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November 29, 2012
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  • CFTC finalizes clearing rule for swaps dealers
    The Commodity Futures Trading Commission unanimously approved a rule that will require Goldman Sachs Group, JPMorgan Chase and other swaps dealers to guarantee certain swaps at clearinghouses beginning in March. The rule outlines which interest-rate and credit default swaps must be processed through a clearinghouse. "Central clearing lowers the risk of the highly interconnected financial system," CFTC Chairman Gary Gensler said in statement. "It also democratizes the market by eliminating the need for market participants to individually determine counterparty credit risk, as now clearinghouses stand between buyers and sellers." Bloomberg (11/29), FuturesMag.com (11/28), International Financing Review (free content)/Reuters (11/29) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Volcker rule finalization is unlikely before next year
    Regulators are not expected to meet a Dec. 31 deadline for issuing the final draft of the Volcker rule. Previous drafts have been several hundred pages long, and the rule requires approval by five agencies, including the Federal Reserve and the Federal Deposit Insurance Corp. CNBC (11/28) LinkedInFacebookTwitterEmail this Story
  • German and U.K. officials delve into Libor issues
    A German banking regulator told lawmakers that banks more than likely manipulated the London Interbank Offered Rate. At a hearing, parliamentarians also questioned Deutsche Bank officials about rate rigging. Meanwhile, U.K. officials are seeking feedback on a plan to restructure Libor. Among changes proposed are legal authority applied to the way the rate is set and criminal penalties for manipulation. Separately, Barclays dismissed five employees and disciplined eight others after an internal investigation of Libor rigging. Bloomberg (11/28), Reuters (11/28), Bloomberg Businessweek (11/28), The Wall Street Journal (11/28) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Developments 
  • Concerns emerge about fragmentation of derivatives trade data
    The Commodity Futures Trading Commission has approved CME Group's application to operate a swaps-data repository. CME joins IntercontinentalExchange and Depository Trust and Clearing in offering such services. However, the situation is prompting concerns about fragmentation of over-the-counter derivatives trade data, according to this article. The Trade News (U.K.) (11/27) LinkedInFacebookTwitterEmail this Story
  • Exchange group seeks consistent, global ETD standards
    Margin and capital requirements for exchange-traded derivatives should be consistent, and global policymakers should agree on common standards, the World Federation of Exchanges said in a letter to the Financial Stability Board. Among other recommendations, the federation wants elimination of a five-day margin period of risk for ETDs. The Trade News (U.K.) (11/28) LinkedInFacebookTwitterEmail this Story
  • Other News
  Electronic Trading News 
  • Australia plans to phase in market-integrity rules
    The Australian Securities and Investments Commission will introduce rules during the next 18 months designed to shore up market integrity, though critics say market players will find the measures costly. Among the rules are kill switches, stricter pricing and reporting standards for dark pools and tough regulations for high-frequency traders. The Trade News (U.K.) (11/28) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • No evidence for cotton-price suit, Louis Dreyfus argues
    Louis Dreyfus Commodities is being sued by Mark Allen, formerly a senior trader at Glencore, and other traders who accuse the firm of manipulating the price of cotton. Louis Dreyfus has filed a motion to dismiss the suit, saying the plaintiffs are trying to avoid blame for their bets and that they failed to provide evidence that the firm illegally drove up prices. Reuters (11/28) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
We acquire the strength we have overcome."
--Ralph Waldo Emerson,
American writer


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