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December
Pension funds were about to celebrate their exemption from the costly clearing of OTC derivatives trades, when the banks pointed out the increasing costs of non-cleared trades that were heading their way finds Dan Barnes.
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Philip McBride Johnson looks back on a key moment in derivatives regulation.
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2011 was intended to be the year that reforms to the derivatives industry took shape. However, it will be remembered as a year of delays and confusion as regulators struggled to get on top of complex issues within the industry, write David Wigan and William Mitting.
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Next year will be the year regulators bear their teeth.
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If governments insist in central clearing for illiquid contracts, they must accept the consequences.
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How new European regulations will lead to both increased competition and increased data requirements in exchange traded derivatives.
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The changing business model for banks in the new world order.
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Why a central repository for client funds might be the answer to prevent problem of missing funds.
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November
The European Commission’s (EC) proposal for MiFID II was launched on 20 October, with a dramatic overhaul of the directive aimed at increasing transparency and competition in the derivatives markets. However trade bodies have already raised concerns that the new rules are too restrictive.
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After a number of false starts, the Commodity Futures Trading Commission finally voted on the long anticipated issued of position limits on 18 October, 2011.
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Why the proposed financial transaction tax should be named after another British figure
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How the new EU regulations will impact on FX trading.
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October
Some concerns over the new EU proposals.
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Data requirements under Mifid II could impact on liquidity.
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How one word in the proposals could have signifcant implications across Europe.
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The European markets infrastructure regulation (EMIR) has failed to introduce price-based competition between derivatives clearing houses. But all is not lost. MiFID II may offer a second chance, finds Dan Barnes.
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A leaked draft of proposed European financial reforms has revealed that the European Parliament is planning to take extreme steps to reform market infrastructure and transparency requirements in Europe.
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September
Regulators should focus on market integrity and not prices in the commodity markets.
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How upcoming regulation change is wreaking havoc in the hedge fund industry.
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Draft legislation and directives to be published by the European Parliament next month have been leaked. Read them here.
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The revised Markets in Financial Instruments Directive, the EU legislation on financial markets known as Mifid II, will make legitimate hedging more expensive and impact on liquidity levels consultancy group GreySpark Partners has warned.
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August
The devil of the Dodd Frank financial reform bill is in the details. After the CFTC postponed the process of translating the bill into specific regulatory rules, those details will only become clear by the end of 2011.
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When it comes to derivatives reform, there are three workflows which are taking place at the moment – regulatory change, improvements to financial market infrastructure and changes to capital requirements.
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July
China will open up its derivatives markets to foreign investors but it will take time and the focus will be on creating a secure environment for traders, a leading Chinese regulator said this month.
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The biggest regulatory overhaul since the Great Depression has hit a snag. Or make that several snags. With fierce debate, lobbying and the threat of regulatory nationalism we asked Theo Casey to investigate what is happening across the OTC market.
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Tadashi Ezaki, president and chief executive of the Tokyo Commodities Exchange, has called on the Japanese government to remove the barriers to exchange mergers.
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Transparency within over the counter (OTC) derivative markets is at the heart of the G20 declaration on financial reform and a key component to reducing systemic risk.
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May
Exchange ownership of the intellectual property of derivative contracts is a barrier to competition, the chief executive of the London Stock Exchange claimed today.
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April
The US Commodity Futures Trading Commission and the Securities and Exchange Commission voted yesterday to approve proposed rules defining a swap.
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A report by the Financial Stability Board on the progress of OTC derivatives market reform has found significant differences in implementation across G-20 nations and raised fears that some will not meet the December 2012 deadline for reform.
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The US Commodity Futures Trading Commission has settled charges of $550,000 as a civil monetary penalty against New York’s Bunge Global Markets.
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A US Commodity Futures Trading Commission committee has outlined a series of proposals to ensure high frequency trading does not harm market integrity.
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When the US Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010, it was widely hailed as a reformation of the American financial system to avoid a repeat of the meltdown that occurred in 2008-2009.
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Eleven Democratic senators and one independent have written to the Commodity Futures Trading Commission, urging it to clamp down on speculative trading in oil futures.
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Gary Gensler, chairman of the US Commodity Futures Trading Commission, has outlined three phases for implementing the Dodd-Frank Act.
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The US Commodity Futures Trading Commission’s new definition of a block trade will have to be rewritten, the regulator’s commissioner Scott O’Malia said at the FIA Boca conference on March 16.
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A study group convened by the US Securities and Exchange Commission and Commodity Futures Trading Commission has published a list of suggestions designed to prevent a repeat of the May 6 Flash Crash.
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February
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The EU’s efforts to tighten regulation of over-the-counter derivatives are entering a crucial stage. Decisions in the next few months will affect the market for years to come. Pauline Ashall and Mark Middleton, partners at Linklaters, highlight the essential issues that remain to be decided.
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FESE, Nasdaq, CEE, Stock
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Martin Wheatley, chief executive of the Hong Kong Securities and Futures Commission, will leave his position when his contract expires in the summer.
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Corporate hedgers are battling against mandatory clearing for OTC derivatives. Why? asks Philip McBride Johnson. The costs are modest and the benefits compelling.