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December 27, 2012

Top Stories

Shanghai Futures Exchange looks to boost its global profile
The Shanghai Futures Exchange says it plans to allow foreign investors broader access as it works to develop oil and metals futures and financial derivatives in the coming years. Foreign firms now get restricted access only through brokers. "The exchange will move towards opening up to overseas players over the next five years and aims to become an important pricing centre for global commodity markets," Chairman Yang Maijun said in a statement. Reuters (12/26)

MCX-SX is set to move into equity derivatives
India has granted MCX-SX status as a recognized stock exchange after the Securities and Exchange Board of India granted the exchange a commencement certificate last week. MCX-SX is scheduled to begin trading in January of numerous asset classes, including equity derivatives, and will compete with the NSE and BSE. ZeeNews.com (India)/Press Trust of India (12/27)

Regulatory Roundup

CFTC's Chilton proposes insurance fund for futures investors
The futures industry needs an insurance fund to provide for customers who become victims of fraud or theft, Commodity Futures Trading Commission member Bart Chilton says. The fund, which would be created under a bill that Chilton proposed to Congress, would be modeled on similar banking and securities funds, Chilton says. CFTC Law (12/26)

CFTC staffers find themselves in demand by employers
Staffers at the Commodity Futures Trading Commission who have worked on rules that apply to Wall Street are finding themselves in demand by companies that have to comply with those rules or give advice to other firms on how to follow them. At least nine employees have left the CFTC for new jobs at firms in accounting, law and finance since June, Jamila Trindle writes. The Wall Street Journal (12/26)

Survey: U.K. lawmakers support banking separation
More than two-thirds of 93 members of Parliament in the U.K. said in a survey that they believe banks should be required to separate investment banking and retail operations to protect consumers. Financial Times (tiered subscription model) (12/26)

Industry Developments

Dalian futures market aims for a larger global presence
The Dalian Commodity Exchange says it wants to boost cooperation with foreign counterparts. Its transaction volume ranks around 10th in the world, according to data from the Futures Industry Association. "Our international strategy is to extend our global reach, explore opportunities for information sharing, employee exchange and IT solutions as well as product design with high-level international players," said Liu Xingqiang, the exchange's chairman. China Daily (Beijing) (12/27)

Osaka exchange seeks foreign derivatives brokerages
The Osaka Securities Exchange wants to let brokerages from Europe and Asia trade derivatives on its platform, a Japanese newspapers reported. The exchange will seek regulatory permission from countries in those regions; it has already received approval from regulators in Hong Kong and the U.S. SNL Financial (free content) (12/26)

Sants reportedly will craft new pay structure at Barclays
Former Financial Services Authority chief Hector Sants will be charged with reducing pay in his new job as head of compliance at Barclays. Sants' effort will be part of Project Transform, a strategic plan that CEO Antony Jenkins will announce to investors. The Telegraph (London) (tiered subscription model) (12/23)

Electronic Trading News

Commentary: The glitches that stole 2012
Computer glitches' effect on trading was a recurring theme this year, as a handful of prominent errors -- culminating with Knight Capital Group almost bankrupting itself thanks to an out-of-control algorithm -- brought increased scrutiny to the role that automation plays in the trading world. Traders Magazine Online (12/26)

Commodities and Managed Futures

Big Oil is keen on Obama's commitment to energy
The American Petroleum Institute says President Barack Obama's decision on TransCanada's Keystone XL pipeline was a key step in fulfilling his campaign promise to support the development of U.S. energy resources. Financial Times (tiered subscription model) (12/26)

SmartQuote

People who lean on logic and philosophy and rational exposition end by starving the best part of the mind."

--William Butler Yeats,
Irish poet and playwright

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