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December 13, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • CFTC to yield ground on swaps to foreign counterparts
    The Dodd-Frank Act increased oversight of swaps deals to include any foreign financial institution doing substantial business with "U.S. persons." The Commodity Futures Trading Commission, in a gesture to rally foreign regulators around U.S. efforts to rein in trading, said it plans to temporarily define "U.S. persons" to mean only U.S. residents and firms incorporated in the U.S., a change from language announced over the summer. Bloomberg (12/13), The Wall Street Journal (12/12) LinkedInFacebookTwitterEmail this Story
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  Industry News and Trends 
  • Collateral issue arises as OTC derivatives clearing nears
    The GC Pooling basket, which banks can use to meet collateral requirements for centrally cleared over-the-counter derivatives, has a compatibility problem, Anish Puaar writes. GC Pooling baskets cleared and traded through Eurex cater only to the assets held by Clearstream, leaving rival Euroclear either excluded or facing costly options. The Trade News (U.K.) (12/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory Roundup 
  • Court rejects challenge to CFTC rule on mutual fund registration
    A federal judge has rejected a challenge to the Commodity Futures Trading Commission's registration requirement for mutual funds holding commodities investments. "The court is satisfied that the CFTC considered the relevant factors, acted well within its discretion, and that there was nothing arbitrary or capricious about the CFTC's actions in promulgating the final rule," U.S. District Judge Beryl Howell wrote. The U.S. Chamber of Commerce and the Investment Company Institute filed the challenge. Bloomberg (12/12) LinkedInFacebookTwitterEmail this Story
  • European policymakers are urged to clarify consolidated-tape details
    Members of FIX Protocol see a consolidated tape for Europe as one of the top remaining issues in the revised Markets in Financial Instruments Directive, Bruce Love writes. Many market participants are looking to the European Securities and Markets Authority and other policymakers to provide guidance. "There are times when regulators can and should step in to help solve problems the industry cannot solve itself. This is one of those times," said Chris Pickles of FIX Protocol. The Trade News (U.K.) (12/12) LinkedInFacebookTwitterEmail this Story
  • Schapiro works on Volcker rule right up to the end
    Securities and Exchange Commission chief Mary Schapiro has spent the last days of her term -- Friday is her last day -- meeting with U.S. regulators to resolve concerns about the Volcker rule. Nevertheless, the fact that she is resigning could stall the agency and therefore render her recent work on the Volcker rule -- and other rules -- moot, according to these articles. Bloomberg (12/12), The Wall Street Journal (12/11) LinkedInFacebookTwitterEmail this Story
  • SEC had concerns before bank experienced large loss
    The Securities and Exchange Commission says it expressed concern about JPMorgan Chase's proprietary trading before the bank lost $6.2 billion on a derivatives bet. The agency says that from June 2011 to February, it sent letters to the bank seeking information. Sen. Carl Levin, D-Mich., called the situation a "textbook" case for a need to tighten the Volcker rule, which curbs proprietary trading by banks. Bloomberg (12/11) LinkedInFacebookTwitterEmail this Story
Don't be fooled by the calendar. There are only as many days in the year as you make use of."
--Charles Dow Richards,
Canadian judge and politician

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