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February 5, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • European lawmakers reconsider proposed swaps rules
    The European Parliament Economic and Monetary Affairs Committee has voted down draft rules for over-the-counter derivatives. The outcome, which was expected, hinged on lawmakers' concerns that the rules would create an undue burden on businesses and would run counter to EU law. The decision is expected to further delay a plan for mandatory clearing of more OTC derivatives. The full Parliament could take up the matter this week. If the measure fails there, too, policymakers will have to start over. Bloomberg Businessweek (2/4), Reuters (2/4), Financial Times (tiered subscription model) (2/4) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • SGX reportedly joins LSE in LCH.Clearnet stake talks
    Singapore Exchange has joined discussions started by London Stock Exchange Group to purchase a stake in LCH.Clearnet Group, sources say. SGX declined to comment on the subject. "As the Asian Gateway, SGX is open to partnerships and alliances for the benefit of shareholders, the company and our customers," spokeswoman Carolyn Lim wrote in an e-mail. "However, we do not comment on media reports or speculation." Bloomberg (2/4), Reuters (2/4), Financial Times (tiered subscription model) (2/5) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • German ring fence could force changes at several banks
    A proposed ring-fencing law in Germany, which goes to the Cabinet for approval Wednesday, could force as many as 12 banks to change operations, a source says. The law would force banks to make changes if more than a fifth of their business or more than €100 billion in income comes from risky activity. The legislation would take effect after implementation of capital rules by the Basel Committee on Banking Supervision. The Wall Street Journal/Dow Jones Newswires (2/4) LinkedInFacebookTwitterEmail this Story
  • FSB brings confusion with stance on FX derivatives margin
    The Basel Committee on Banking Supervision and the Committee on Payment and Settlement Systems need to focus on foreign exchange derivatives and "set out strong provisions on variation margin," the Financial Stability Board says. But the request seems to run counter to the Working Group on Margining Requirements, which has delayed issuing guidelines, partly because of questions about whether they would be appropriate for forex swaps. The working group is run by the Basel Committee and the International Organization of Securities Commissions. Risk.net (subscription required) (2/4) LinkedInFacebookTwitterEmail this Story
  • Experts: European transaction tax could push business elsewhere
    The Eurobond originated 50 years ago, when the U.S. instituted a tax to make it more expensive to invest in foreign equities. The Eurobond market became a viable alternative and has become the largest fixed-income market for corporate debt. Analysts see Europe's proposed financial-transaction tax as having the same effect. "If you can transact without transaction costs, you will," said Jim Kean of Bayesic Asset Management. "There'll be a market in Singapore or somewhere else." Bloomberg (2/3) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Our business in life is not to succeed, but to continue to fail in good spirits."
--Robert Louis Stevenson,
Scottish novelist, poet and essayist


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