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April 25, 2012
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  Top Stories 
  • CME and FINRA aim to work more closely on supervision
    The chairmen of CME Group and the Financial Industry Regulatory Authority say the self-regulatory organizations plan to work more closely to supervise companies that conduct business in the stock and derivatives markets. CME Chairman Terry Duffy said improved communication between the organizations is part of an effort to respond to the collapse of MF Global. "We believe this will allow the coordinators on both sides to get to know one another better and to increase the sharing of information," according to Duffy's prepared testimony for a Senate committee hearing. Fox Business/Dow Jones Newswires (4/24) LinkedInFacebookTwitterEmail this Story
  • MF Global trustee wins OK to distribute $685 million more
    U.S. Bankruptcy Judge Martin Glenn has approved a request from James Giddens, trustee for MF Global's brokerage unit, to distribute another $685 million to the collapsed firm's customers. The clients will then have received about 80% of what they're owed. Bloomberg (4/24) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Schapiro will urge lawmakers to increase SEC's budget
    Mary Schapiro, chairman of the Securities and Exchange Commission, is set to urge lawmakers to increase the agency's budget. "As we continue to implement the Dodd-Frank Act and begin our JOBS Act rule making, we will need additional resources, including new subject matter experts, to make the transition to new rule regimes as smooth as possible and to streamline existing processes for market participants while still maintaining essential protections for investors," according to Schapiro's prepared testimony for a House Financial Services subcommittee. Bloomberg (4/24) LinkedInFacebookTwitterEmail this Story
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  Industry Developments 
  • LCH.Clearnet strikes deal to buy IDCG from Nasdaq OMX
    LCH.Clearnet says it has reached a deal to acquire International Derivatives Clearing Group. The move comes as regulators complete rules to require most over-the-counter derivatives to be processed through clearinghouses. London-based LCH.Clearnet is expanding its U.S. operations in clearing interest-rate swaps through SwapClear. "This is all about making SwapClear a more attractive clearing venue in the U.S. for end users," said Richard Perrott of Berenberg Bank. "This will make it easier to organize cross-margining and capital offsets." Financial Times (tiered subscription model) (4/24), Bloomberg (4/24), Financial News Online (U.K.) (subscription required) (4/24), Reuters (4/24) LinkedInFacebookTwitterEmail this Story
  • European hedge funds express concern about clearing costs
    Omgeo, a provider of post-trade services, has released the results of a survey that found that European hedge funds are concerned about how much mandatory clearing of over-the-counter derivatives will cost. Many of the hedge fund respondents also are worried about collateral and margining requirements for cleared and noncleared derivatives. The Trade News (U.K.) (4/24) LinkedInFacebookTwitterEmail this Story
  • Corporates should weigh clearing OTC derivatives, experts say
    Corporates have won exemptions for clearing over-the-counter derivatives, but some treasurers are not convinced that they should forgo clearing. Panelists at an industry event said companies should conduct cost-benefit analyses to determine whether central clearing of OTC derivatives is warranted. Risk.net (subscription required) (4/24) LinkedInFacebookTwitterEmail this Story
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  Electronic Trading News 
  • European officials debate restrictions for HFT
    EU lawmakers have proposed tough curbs on high-frequency trading, but some regulators are urging caution, calling for more research and saying measures should be directed at overall market stability. "We are still running on anecdotes. We need more evidence," said Tim Rowe, manager of trading platforms at the U.K. Financial Services Authority. "I have not yet heard an explanation why these are a solution to a problem when you don't yet know what the problem is." Reuters (4/24), The Trade News (U.K.) (4/24) LinkedInFacebookTwitterEmail this Story
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  Commodities and Managed Futures 
  • Energy expert says oil will be in demand for some time
    Donald Paul, a former executive at Chevron, says the demand for just the liquid portion of the energy sector is equal to half a gallon of fuel per day for every person on the planet. "Fossil energy even in 25 years is still going to be the predominant form," Paul says. OpenMarkets.com (4/23) LinkedInFacebookTwitterEmail this Story
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  FIA News 
  • Come to FIA NY Expo for a Dodd-Frank Update, May 17 at the New York Marriott Marquis
    Register now for FIA NY Expo. Hear the latest information on Dodd-Frank rule-makings with practical discussions on implementation. Sessions include: OTC Clearing: Where are we now?; Clearing certainty electronic trading of OTC derivatives: what will it look like?; Registration for swap dealers & reporting requirements for SDs and FCMs; LSOC workshop; and Position limits. In addition, there will be sessions on CDS, interest rate and energy swaps! Gary Barnett, director of the Commodity Futures Trading Commission's division of swap dealer and intermediary oversight, will deliver a keynote address. See all the NY Expo program information and register online at: www.futuresindustry.org/ny. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Opportunity is missed by most people because it is dressed in overalls and looks like work."
--Thomas Edison,
American inventor


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