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February 14, 2013
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  Top Stories 
 
  • CFTC's FCM proposal would alter industry, observers say
    The Commodity Futures Trading Commission has proposed a regulation intended to shield customer deposits at futures commission merchants, but many market participants say the rule would overhaul the futures-brokerage system because of the significantly higher margin buffers FCMs would have to provide. FIA Chairman Mike Dawley said the rule would be "one of the most monumental events" in 30 years. MarketsWiki.tv (2/13) LinkedInFacebookTwitterEmail this Story
  • CFTC is stuck on minimum number of swaps bids, sources say
    The Commodity Futures Trading Commission's five members have been unable to agree on how to force swaps deals onto exchange-like platforms, especially regarding the minimum number of quotes needed for a deal to proceed, sources say. "The lower we go on that, the more the swaps market is going to function the way it was before Dodd-Frank," one of the sources said. Reuters (2/13) LinkedInFacebookTwitterEmail this Story
Margin Savings up to 90% for Cleared OTC IRS vs. Futures
90% is no small number—especially when it comes to margin savings. Market participants have been actively utilizing portfolio margining of Cleared OTC IRS and Eurodollar and Treasury futures, and total risk reductions now account for over $1 billion in initial margin savings—figures that remain unparalleled in the industry. Click here to learn more.
  Regulatory Roundup 
  • IOSCO delays derivatives rules, leaving markets wondering
    Forging an agreement on collateral has delayed final rules for derivatives trading, leaving participants in the market wondering about their next steps. "We need to do more economic thinking on the balance of the overall package," said David Wright, secretary general of the International Organization of Securities Commissions, at an industry conference. Reuters (2/13) LinkedInFacebookTwitterEmail this Story
  • Council of the EU heads toward compromise on OTFs
    The Council of the EU has outlined its position regarding the revised Markets in Financial Instruments Directive. A MiFID II draft indicates that the council will recommend that organized trading facilities cover all asset classes. The council also is leaning toward prohibiting use of proprietary capital in OTFs. The Trade News (U.K.) (2/13) LinkedInFacebookTwitterEmail this Story
  • SEC lacks resources to implement Dodd-Frank, Walter says
    The Securities and Exchange Commission lacks the resources needed to fully implement the Dodd-Frank Act, Chairman Elisse Walter is expected to tell the Senate banking committee today. "If the SEC does not receive additional resources, I believe that many of the issues to which the Dodd-Frank Act is directed will not be adequately addressed," Walter is to say, according to prepared remarks. Reuters (2/13) LinkedInFacebookTwitterEmail this Story
  • Gensler: Banks may be helping hedge funds sidestep rules
    Hedge funds may be skirting central-clearinghouse rules set to take effect next month with the help of overseas affiliates of U.S. banks, Commodity Futures Trading Commission Chairman Gary Gensler is expected to tell the Senate banking committee today. The banks may be transacting trades offshore for hedge funds even though the principal place of business for those firms is the U.S. Bloomberg Businessweek (2/13) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • Unsecured creditors of MF Global UK to get more than expected
    MF Global UK's unsecured creditors could receive as much as 40% of their claims, up from 20% estimated last month, says KPMG, which is overseeing the firm's bankruptcy restructuring. "We are pleased to be able to announce further improvements in anticipated distributions to MF Global U.K.'s customers, in particular a potential increase in the first interim distribution to unsecured creditors," KPMG's Richard Heis wrote in an e-mail. Bloomberg (2/13), Financial Times (tiered subscription model) (2/13) LinkedInFacebookTwitterEmail this Story
  • Durkin: Meeting demands for technology is key to CME's growth
    CME Group is investing in technology to meet customers' needs, writes Bryan Durkin, the company's chief operating officer. "Our capabilities in Europe will expand as we launch our new exchange in Q2 and build onto the services of our European clearing house," Durkin writes. "In addition, new and innovative products (such as our deliverable Chinese renminbi FX futures) will continue to be the driving force at CME Group." OpenMarkets.com (2/8) LinkedInFacebookTwitterEmail this Story
  Electronic Trading News 
  FIA News 
  • Cokie Roberts of ABC News to Address FIA Law & Compliance Conference in Baltimore
      
    The FIA Law & Compliance Division conference in Baltimore will feature Cokie Roberts as the keynote speaker. Roberts is a political commentator for ABC News and serves as senior news analyst for National Public Radio. She has been inducted into the Broadcasting and Cable Hall of Fame and was cited by American Women in Radio and Television as one of the 50 greatest women in the history of broadcasting. This year's FIA Law and Compliance conference will take place May 8 to 10 at the Baltimore Marriott Waterfront. Register here. LinkedInFacebookTwitterEmail this Story

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  SmartQuote 
Mistakes are part of the dues that one pays for a full life."
--Sophia Loren,
Italian actress


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