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November 6, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • U.S. and European officials aim to coordinate swaps rules
    The Commodity Futures Trading Commission and the Securities and Exchange Commission will host a two-day session where U.S. and European officials will discuss ways to coordinate swaps rules, sources said. Varying swaps rules around the world have made it difficult for the financial industry to comply. Bloomberg Businessweek (11/5) LinkedInFacebookTwitterEmail this Story
  • Global swaps reform won't be in place by year-end, FSB says
    The Financial Stability Board informed Group of 20 leaders that regulatory overhaul has been moving forward but that much work remains. FSB Chairman Mark Carney said international groups tasked with introducing rules governing the over-the-counter swaps market will miss a year-end deadline. "We are going to use all the time that is left in 2012 to get as much done in 2012 and then take stock instead of what remains to be done in a reasonable time frame," Carney said. Financial Times (tiered subscription model) (11/5), Reuters (11/5), The Wall Street Journal/Dow Jones Newswires (11/5) LinkedInFacebookTwitterEmail this Story
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  Industry News and Trends 
  • Many aren't ready for central clearing of OTC derivatives
    Delegates were told at a banking conference in Japan that asset managers and pension funds are woefully unprepared for central clearing of over-the-counter derivatives. "The problem is getting the rest of the industry ready when many of the required regulations aren't even ready yet," said Paul Swann, president and chief operating officer of ICE Clear Europe. The Trade News (U.K.) (11/5) LinkedInFacebookTwitterEmail this Story
  • Banks find Basel proposal for forex unnecessary
    Banks have branded as unnecessary a measure by the Basel Committee on Banking Supervision to increase capital holdings to provide a safety net for foreign exchange settlements. Experts say such a setup would run counter to recent efforts to reduce outstanding principal exposure. (subscription required) (11/5) LinkedInFacebookTwitterEmail this Story
  • Transition from swaps to futures may help ICE
    IntercontinentalExchange is banking on energy futures to replace swaps as the latter become more heavily regulated and less attractive to traders, executives said Monday as they announced that ICE's profit declined 1% in the third quarter. "What we've seen is a sort of sigh of relief and growth in those markets, relative to what was going on before the transition," ICE chief executive Jeffrey Sprecher said. Reuters (11/5), The Wall Street Journal/Dow Jones Newswires (11/5) LinkedInFacebookTwitterEmail this Story
5 Cures for Business Growing Pains
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  Regulatory Roundup 
  • Editorial: Dodd-Frank pushes swaps trading overseas
    The Commodity Futures Trading Commission is working on rules that will drive derivatives trading to foreign jurisdictions, this editorial argues. The CFTC is moving ahead with the regulations, despite concerns from foreign regulators and the industry. Another issue is that the rules, as mandated by the Dodd-Frank Act, will increase U.S. taxpayer exposure to the derivatives market, the editorial argues. The Wall Street Journal (11/5) LinkedInFacebookTwitterEmail this Story
  • Regulators begin to ease up on rule changes
    With clarity increasing among regulators regarding possible consequences of wholesale rule changes in Europe, authorities are beginning to soften their positions, industry observers say. "We have seen a degree of relaxation in liquidity standards imposed on banks," said Bob Penn, a regulatory partner at Allen & Overy. "There will be greater political intervention to meet political goals around economic growth, and that will involve laying off capital and liquidity regulations." Financial News Online (U.K.) (subscription required) (11/5) LinkedInFacebookTwitterEmail this Story
Character is much easier kept than recovered."
--Thomas Paine,
British-American political activist and author

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