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| Regulatory Roundup | | |
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- EU crackdown on shadow banking targets ETFs
The European Commission is clamping down on the shadow-banking sector, with a focus on exchange-traded funds. The EC says it is looking into potential "conflicts of interest" that might affect ETFs. Those funds could face regulations governing trading of derivatives as part of the EU effort. Bloomberg Businessweek
(3/19)     
- Financial-transaction tax requires compromise, Semeta says
EU Taxation Commissioner Algirdas Semeta said efforts to introduce a financial-transaction tax should focus on signing up all EU members. "Some are already asking whether we should look for alternative routes to agreement, by moving ahead at less than 27," he said. "I say that the time is not ripe for such a move." Semeta also said the EU is "moving in the direction of political compromise in order to achieve consensus amongst all 27 member states." The Wall Street Journal
(3/19)
| Industry Developments | | |
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- Group seeks uniform market surveillance for all trading venues
The Federation of European Stock Exchanges cautioned the European Commission against subjecting organized and multilateral trading facilities to surveillance requirements that are different from those governing regulated markets. "We need to ensure that multilateral trading happening on an [exchange], MTF or OTF is subject to the same provisions to avoid any unlevel playing field and ensure a robust environment," according to FESE. The Trade News (U.K.)
(3/19)
| Electronic Trading News | | |
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- High-frequency traders face few changes since flash crash
The May 2010 flash crash prompted regulators to pledge changes, particularly for high-frequency traders, which were faulted for exacerbating the sell-off. However, nearly two years later, high-frequency trading remains largely the same as it was before the crash. Regulators have implemented a few small changes, but have yet to make significant moves to ensure a repeat does not occur, Matthew Philips writes. Bloomberg Businessweek
(3/19)
- More exchanges are likely to crack down on HFT, insider says
Deutsche Boerse, Nasdaq OMX and other exchanges have started penalizing high-frequency traders who make excessive orders. John Bates, chief technology officer at Progress Software, says other exchanges are likely to follow suit, and he ponders whether the industry will benefit from such self-regulation or if government-imposed rules would be better. AdvancedTrading.com
(3/19)
| Commodities and Managed Futures | | |
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- Commodity investors aren't prepared for clearing rules, study finds
Regulators are widely expected to implement rules to require over-the-counter derivatives trades to be processed through central clearinghouses. But a majority of commodity investors in the U.S. and Europe are not preparing for the new rules, according to a study. "Many investors simply haven't had the information or time to work out the precise impact of the new rules on their trading businesses," according to Woody Canaday, a consultant at Greenwich Associates, which released the study. The Wall Street Journal/Dow Jones Newswires
(3/19)
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