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November 20, 2012
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  Top Stories 
  • LCH.Clearnet and SGX reportedly discuss clearing deal
    LCH.Clearnet and Singapore Exchange are discussing a possible partnership for clearing of currency derivatives, sources say. Both companies offer clearing of foreign exchange derivatives. The proposed deal would focus on non-deliverable forwards, putting LCH and SGX in competition with CME Group and IntercontinentalExchange in the U.S. Financial News Online (U.K.) (subscription required) (11/19) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • FSA might let retail banks sell certain derivatives
    U.K. banks might end up peddling derivatives to small companies once their retail operations are ring fenced, Financial Services Authority Chairman Adair Turner said. That revelation is a reversal of an original proposal. "We can see some arguments why a relaxation might be legitimate and OK provided that it is wrapped around with some limits as to the scale of this book relative to the total scale of the balance sheet," Turner said. Reuters (11/19) LinkedInFacebookTwitterEmail this Story
  • SEC ramps up oversight of exchanges
    The Securities and Exchange Commission is responding to technological advancements and other changes in trading by expanding its examinations of how new products are developed by exchanges. The move comes amid concerns that some order types give high-frequency traders an unfair advantage. The Wall Street Journal (11/19) LinkedInFacebookTwitterEmail this Story
  • LSOC implementation proves difficult
    The Commodity Futures Trading Commission's Legally Segregated Operationally Commingled customer-protection model starts to go into effect this month, and market participants are finding implementation to be difficult. It was developed to protect the clients of futures commission merchants and swaps clearinghouses against the risk that other customers might fail to meet their payment obligations. Futures Industry (registration required) (11/2012) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Developments 
  • Commentary: It's time to rethink volatility
    Rather than trying to predict the future, we should strive to develop institutions that can withstand or even benefit from them, writes Nassim Nicholas Taleb, a former derivatives trader. "Modernity has been obsessed with comfort and cosmetic stability, but by making ourselves too comfortable and eliminating all volatility from our lives, we do to our bodies and souls what Mr. [Alan] Greenspan did to the U.S. economy: We make them fragile. We must instead learn to gain from disorder," Taleb writes. The Wall Street Journal (11/16) LinkedInFacebookTwitterEmail this Story
  • Other News
  Electronic Trading News 
  • Grain industry says high-speed traders disrupt markets
    Officials and market participants in the U.S. grain industry are raising concerns about how high-frequency trading affects the markets. Regulators have yet to come up with a quick way to resolve such concerns, experts say. Gary Gensler, chairman of the Commodity Futures Trading Commission, has said the agency is working on rules governing high-frequency trading. Financial Post (Canada)/Reuters (11/19) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • ICE faces tough choice on old Brent contract
    Investors have been reluctant to use IntercontinentalExchange's Brent New Expiry contract, and ICE faces a decision on how to terminate the old benchmark. "The market is going to stay on the old contract until they are forced to [move]. ICE will have to give a closing date for the old one in order for liquidity to shift," said Olivier Jakob, a Petromatrix energy analyst. Reuters (11/19) LinkedInFacebookTwitterEmail this Story
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