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February 14, 2013
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Daily coverage for the global derivatives industry

  Top Stories 
  • Derivatives-margin rules are delayed, leaving markets wondering
    Forging an agreement on collateral has delayed final rules for derivatives trading, leaving market participants wondering about their next step. "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. Reuters (2/13) LinkedInFacebookTwitterEmail this Story
  • ISDA panel rules SNS Reaal nationalization triggered CDS
    ISDA's Determinations Committee is poised to decide whether to hold an auction to settle credit default swaps contracts covering the debt of SNS Reaal. The panel has ruled that nationalization of the Dutch bank constituted a restructuring credit event, triggering CDS payouts. Bloomberg (2/13) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • Nissan Century Securities is Eurex's first Japanese member
    Nissan Century Securities has become a member of Eurex Exchange, the derivatives market owned by Deutsche Boerse. "We are honored to be the first Japan-based brokerage firm to attain Eurex membership," Nissan Century Securities CEO Hideaki Futaya said. "I believe we can better satisfy client needs by offering this new access in addition to our current memberships, which include the Japan Exchange and [the Tokyo Commodity Exchange]." The Trade News (U.K.) (2/13) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • 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 exchangelike 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
  • 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
  • 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
  • Congressional members pledge to scrutinize CFTC
    U.S. legislators have vowed to keep a close watch on the Commodity Futures Trading Commission. The collapse of MF Global Holdings and Peregrine Financial Group has given the regulator a black eye and has prompted doubt about its ambitious plans for Wall Street. Reuters (2/13) LinkedInFacebookTwitterEmail this Story
Continuity gives us roots; change gives us branches, letting us stretch and grow and reach new heights."
--Pauline Kezer,
American politician

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