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January 23, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • Final FATCA rules disappoint market participants
    Industry executives are questioning how final regulations of the Foreign Account Tax Compliance Act will play out between foreign financial institutions and the Internal Revenue Service. In particular, market participants are concerned about jurisdictions that haven't struck intergovernmental agreements with the U.S. The FATCA rules lack compliance information for foreign financial institutions, experts say. (subscription required) (1/22) LinkedInFacebookTwitterEmail this Story
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  Industry News and Trends 
  • Floor traders are unfazed by ICE's NYSE acquisition
    Traders don't expect the floor of the New York Stock Exchange to change as a result of IntercontinentalExchange management. Although the boss likely will seek increased revenue and half of the downward trend in volume, most traders think ICE will focus on the derivatives side of the business, leaving equities mostly untouched. Traders Magazine Online (1/22) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Derivatives rules will merely transfer risk, Rolls-Royce CFO says
    New derivatives regulations will shift risk rather than eliminate it, says Mark Morris, chief financial officer at Rolls-Royce. "If you try to replace the counterparty risk by using central clearing or some form of posting of collateral, what you're doing is you're replacing counterparty risk with liquidity risk," Morris says, adding that the amount of collateral the regulations would force his company to post would prohibit it from investing in the "real economy." (1/22) LinkedInFacebookTwitterEmail this Story
  • BaFin official suggests replacing rate-setting process
    Elke Koenig, head of German financial regulator BaFin, has voiced concerns about whether reform of the way interbank-lending rates are set would be helpful. Koenig says the process might need to be replaced. "It has been shown that benchmarks, which are based on estimates submitted by market participants, are susceptible to manipulation," she said. "In my view, we need to work not on a reform of the existing system but on a replacement for it." Reuters (1/22) LinkedInFacebookTwitterEmail this Story
  • Analysis: Middle ground is needed on derivatives regulation
    The wild swings in derivatives regulation must end, write Martin Neil Baily and Aaron Klein. History has shown that neither deregulation nor over-regulation make for effective policy, so it's time for limited and smart regulation that will "[t]ackle the problems that emerged in the derivatives market and improve the economy's stability, while still reaping the economic benefits derivatives can and do provide," Baily and Klein write. Yahoo/The Exchange blog (1/22) LinkedInFacebookTwitterEmail this Story
  ISDA News and Events 
  • Climate shocks cause price shocks
    A Jan. 4 article in The Telegraph discusses how the managing director of Waitrose, a major U.K. supermarket chain, expects prices could spike 5% because of substandard crop yields and the attendant supply shortage. The article goes on to say that this kind of shock might be, as the saying goes, "the new normal." Quoting the U.K. government's chief scientist, John Beddington: "There is going to be another billion people on the planet in 13 years' time. ... That is going to increase demand for food." ISDA believes it's important to understand and know the facts about commodity-price changes and volatility. That's the reason we developed, a website and blog. LinkedInFacebookTwitterEmail this Story

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