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April 26, 2012
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  • EU parliamentary panel approves financial-transaction tax
    The European Parliament Economic and Monetary Affairs Committee voted in favor of levying a tax on financial transactions, although lawmakers said the tax should be tweaked to make it unprofitable to evade and that it should capture more traders. The proposal would implement a minimum 0.1% tax on all share and bond transactions and a 0.01% tax on derivatives trades. The levy also would cover institutions outside Europe that trade with EU firms. The tax faces significant opposition among member states. European Voice (Brussels) (free registration) (4/26), HFMWeek (4/25), Bloomberg (4/24) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • CFTC considers swaps-clearing exemption for small banks
    The Dodd-Frank Act requires the Commodity Futures Trading Commission to consider exempting small banks from a rule that requires financial institutions to clear swaps. Sources say the CFTC is looking into the exemption and could vote on the issue next month. Banks are arguing that their trades don't present a systemic risk. Bloomberg (4/25) LinkedInFacebookTwitterEmail this Story
  • CFTC seeks improvements in NYSE Liffe's enforcement efforts
    The Commodity Futures Trading Commission says NYSE Liffe's trade-surveillance program is "adequate" but that there is room to improve its enforcement. "NYSE Liffe should reduce the amount of time it takes to review and take action with respect to completed investigations referred by [the National Futures Association]," the CFTC said. Reuters (4/25) LinkedInFacebookTwitterEmail this Story
  • CFTC challenges FERC's case against ex-Amaranth trader
    The Commodity Futures Trading Commission said in a legal brief that the Federal Energy Regulatory Commission overstepped its jurisdiction when it fined Brian Hunter, a former natural gas trader at Amaranth, for manipulating the price of Nymex gas in 2006. The CFTC argues that it has "exclusive" authority regarding the futures markets. Platts (4/25) LinkedInFacebookTwitterEmail this Story
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  Electronic Trading News 
  • Electronic interdealer bond trades surge
    Regulatory changes and pending rules have prompted major banks to do more of their bond trading via electronic platforms. MarketAxess recently reported a surge in electronic bond trading. Financial Times (tiered subscription model) (4/25) LinkedInFacebookTwitterEmail this Story
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  Commodities and Managed Futures 
  • Griffin to introduce MTF for European OTC energy markets
    Trading platform Griffin Markets Group says it will roll out a multilateral trading facility for over-the-counter energy markets in Europe. "As regulatory requirements are deepening and the demand for clearing increases, now is the time to introduce more choice and a new execution model for these markets," said Andrew Stephens, CEO and co-founder of Griffin. Reuters (4/25) LinkedInFacebookTwitterEmail this Story
  • Freepoint to acquire JPMorgan's metal-concentrates unit
    Freepoint Commodities, a futures firm, has agreed to purchase the metal-concentrates division of JPMorgan Chase. "We are a talent-focused company and the business we are acquiring has one of the deepest, most experienced teams in the industry," Freepoint CEO David Messer said. "We know this from personal experience: Most of those joining us are our former colleagues and we're extremely happy to have them on the Freepoint team." The Wall Street Journal/Dow Jones Newswires (4/25) LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
One person with a belief is equal to a force of 99 who have only interests."
--John Stuart Mill,
British philosopher and political economist


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