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April 23, 2012
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Daily coverage for the global derivatives industry

  Top Stories 
  • Rep. Frank criticizes CFTC proposal on swaps-execution facilities
    Rep. Barney Frank, D-Mass., voiced concerns about the Commodity Futures Trading Commission's draft rules governing swaps-execution facilities. Frank said a proposal that SEF users be required to request quotes from at least five dealers is "excessive." (subscription required) (4/23) LinkedInFacebookTwitterEmail this Story
  Industry News and Trends 
  • Credit default swaps on Alcatel-Lucent debt plummet
    Credit default swaps on the debt of Alcatel-Lucent have fallen significantly this year. The Paris company reported €1.1 billion in 2011 profit, after five years of losses. "Alcatel-Lucent has an extensive patent portfolio that could be worth a significant sum of money," said Matt Eagan, a money manager at Loomis Sayles. "The Alcatel story looks attractive from a bondholder's perspective." Bloomberg (4/23) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • MiFID II would cause fundamental shift in bond markets, experts say
    Bond specialists expect that a revised Markets in Financial Instruments Directive will cause a fundamental market shift. "If the regulation in its current form is approved, it will have a drastic impact on the world of fixed-income trading," said Christian Krohn, an expert in equities and prime services. MiFID II could hinder liquidity but offer opportunities for agency brokers and exchanges. International Financing Review (4/21) LinkedInFacebookTwitterEmail this Story
  • FSB urges banks to use cash for Basel III buffers
    The Financial Stability Board said banks can meet the tougher Basel III capital requirements by retaining more earnings. Chairman Mark Carney said the largest banks will need about 1.5 times their combined profits for 2011 to meet the rules, which are being phased in over six years. "Hence, although there is considerable variation across banks, the industry in aggregate has the capacity to meet the new targets through earnings retention and reduced distributions over the transition period," Carney said in a letter to Group of 20 finance ministers. Reuters (4/20) LinkedInFacebookTwitterEmail this Story
  • Industry split on reciprocity element of FATCA
    The financial industry is divided over the reciprocity element of the Foreign Account Tax Compliance Act. The U.S., Germany, France, Spain, Italy and Britain have said the U.S. will reciprocate with the automatic gathering and exchanging of information on U.S. bank accounts held by residents of the European nations. However, some are concerned that U.S. banks aren't taking that pledge seriously. (subscription required) (4/19) LinkedInFacebookTwitterEmail this Story
  • Other News
  ISDA News and Events 
One way to keep momentum going is to have constantly greater goals."
--Michael Korda,
British-American writer

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