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February 15, 2013
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  Top Stories 
  • CFTC margin rule is met with industry criticism
    Brokers and other market participants in the U.S. futures market strongly oppose a proposal from the Commodity Futures Trading Commission that they say would require tens of billions of dollars in additional margin. Critics say the proposal could fundamentally change how the industry works. "You want customer protections. But you also want to make sure you're not obliterating a whole market sector potentially, which would be the very futures commission merchants that handle commercial hedge business," said Diana Klemme of Grain Services. Bloomberg (2/15), Thomson Reuters/News & Insight blog (2/13) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • European transaction-tax proposal comes under fire
    Market participants and other interested parties are voicing opposition to Europe's proposed tax on financial transactions, including stocks, bonds and derivatives. The tax could be collected by 11 nations as early as next year. An industry group says the levy could become "another brake on economic growth" and that a transaction tax "with extraterritorial reach runs counter to that important objective" of cooperation among Group of 20 countries. Bloomberg (2/14) LinkedInFacebookTwitterEmail this Story
  • Editorial: Obama is right to oppose European transaction tax
    The White House has voiced opposition to a proposed tax on financial transactions, such as stocks, bonds and derivatives, in 11 European nations. Concerns include how the levy would affect the economy, its cross-border reach and double taxation. "The Obama Administration is right to oppose the tax on grounds that it will punish American investors," this editorial argues. The Wall Street Journal (2/14) LinkedInFacebookTwitterEmail this Story
  • Gensler warns of budget cuts' effect on CFTC's work
    The Commodity Futures Trading Commission's power to police the financial markets could be undercut by automatic federal spending cuts scheduled for next month, Chairman Gary Gensler told the Senate banking committee. "It just adds to the challenges, adds ultimately to the risks the public bears," Gensler said after the hearing. "We would definitely have to cut back expenditures in technology, be ever so more careful about any hires that we do." The Wall Street Journal/MarketBeat blog (2/14) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • HKEx gains approval to offer after-hours futures trading
    Hong Kong Exchanges and Clearing says it will offer after-hours futures trading on April 8 now that it has received regulatory approval. The change is expected to help HKEx attract more investors in Europe and the U.S. "We want to have more access to markets over a broader swathe of time and across a bigger opportunity set. So we like the opportunity to be able to trade more hours," said Andrew Economos of JPMorgan Asset Management in Hong Kong. Bloomberg (2/14), Reuters (2/14) LinkedInFacebookTwitterEmail this Story
  • Experts debate consequences of the futurization of swaps
    Some market participants say the conversation of swaps to futures could lead to problems. "As the market gravitates to the cheaper platform -- and it's cheaper because it's unsafe -- that creates risk for everyone," says James Cawley, CEO of Javelin Capital Markets. However, others say that swaps continue to provide the best way to manage many exposures, so they will not be completely replaced by futures. "There's obviously a reason the rates swap market emerged -- it allows very specific contract terms. We don't see the futures market replacing that," said James Wallin of Alliance Bernstein. The Huffington Post (2/14), (subscription required) (2/14) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  FIA News 
  • 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. LinkedInFacebookTwitterEmail this Story
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If you want to live a happy life, tie it to a goal. Not to people or things."
--Albert Einstein,
German-born theoretical physicist

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