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- CFTC mishandled swaps rules, Sommers says
The timetable for the Commodity Futures Trading Commission's swaps rules created unneeded issues because the derivatives market wasn't given time to adapt, CFTC member Jill Sommers says. "We have spent the past six months basically writing no-action letters and listening to market participants tell us they're not ready," says Sommers, who will leave the CFTC in March. Risk.net (subscription required)
(2/11)     
 | 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. |
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| Regulatory Roundup |  |  |
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| Industry Developments | | |
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| Electronic Trading News | | |
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- Alphabet soup of transaction codes might be getting muddled
The proliferation of transaction codes might be causing confusion, experts say. "Does the originator of a transaction get identified with USIs? No, the originator gets a [derivatives-clearing organization's] internal counterparty number, a [National Futures Association] ID if they come with that or a [Commodity Futures Trading Commission Interim Compliant Identifier] if they present that," said Allan Grody, president of Financial Intergroup. "The rest of the USI is a transaction identifier, unique to the swap, not the swap business entity that was the transactor." Securities Technology Monitor
(2/11)
| Commodities and Managed Futures | | |
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- ICE deal might lead NYSE to spin off wheat futures
The Matif wheat-futures market in Paris may be left in the cold as part of a potential NYSE Euronext sale to IntercontinentalExchange. ICE is primarily interested in the Liffe futures operation, which focuses on financial contracts as opposed to deliverable goods. ICE hopes that by selling off the Euronext properties it will placate regulators who were uncomfortable with the symbolism of older markets being in the hands of an American conglomerate. The Wall Street Journal
(2/11)
| FIA News | | |
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- Save the Date for Bürgenstock 2013
The Swiss Futures and Options Association and the Futures Industry Association are pleased to announce Bürgenstock, the Global Forum for Derivatives Markets. The conference will be held Sept. 25 to 27, 2013, at the InterContinental Hotel in Geneva, Switzerland. Bürgenstock provides an ideal forum for encouraging closer cooperation among market participants and international regulators. To learn about sponsorship and exhibit opportunities, contact Toni Vitale Chan or Carol Gregoir.
- FIA Division Membership Drive is Now Open for 2013
The FIA Chicago, Futures Services, Information Technology and Law & Compliance Divisions have started their membership drives for 2013. Any employee of an FIA member firm is eligible to join a division for a small annual membership fee. Divisions give members the opportunity to discuss common issues, exchange ideas, give input to the FIA board, and network with peers. Join here.
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