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November 15, 2012
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  • CFTC plan calls for futures-style position data for swaps
    The Commodity Futures Trading Commission is seeking feedback on a proposal to introduce "swaps reports," which would offer information about off-exchange interest-rate, credit, commodity and equity derivatives. "For years, the public has benefited from the futures market data we have published in our commitment of traders reports. Our goal is to provide similar transparency to the public for the swaps market," CFTC Chairman Gary Gensler said. Financial Times (tiered subscription model) (11/15), Compliance Week/The Filing Cabinet blog (11/14) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • Senators voice concerns about Basel III plan
    Senators are questioning Basel III capital rules for banks, saying a proposal for implementation is overly complex. "I'm concerned Basel III allows the largest banks to use complex internal models to determine capital requirements for transactions that were some of the most troublesome during the crisis," said Sen. Sherrod Brown, D-Ohio. Brown also expressed concerns about over-the-counter derivatives used by major financial institutions. MarketWatch (11/14), The Wall Street Journal/Deal Journal blog (11/14) LinkedInFacebookTwitterEmail this Story
  • CFTC member expresses concerns about SEFs
    The swap-execution facilities created under the Dodd-Frank Act for trading over-the-counter swaps could suffer if attempts to convert OTC derivatives into listed products are too successful, said Bart Chilton, a member of the Commodity Futures Trading Commission. "It does concern me somewhat in that I want to ensure SEFs are vibrant -- we need to get that rule done soon," Chilton said, adding that final rules on SEFs should allow voice trading. Risk.net (subscription required) (11/14), Risk.net (subscription required) (11/14) LinkedInFacebookTwitterEmail this Story
  • Analysis: U.S. regulators are likely to step up their efforts
    U.S. financial regulators are expected to have more of a will to be vigorous in their jobs and to speed up the rate of rule writing during President Barack Obama's second term. However, the core problems are just as intractable as ever, writes Jesse Eisinger of ProPublica. One area the Dodd-Frank Act failed to address was the independence of regulatory agencies, particularly the Securities and Exchange Commission and the Commodity Futures Trading Commission, Eisinger writes. The New York Times (tiered subscription model)/DealBook blog (11/14) LinkedInFacebookTwitterEmail this Story
  • OTF disagreement emerges in MiFID II debate
    The breadth and functionality of organized trading facilities likely will be main points of difference as the European Council and the European Parliament debate a revised Markets in Financial Instruments Directive, Parliament member Kay Swinburne said. The exclusion of equities from OTFs in Parliament's MiFID II document is a likely point of contention. The Trade News (U.K.) (11/14) LinkedInFacebookTwitterEmail this Story
  • Firms criticize Europe's short-selling rules
    Europe's restrictions on short selling have caused frustration among buy-side firms, some to the point that they've stopped trading credit default swaps and certain equities. Market participants said at an industry conference that some instruments have become untradeable because regulators have changed their minds capriciously. Risk.net (subscription required) (11/14) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry Developments 
  • Buy-side firms raise concerns about derivatives reforms
    Representatives of buy-side firms said at an industry conference that post-crisis reforms in the derivatives market are resulting in conflicts between regulators. "It is extremely likely you are going to get financial institutions falling foul of compliance rules in multiple jurisdictions, and not through want of trying," said Patrick Trew of CQS Capital Management. Risk.net (subscription required) (11/14) LinkedInFacebookTwitterEmail this Story
  • Choice is lacking in India's derivatives market, Celent says
    India's launch of exchanges in equity, commodity and currency derivatives in recent years has led to some of the largest markets in each category globally. However, there remains little competitive choice among the nation's exchanges, according to a report by financial consultancy Celent. "The lack of interoperability is one hurdle," the report says. The Trade News (U.K.) (11/14) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • Citigroup scoops up commodities traders
    Capital requirements, limits on proprietary trading, tighter regulations, and narrowing margins and losses have prompted a number of banks to withdraw from commodities trading. Some of the traders cut loose are ending up on the energy and commodities team at Citigroup. Reuters (11/14) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Keep your fears to yourself but share your courage with others."
--Robert Louis Stevenson,
Scottish novelist, poet and essayist


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