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September 4, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • ISDA will publish summaries of Determinations Committee meetings
    Pursuant to improvement in setting credit default swaps triggers, ISDA agreed to publish summaries of meetings of the Credit Derivatives Determinations Committee. "The Credit Derivative Determinations Committee process has proven to be a robust and valued tool in the CDS market," ISDA General Counsel David Geen said. "The published amendments to the DC rules are an important step forward in improving the overall transparency of the DC process." International Financing Review (free content) (9/1) LinkedInFacebookTwitterEmail this Story
  • Basel review of trading-book capital rules splits industry
    Proposals to restrict the power of internal models are prominent among a disagreement between dealer and industry groups regarding a regulatory review of trading-book capital rules. The discord breaks down into two camps, said Peter Sime, head of risk and research at ISDA. "One is where the industry wants to go in a different direction to the Basel Committee on Banking Supervision's proposals; the second type is where the industry is not in agreement on how to respond," Sime said. Risk magazine (subscription required) (9/2012) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • OTC derivatives rules spur custodians to strengthen systems
    Major custodian banks are responding to upcoming regulations for over-the-counter derivatives by investing in advanced technologies and improving their post-trade systems. However, regulators are struggling to finalize some rules, which affects the pace of change at some firms. "The biggest technology issue for us is that clients are looking to go live with clearing derivatives trades today, when a number of these rules are still not settled," said Martin Higgs of State Street. Financial News Online (U.K.) (subscription required) (9/3) LinkedInFacebookTwitterEmail this Story
  • Standard for electronic swaps trading gains traction
    The trading venues operated by BGC Partners, Creditex, Dealerweb, Eris Exchange, GFI Group, ICAP, iSwap, MarketAxess, SwapEx, Tradition Trad-X and Tradeweb have agreed to a standard for trading swaps electronically. The standard, which is based on the FIX protocol, is being pushed by the Fixed Income Connectivity Working Group, a collective of investment banks. The Trade News (U.K.) (9/3), Financial Times (tiered subscription model) (9/3) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory Roundup 
  • CFTC is inundated with comments about swaps rules
    Regulators and industry groups worldwide have sent a flurry of comments to the Commodity Futures Trading Commission regarding the cross-border reach of some derivatives rules. The regulations, which are mandated by the Dodd-Frank Act, require foreign entities involved in swaps deals with U.S. parties to register in the U.S. as a swaps dealer and comply with certain rules. Concerns have been raised about unintended consequences and firms being subjected to duplicative rules. Compliance Week/The Filing Cabinet blog (8/31), WatersTechnology.com (8/31) LinkedInFacebookTwitterEmail this Story
  • Basel rules need to be reconsidered, BoE official says
    Andrew Haldane, executive director for financial stability at the Bank of England, said at an annual gathering of central bankers in Jackson Hole, Wyo., that regulation of the financial system might be too complicated. "Modern finance is complex, perhaps too complex ... As you do not fight fire with fire, you do not fight complexity with complexity," Haldane said. "Because complexity generates uncertainty, not risk, it requires a regulatory response grounded in simplicity. Less may be more." Financial Times (tiered subscription model) (8/31), Reuters (8/31), The Telegraph (London) (8/31) LinkedInFacebookTwitterEmail this Story
  ISDA News and Events 
  • ISDA 2012 Regional Conferences
    Regulatory reform has dominated the global derivatives market for the past couple of years. This year's conferences will focus on the impact of regulatory changes and key challenges that lie ahead as we implement the market framework. ISDA's conferences are scheduled Sept. 13 in North America, Sept. 20 in Europe, Oct. 18 in Australia, Oct. 22 in Asia-Pacific and Oct. 25 in Japan. View agendas and registration information. LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Industry is a better horse to ride than genius."
--Walter Lippmann,
American journalist


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