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November 21, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • CFTC sets common date for swaps-dealer registration
    The Commodity Futures Trading Commission has designated April 10 as the deadline for all swaps dealers to register and begin reporting data. It was feared that early-reporting requirements for some dealers would have forced disclosure of sensitive commercial data, leading to "identification of parties to the swaps," the CFTC said. Reuters (11/20) LinkedInFacebookTwitterEmail this Story
  • Basel III amendments could relax liquidity obligations
    A long list of amendments could ease banks' compliance with global liquidity standards. The changes are under consideration by the Basel Committee on Banking Supervision. If all of the changes to the liquidity-coverage ratio are adopted, a shortfall in banks' buffer assets will decrease by 14%, a source said. (subscription required) (11/20) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • TMX plans expansion of fixed-income product offerings
    CEO Thomas Kloet says TMX Group plans to expand its range of fixed-income products as new rules push trading onto exchanges. "It's a fundamental sea change, bigger than I've ever seen in the last 30 years," Kloet said. "The fixed-income space is a natural space for us to look at. We have a relatively modest position in fixed income." Bloomberg (11/21) LinkedInFacebookTwitterEmail this Story
  • China is losing out in iron-ore swaps market
    The iron-ore swaps market is booming in Singapore, while Chinese participation is limited because of the renminbi's lack of convertibility and the absence of physical settlement for steel contracts, a source said. "The [renminbi] is not freely convertible and cannot pass through the border, so for a company like us, if we are to go to Singapore for trading, we can only use our overseas-domiciled company," said Chen Dongwei, deputy general manager at Sinosteel Futures. "In this kind of a situation, companies in China without these offshore vehicles cannot participate in the trade." (subscription required) (11/20) LinkedInFacebookTwitterEmail this Story
  • Analysis: Libor manipulation evolved into common practice
    By steps and stages, manipulation of the London Interbank Offered Rate to profit on derivatives had become standard practice by the mid-2000s, industry experts say. However, the tale of how the practice grew began in the 1990s, when CME Group's popular Eurodollar contract provided a forum for betting on interest rates. Reuters (11/20) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • India moves to end mini derivatives contracts
    The Securities and Exchange Board of India has banned mini derivatives contracts out of concern that they were attracting and endangering small investors. The National Stock Exchange must halt the product after a three-month contract of Mini Nifty expires in December. Business Standard (India) (11/20) LinkedInFacebookTwitterEmail this Story
  • ESMA pushes common rulebooks across EU
    Common rulebooks for banking, insurance and securities markets should extend across the EU, instead of only the eurozone, European Securities and Markets Authority Chairman Steven Maijoor said, noting that "in securities markets, we hardly ever talk about eurozone and not eurozone." Maijoor's remarks come as efforts to establish a banking union raise fears of divisions along national lines or between the eurozone and nations outside. The Wall Street Journal/Dow Jones Newswires (11/20) LinkedInFacebookTwitterEmail this Story
  • Europe's 2013 bank stress tests will center on Basel III
    Next year will bring an assessment of European banks' progress in implementing Basel III capital rules. "We need to manage a shift of focus from a one-off recapitalization effort to developing the path for full implementation of Basel III standards," said Andrea Enria, chairman of the European Banking Authority. "We are structuring the stress test of next year along these lines." Reuters (11/20) LinkedInFacebookTwitterEmail this Story
  Editor's Note 
  • The dailyLead will not publish Thursday and Friday
    In observance of Thanksgiving in the U.S., the dailyLead will not be published Thursday and Friday. Publication will resume Monday. Enjoy the holiday! LinkedInFacebookTwitterEmail this Story
We can only be said to be alive in those moments when our hearts are conscious of our treasures."
--Thornton Wilder,
American playwright and novelist

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