But the request seems to run counter to the Working Group on Margining Requirements, which has delayed issuing guidelines, partly because of questions about whether they would be appropriate for forex swaps. The working group is run by the Basel Committee and the International Organization of Securities Commissions. Risk.net (subscription required)
(2/4)
| Industry Developments | | |
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- Industry explores insurance for futures
A study on the feasibility of adding an insurance component for the U.S. futures industry is being conducted by FIA, the Institute for Financial Markets, the National Futures Association and CME Group. The aim is to bolster safeguards for customers. The study is expected to be finished in the spring and will assess various models for such an insurance mechanism. Futures Industry
(1/2013)
| Electronic Trading News | | |
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- Options migrate from pit to screen
December marked the first month where electronic trading of options on CME Globex outnumbered pit trades. Thomas Peterffy, CEO at Interactive Brokers Group, says electronic trading saves customers money by narrowing spreads, reducing commissions and adding transparency. It also lowers error rates, says Andy Nybo of TABB Group. OpenMarkets.com
(2/4)
| Commodities and Managed Futures | | |
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| FIA News | | |
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- FIA Division Membership Drive is Now Open for 2013
The FIA Chicago, Futures Services, Information Technology and Law & Compliance Divisions have started their membership drives for 2013. Any employee of an FIA member firm is eligible to join a division for a small annual membership fee. Divisions give members the opportunity to discuss common issues, exchange ideas, give input to the FIA board, and network with peers. Join here.
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