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- SEC and CFTC might ease margin requirements for CDSs
The Securities and Exchange Commission has issued a draft rule that would allow swaps traders to reduce collateral for credit default swaps via portfolio margining, and the Commodity Futures Trading Commission might follow suit. The SEC said the draft rule, which was issued for comment in December, could "alleviate excessive margin calls, improve cash flows and liquidity and reduce volatility." Bloomberg
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| Regulatory Roundup | | |
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- Energy price-reporting agencies fret about benchmark rules
The European Commission's desire to closely watch price-reporting agencies has drawn criticism from energy price-reporting agencies. Energy PRAs are concerned that they will have to conform to rules that apply naturally to others but not to the way they do business. "Transparency in international commodity markets is fragile and could easily be weakened by ill-considered proposals," Argus Media says. Risk.net (subscription required)
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| Industry Developments | | |
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- Shanghai Futures Exchange tests international trading platform
The Shanghai Futures Exchange is moving toward the establishment of a crude oil futures contract in China by testing its international trading platform. "We will support the launch of the crude oil futures contract in China," said Ji Xiangyu, an official at the China Securities Regulatory Commission. The platform features trading in the renminbi and foreign currencies. China Daily (Beijing)
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- Low volume cited as top decision factor for buy side in 2012
Lower volume because of the struggling global economy was the top influence on buy-side execution last year, more than half of respondents said in a poll. In a distant second, with 22% of votes, was sell-side consolidation. "I believe we've seen the worst of it now and current levels will hold this year," said Mark Denny, head of trading at Investec Asset Management. "I don't anticipate a further fall or pickup in volumes." The Trade News (U.K.)
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| Electronic Trading News | | |
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- Electronic exchanges to add Indian forex futures
IntercontinentalExchange and CME Group plan to launch Indian rupee foreign exchange futures this month. Although there is already an over-the-counter market for the Indian currency, the exchanges hope that listing the contracts will tempt big foreign investors and Indian conglomerates that are prohibited from trading in the OTC market. Financial Chronicle (India)
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- Analysis: India futures trading is moving offshore
The Singapore Exchange has a seen a rapid increase in trading and open interest in Nifty futures contracts. Meanwhile, more than half of the dollar-rupee exchange market occurs outside of India, a problem that will only be compounded when IntercontinentalExchange and CME Group begin offering rupee-dollar futures this month. Mobis Philipose writes that if Indian policymakers continue to ignore this developing problem, the country will in effect be exporting its own markets. LiveMint.com/The Wall Street Journal (India)
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| Commodities and Managed Futures | | |
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