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December
Eurex Clearing will maintain its OTC clearing service for credit default swaps despite a lack of traction, a senior Eurex executive said at FOW’s Derivatives World London conference on December 1.
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September
Five US trading firms have created a new exchange in Chicago, offering interest rate swap futures.
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August
Every week, another alarm about European sovereign and banking risk. Derivatives are central to managing risks. Elise Coroneos asks whether the derivatives market is fit for the task.
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July
Roger Liddell, CEO of LCH.Clearnet, has said there is little prospect of interoperability between European derivatives clearing houses. The term means giving customers the choice of where their trades are cleared.
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Allan Mendelowitz, of the Committee to Establish the National Institute of Finance, has called the Dodd-Frank Act’s provision for transaction data monitoring “a tribute to the power of American democracy”.
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Gary Gensler, chairman of the US Commodity Futures Trading Commission, said yesterday (July 15) that the Dodd-Frank bill becoming law will not herald the end of financial reform in the US.
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The US Senate yesterday morning voted through the Dodd-Frank Wall Street Reform and Consumer Protection Act by 60 votes to 38, allowing it to defeat a Republican filibuster.
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ICAP, the world’s largest inter-dealer broker, has enjoyed an 8% year on year rise in revenues during its second quarter. From April 1 2010 to June 30, the group’s profit grew by 5%.
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June
US legislation to force banks to spin out their swaps desks would raise costs for derivatives users and could disrupt cross-border business, according to Anthony Belchambers, chief executive of the FOA.
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Provisions in the Wall Street Reform Act which force banks to post more margin for derivatives trades and spin off some swap dealing activities will have unforeseen consequences, a lawyer has warned.
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Asking the SEC and CFTC to cooperate on new derivatives rules sounds like a great idea. But Philip McBride Johnson has a word of warning. The two see eye to eye about as much as Barack Obama and Sarah Palin.
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Angela Merkel, German chancellor, and Nicolas Sarkozy, president of France, have written to the head of the European Commission calling for tougher controls on financial speculation.
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May
Vincent Cable, the Liberal Democrat shadow Chancellor, has said the exchange-traded futures industry serves as a model of transparency for the effective running of financial markets.
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April
The Reserve Bank of India is revisiting a draft policy on credit default swaps, issued in 2007 but never implemented.
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Intercontinental Exchange’s CDS clearing subsidiary, ICE Trust US, has appointed Christopher Edmonds as president, replacing Dirk Pruis. He will be responsible for managing the operational and regulatory aspects of ICE Trust.
Edmonds was previously chief executive of International Derivatives Clearing Group. He has also been chief development officer for Icap Energy and chief executive of Icap Futures.
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March
Newedge, the derivatives broker owned by Société Générale and Crédit Agricole, announced a reorganisation of its business yesterday at the annual Futures Industry Association conference in Boca Raton, Florida.
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February
Two senior figures at Creditex, the interdealer broker and trading platform for credit default swaps that Intercontinental Exchange bought in September 2008, are to leave.
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Gauging how many derivatives staff lost their jobs in the financial crisis and what effect that had on pay is not easy. Some segments of the market have remained bullish, however, as Hugo Cox discovers.
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Interdealer broker Tullett Prebon has launched a new over-the-counter brokerage firm in Japan for equity derivatives.