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April 23, 2012
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  Top Stories 
  • Industry is split on effect of CFTC's settlement with Optiver
    Industry experts and observers are split on what the fallout will be from the Commodity Futures Trading Commission's deal to settle charges that Optiver sought to manipulate energy markets. Some say it will be an isolated incident, while others argue that it could lead to more anti-manipulation cases. Platts (4/20), Reuters (4/20) LinkedInFacebookTwitterEmail this Story
  • Sen. Reid works on bill to improve oil-market oversight
    Sen. Harry Reid, D-Nev., says he is drafting legislation to enhance oil-market oversight and rein in excessive speculation. The bill is based on a plan discussed by President Barack Obama. Reid said he met with a staffer from the Obama administration to discuss the bill. "We are, at this stage, trying to figure out ... how we move forward, which is easier than when we move forward. Because of all the roadblocks that [Republicans are] putting in our path, it's very difficult to get things done," Reid said. The Hill/E2 Wire blog (4/17) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Rep. Frank criticizes CFTC's proposals on swap-execution facilities
    Rep. Barney Frank, D-Mass., has raised concerns about the Commodity Futures Trading Commission's draft rules governing swap-execution facilities. For example, Frank said the CFTC's proposal that SEF users be required to request quotes from at least five dealers is "excessive." (subscription required) (4/23) LinkedInFacebookTwitterEmail this Story
  • Regulators give banks 2 years to comply with Volcker rule
    The Federal Reserve and other regulators said banks will have two full years to comply with the Volcker rule. "A lot of sweating brows at big banks are a lot drier today," said Karen Shaw Petrou, a managing partner at Federal Financial Analytics. "The statement finally makes clear that they can't be held accountable for compliance with a rule not yet released." Bloomberg (4/19) LinkedInFacebookTwitterEmail this Story
  • MiFID II would cause fundamental shift in bond markets, experts say
    Bond specialists expect that a revised Markets in Financial Instruments Directive will cause a fundamental market shift. "If the regulation in its current form is approved, it will have a drastic impact on the world of fixed-income trading," said Christian Krohn, an expert in equities and prime services. MiFID II could hinder liquidity but offer opportunities for agency brokers and exchanges. International Financing Review (4/21) LinkedInFacebookTwitterEmail this Story
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  Industry Developments 
  • MF Global customers urge regulators to get tougher on JPMorgan
    MF Global Holdings' customers want regulators to turn up the heat on JPMorgan Chase regarding their missing funds. A group of customers is expected to send a letter to regulators and lawmakers calling on JPMorgan to "return hundreds of millions of dollars in MF Global customer funds transferred" to the bank late last year. The Wall Street Journal (4/22) LinkedInFacebookTwitterEmail this Story
  • Commentary: Bondholders argue they were duped by MF Global
    William Cohan writes about how MF Global sold bonds last summer to raise $650 million; the bonds are trading at about 35 cents on the dollar, and the bondholders are suing. "MF Global executives told these investors that everything at the company was just fine when, in fact, capital and liquidity were in devastatingly short supply," Cohan writes. Bloomberg (4/22) LinkedInFacebookTwitterEmail this Story
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  Electronic Trading News 
  • Indian regulator to look into flash crashes
    The Securities and Exchange Board of India has expressed concern about frequent flash crashes that affect the country's markets, and has launched an investigation. The most recent incident came Friday, when the CNX Nifty dropped almost 7% within a few seconds. Business Standard (India) (4/23) LinkedInFacebookTwitterEmail this Story
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  Commodities and Managed Futures 
  • Commentary: Evidence shows speculation doesn't boost oil prices
    Regulators, politicians, market participants and observers are debating whether speculation in the futures markets increases the prices of commodities, particularly oil. Some, including President Barack Obama, have called for reining in speculation to reduce the price of oil. However, evidence shows that futures speculation doesn't bolster the prices of physical commodities, Tim Worstall writes. Forbes (4/22), St. Louis Post-Dispatch (4/22) LinkedInFacebookTwitterEmail this Story
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It's not that I'm so smart, it's just that I stay with problems longer."
--Albert Einstein,
German-born physicist

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