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February 25, 2013
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Daily coverage for the global derivatives industry

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  • European derivatives experts warn about transaction tax
    Experts in Europe's derivatives industry are expressing concern about the effects of a proposed tax on financial transactions. "There is a tipping point which could generate a decline in order flow which, in turn, could damage liquidity and the risk-management transfer process -- and one of the lessons of the recent crisis was the need to enhance the risk-management capability of intermediaries and end users rather than reduce it," said Anthony Belchambers, CEO of the Futures and Options Association. (subscription required) (2/22), New York Post (2/23) LinkedInFacebookTwitterEmail this Story
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  • EU's Almunia aims to finish benchmark-rate inquiry this year
    EU Competition Commissioner Joaquin Almunia is working to conclude his investigation into manipulation of the London Interbank Offered Rate and other lending benchmarks. The European Commission has offered some banks the possibility of reducing fines through a settlement, sources say. Almunia says an investigation into credit default swaps continues; that inquiry focuses on allegations that major banks work together to prevent CDS trading platforms from expanding. Reuters (2/22), The Wall Street Journal/Dow Jones Newswires (2/22) LinkedInFacebookTwitterEmail this Story
  • CME reportedly rejects deal with CFTC in Nymex case
    A possible settlement of Commodity Futures Trading Commission charges against CME Group's New York Mercantile Exchange and two former employees reportedly has been rejected by CME. The exchange and employees are accused of revealing confidential information to a commodity broker. The Wall Street Journal (2/22) LinkedInFacebookTwitterEmail this Story
  • European bodies clash over transparency rules for dark pools
    The European Commission disagrees with part of the latest draft of the revised Markets in Financial Instruments Directive. The Council of the EU has proposed that trades of less than €6,000 be exempt from price-transparency rules. The commission is against the waiver, saying it would undermine efforts to rein in dark trading. Meanwhile, the council's discussions about MiFID II are expected to be postponed, sources say. The Trade News (U.K.) (2/22), The Trade News (U.K.) (2/22) LinkedInFacebookTwitterEmail this Story
  • Commentary: Some margin-swap proposals still concern banks
    Regulators' approach on margin payments on noncleared swaps has pluses and minuses, Anish Puaar writes. "While the margin for cleared swaps will be held at central counterparties, many industry participants are questioning the need for banks to exchange collateral with each other for privately negotiated deals," Puaar writes. The Trade News (U.K.) (2/22) LinkedInFacebookTwitterEmail this Story
Kindness is loving people more than they deserve."
--Joseph Joubert,
French writer

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