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February 22, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • CFTC's Gensler voices concerns about benchmark rates
    Gary Gensler, chairman of the Commodity Futures Trading Commission, discusses the long-term future and possible replacements of the London Interbank Offered Rate. "Anchoring to real transactions is essential to have confidence in these benchmarks. ... One of the really challenging things is how systemic this is," Gensler said. Bloomberg Businessweek (2/21) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • LME official says transparency will be good for business
    The London Metal Exchange may see huge benefits from the EU's push for transparency among over-the-counter derivatives, says Diarmuid O'Hegarty, the LME's deputy CEO. "The fact that the stuff the LME currently doesn't see will end up needing to be cleared means more business for the exchange," O'Hegarty said. Bloomberg (2/21), Reuters (2/21) LinkedInFacebookTwitterEmail this Story
  • Bank announces Chinese derivatives approval
    UBS has gained permission from the China Securities Regulatory Commission to create derivatives tied to Chinese equities, according to the bank. The products will give overseas investors a method to access the Chinese stock market. The approval marks another step in China's plan to add financial sophistication. Bloomberg (2/21) LinkedInFacebookTwitterEmail this Story
  • NFA designates Cargill as a swaps dealer
    The National Futures Association has registered Cargill as a swaps dealer, making it the first major nonfinancial enterprise to hold that status. Would-be swaps dealers also must register with the Commodity Futures Trading Commission. Reuters (2/21) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Automatic cuts are seen as unlikely to disrupt CFTC, SEC
    The Securities and Exchange Commission and the Commodity Futures Trading Commission expect mostly business as usual if the budget sequester goes into effect March 1. "We would definitely have to cut back expenditures in technology. ... We're doing everything to husband our resources to avoid a furlough," CFTC Chairman Gary Gensler said. Similarly, an SEC spokesman says there likely would be no reduction in workforce. Reuters (2/22) LinkedInFacebookTwitterEmail this Story
  • EBA plans to develop scorecard of asset liquidity
    The European Banking Authority says it will rank financial assets according to liquidity as regulators begin to implement Basel III rules. The rankings are intended to help banks meet the liquidity-coverage ratio. Bloomberg (2/21) LinkedInFacebookTwitterEmail this Story
The question should be, is it worth trying to do, not can it be done."
--Allard Lowenstein,
American politician

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