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March 1, 2013
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  Top Stories 
  • Democratic lawmakers reintroduce derivatives-transaction tax
    Derivatives, including futures, would face a 0.03% transaction tax under legislation introduced this week by Rep. Peter DeFazio, D-Ore., and Sen. Tom Harkin, D-Iowa. The pair floated similar bills in recent years, but the legislation never took hold. "There is no question that Wall Street can easily bear this modest tax," Harkin said. Platts (2/28) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • CFTC's Gensler suggests Libor replacements
    Commodity Futures Trading Commission Chairman Gary Gensler says a rate determined by a traded market, such as overnight indexed swaps, should replace the London Interbank Offered Rate. "Given what we know now, it's critical that we move to a more robust framework for financial benchmarks, particularly those for short-term, variable interest rates," Gensler said. "There are alternatives ... grounded in real transactions. These include the overnight indexed swap rate, benchmark rates based on actual short-term collateralized financings and benchmarks based on government borrowing rates." (subscription required) (2/28) LinkedInFacebookTwitterEmail this Story
  • CFTC struggles to develop swaps-oversight system
    The Commodity Futures Trading Commission has found it difficult to realize the Dodd-Frank Act's goal of transparency on swaps, especially amid a dispute involving CME Group and Depository Trust and Clearing, Silla Brush writes. Bloomberg (3/1) LinkedInFacebookTwitterEmail this Story
  • Commentary: Derivatives are following equities' path from 1930s
    The position of interest-rate and credit derivatives is not unlike that of equities in the 1930s, Andrew Waxman writes. Joseph Kennedy, the first leader of the Securities and Exchange Commission, worked to establish transparency while simultaneously luring participants to return to the market, Waxman writes. (2/28) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • Cross-margining will help ASX win market share, exec says
    The Australian Securities Exchange says it plans to provide cross-margining between over-the-counter and exchange-traded derivatives when it launches clearing for OTC derivatives this year. The move will help the exchange win market share, ASX's Rohan Delilkhan says. However, concerns have been raised that there is not enough liquidity in Australia's OTC market to sustain more than one clearinghouse. (subscription required) (2/28) LinkedInFacebookTwitterEmail this Story
  • DTCC teams with CUSIP on LEI application process
    Depository Trust and Clearing and CUSIP Global Services say they're working together on an application process for legal entity identifiers. The firms want to streamline the process by allowing users to apply for Commodity Futures Trading Commission Interim Compliant Identifiers, known as CICIs, and CUSIP numbers at the same time. CICIs are precursors to LEIs. Securities Technology Monitor (2/28) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  FIA News 
  • Registration is Now Open for L&C 2013
    The FIA Law & Compliance Division will hold its yearly conference May 8 to 10 at the Baltimore Marriott Waterfront in Baltimore. Compliance officers, attorneys and regulators consider issues affecting the legal and regulatory framework of the derivatives industry. Register here. LinkedInFacebookTwitterEmail this Story
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  Editor's Note 
  • Correction
    A summary in Wednesday's FIA SmartBrief incorrectly characterized the Securities and Exchange Commission's request for banks to notify investors about the valuation of some securities backed by equity derivatives sold during the past two years. Banks are being given 10 days to notify the SEC about whether they will comply with the rules. Many banks already began notifications as early as last May. SmartBrief regrets the error. LinkedInFacebookTwitterEmail this Story
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