Americas News
The latest industry and regulatory news affecting North and South America.
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FIA elects Directors and Officers
The Futures Industry Association today announced the election of board directors at its annual meeting in Boca Raton, Fla. Fourteen directors were elected in total at the meeting, including eight regular member directors for two-year terms; one regular member director for a one-year term; and five associate member directors for a two-year terms. Following the election, the new board elected the association’s officers and public directors.
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FIA Volume Report: U.S. Futures and Options Volume Fell 13.2% in 2012
The number of futures and options traded on U.S. exchanges fell 13.2% in 2012 to 7.0 billion contracts from 8.1 billion in 2011, according to statistics compiled by the Futures Industry Association.
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Request for Confirmation on Notional Amount Calculation Methodology for Swaptions
FIA PTG submits comments regarding the appropriate methodology for calculating “notional amount” with respect to certain options and swaptions (collectively “options”), as such term is used in the de minimis exception to the definition of “swap dealer” in the Final Rule, Further Definition of “Swap Dealer,” et al., 77 Fed. Reg. 30596 (May 23, 2012).
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FIA issues model disclosure form to assist FCMs in complying with CFTC regulation 1.71
On July 13, the FIA issued a model disclosure form to assist futures commission merchants in complying with Regulation 1.71, a Commodity Futures Trading Commission rule that establishes information barriers between FCMs and affiliated swap dealers and major swap participants and requires FCMs to disclose to their customers conflicts of interest in the provision of trade execution or clearing services.
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FIA special report: CFTC discusses high-frequency trading
The Commodity Futures Trading Commission hosted a lengthy discussion of high-frequency trading at a public meeting of its Technology Advisory Committee on June 20.
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Special Report: CFTC examines High Frequency Trading
The Commodity Futures Trading Commission hosted a wide-ranging discussion of high-frequency trading at a meeting of its Technology Advisory Committee on March 29, 2012. CFTC Commissioner Scott O’Malia, who chairs the advisory committee, announced the formation of a subcommittee consisting of 24 experts from the private sector who will help the agency develop a definition of HFT and update its regulatory policies. During the discussion, representatives of Intercontinental Exchange and CME Group described their risk controls and surveillance systems in considerable detail. In addition, representatives of Getco and RGM Advisors gave their perspectives on the evolution of trading technology and their recommendations for how the CFTC should respond to the increase in automated trading.
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FIA publishes order handling Risk Management recommendations for Executing Brokers
Building on recent FIA publications, including Market Access Risk Management Recommendations (April 2010) and Recommendations for Risk Controls for Trading Firms (November 2010), this document offers a number of recommendations for executing firms to consider both in designing policies for their own brokers that handle orders electronically and in dealing with customers that access the markets through a broker’s trading platform.
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Panel provides perspectives on high frequency trading and Its overall impact on the market
The FIA Information Technology Division brought together a panel of expert practitioners on Sept. 1 to discuss high-frequency trading, explore common misperceptions about its impact on the exchange-traded markets, and explain its role in providing liquidity.
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