Americas News
The latest industry and regulatory news affecting North and South America.
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Washington Watch November 2014
On Sept. 17, CFTC Chairman Tim Massad gave an update on the status of his talks with European regulators on the issue of clearinghouse recognition. Massad reaffirmed the CFTC’s view that “dual registration” is the right approach and said that the talks are now focused on avoiding conflicts and inconsistencies within that framework.
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@Markets November 2014
The European Energy Exchange, one of Europe’s leading markets for futures on power and gas, has contracted with Trading Technologies to provide the exchange’s trading participants with direct access via the internet. The two companies said the TT service can be used to access EEX markets for power derivatives, emissions spot and derivatives as well as coal and guarantees of origin. It replaces the service EEX currently provides, called EEX Direct Screen, and is expected to be rolled out to market participants during the fourth quarter. “It’s simple for the customers, they do not need any installation, just internet access and a current browser,” said Steffen Köhler, chief operating officer of the German exchange, which is majorityowned by Eurex.
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News Briefs September 2014
The Financial Stability Board on July 22 published a report outlining reforms to major interest rate benchmarks such as Libor, Euribor and Tibor. One set of the recommended reforms is aimed at strengthening the existing "IBORs" and other reference rates based on unsecured bank funding costs by underpinning them with transaction data. "By end-2015, administrators should have publicly consulted on any recommended changes, while currency groups will work to develop transition strategies and address any legal obstacles and risks," the FSB said.
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OFAC Ukraine Related Sanctions
FIA provides additional information concerning the cleared derivatives markets as OFAC continues to develop implementing Regulations.
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@Markets June 2014
ConvergEx Group, a global brokerage and trading-related services provider, expanded its LiquidPoint options technology business offering of multi-leg solutions to include the NXP Dark algorithm
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FIA PTG Comment Letter on Pilot Programs
FIA Principal Traders Group (“FIA PTG”) is sharing its thoughts on the use of pilot programs.
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Anti-Money Laundering: FIA Asks CFTC for No-Action Letter on Customer Identification
The Futures Industry Association, on behalf of its member firms and similarly situated futures commission merchants and introducing brokers (each, a “Firm”), respectfully requests the staff of the Commodity Futures Trading Commission (“Commission”) to confirm that it will not recommend that the Commission initiate an enforcement action against a Firm, if the Firm, in complying with its obligations under the customer identification rule (“CIP Rule”), relies on certain commodity trading advisors (“CTAs”) to perform elements of the Firm’s customer identification program notwithstanding that such CTAs currently are not subject to an anti-money laundering program rule under 31 USC 5318(h) (“AML Rule”) for the purposes of paragraph (b)(6) of the CIP Rule.
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FIA Webinar: Washington Update: A Briefing on CFTC Reauthorization, CFTC Nominations Process & Other Key Issues
The U.S. House of Representatives is set to consider legislation to reauthorize the Commodity Futures Trading Commission. The bill, which was approved by the House Agriculture Committee on April 9 by a voice vote, reauthorizes the CFTC through September 2018. The legislation also includes provisions to better protect customer assets, it revises the organizational and operational requirements of the CFTC, and it provides regulatory relief to end-users of derivatives. Dawn Stump, FIA's head of government affairs, will give a brief presentation on the reauthorization legislation approved by the House Agriculture Committee and the process for advancing such legislation through the full House of Representatives and U.S. Senate, as well as the status of current CFTC nominees being considered in the Senate.
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