ECB pushes back against EU supervision of clearinghouses | Talks to start for Deutsche Bank-Commerzbank merger | Banks seek more input into what CCPs clear
March 18, 2019
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ECB pushes back against EU supervision of clearinghouses
Officials with the European Central Bank say the EU's plan for greater supervision over clearinghouses violates the ECB's independence, and potentially affects monetary policy decisions and emergency liquidity provisions.
Financial Times (subscription required) (3/17) 
Talks to start for Deutsche Bank-Commerzbank merger
Deutsche Bank and Commerzbank will discuss a potential merger. The German Finance Ministry has not commented on reports that it wants the banks to merge.
The Associated Press (3/17),  Bloomberg (tiered subscription model) (3/18),  Financial Times (subscription required) (3/17),  The Wall Street Journal (tiered subscription model) (3/17) 
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News from Boca
Banks seek more input into what CCPs clear
Clearinghouse risk committees need to consult with banks more when they consider clearing risky products such as bitcoin, executives from JPMorgan Chase and Societe Generale told the FIA conference. The banks have become more concerned since a default at Nasdaq in September forced members to cover €114 million in losses.
Risk (subscription required) (3/15) 
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SGX expanding iron ore trading in US
Singapore Exchange is seeking to get more adoption and users of its iron ore derivatives contracts in the US as global trading activity increases during US business hours. Derivatives head Michael Syn said during the FIA conference that educating the US market is important and that the exchange has added five US-based staff to its North American business development team in New York, Chicago and San Francisco.
Metal Bulletin (tiered subscription model) (3/15) 
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Regulatory Roundup
FSB: Libor transition trigger-language needed
The Financial Stability Board's Official Sector Steering Group is warning that when Libor publication is discontinued, some market participants would face a severely disrupted market because they would be forced to continue using Libor-based derivative contracts. The steering group is seeking trigger language that would enable participants to switch to a new benchmark.
Global Investor (subscription required) (3/15) 
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Canadian regulators seek input on cryptocurrency rules
The Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada are asking financial-technology firms for input into establishing regulatory requirements for cryptocurrency exchanges and platforms. IIROC head Andrew Kriegler says the goal is to provide clarity to the market while protecting investors.
CoinDesk (UK) (3/15) 
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Industry Developments
Treasurys traders hope for volatility from Fed meeting
Traders of Treasurys fear a sluggish market could see even less volatility if the Federal Reserve cuts interest rates. The Federal Open Market Committee meets Tuesday and Wednesday.
Bloomberg (tiered subscription model) (3/17),  Financial Times (subscription required) (3/15) 
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Study: Opportunities open for cryptocustody services
There is an opening for firms offering custody services for cryptoassets due to a lack of expertise among traditional custodians, according to a TABB Group study. Monica Summerville, research director at TABB, says traditional custodians can tap into subcustody or agent-type arrangements with cryptocustodians.
ISF (subscription required) (3/15) 
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Financial Technology
Blockchain could open commodities market to small producers
Small farmers would find it easier to get their products included in the commodity derivatives market using blockchain technology since it would not require the large capital needed to trade on exchanges, says Manav Garg, CEO of tech firm Eka. Use of blockchain and cryptocurrency would lower the barrier to entry for smaller producers under the current exchange-owned system, Garg says.
Futures & Options World (subscription required) (3/15) 
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Commodities and Managed Futures
Traders trying to gauge if Brazil is offering sugar or ethanol
Traders are seeing more of Brazil's sugar cane being converted to ethanol rather than sugar, cutting global sugar output. Some traders predict a wider global sugar deficit this year.
Bloomberg (tiered subscription model) (3/17) 
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Life doesn't begin when you lose weight. Big dreams can be planned for and achieved in the bodies we have today, regardless of size or age.
Deb Malkin,
one of at least 20 plus-size women who hiked Mount Kilimanjaro together from March 2 to 10
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