MarketVoice News
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Uncleared swaps
The Commodity Futures Trading Commission on Dec. 16 approved a final rule setting margin requirements for uncleared swap transactions.
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Market Access
Korea Exchange is seeking to enhance its appeal to international market participants by introducing several changes to its trading rules and technological infrastructure. For example, the exchange is working with the Korean government to allow foreign investors to use omnibus accounts.
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Fintech Investing: Deutsche Boerse and Markit Back New Illuminate Fund
Deutsche Boerse and Markit are stepping up their investments in the financial technology sector via a fund established by Illuminate Financial Management, a London-based venture capital fund focused on early-stage fundraising for financial technology companies.
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Cybersecurity: New Standards for Market Infrastructure
Efforts are underway in Europe and the U.S. to strengthen industry protections against attacks on computer systems. Regulators in both regions are developing new standards for exchanges and clearinghouses, which are seen as critical to the operational security of financial markets.
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Leverage Limitation
On Dec. 11, the Securities and Exchange Commission voted by a 3-1 margin to issue a proposed rule limiting how much investment companies such as mutual funds and exchange-traded funds can invest in derivatives such as futures, forwards and swaps.
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IDB Consolidation
ICAP in November entered into an £1.1 billion ($1.63 USD) agreement to sell its brokerage business to Tullett Prebon. Although ICAP will retain some ownership of the combined company, the move marks a decisive shift away from ICAP's origins as a voice broker. Going forward, the company will focus primarily on two main lines of business: post-trade services and electronic markets.
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Regulatory Harmonization
On Nov. 5, FIA submitted jointly with two other trade associations, the International Swaps and Derivatives Association and the Asia Securities Industry & Financial Markets a written response to the consultation published by the Hong Kong Monetary Authority and the Securities and Futures Commission regarding the introduction of mandatory clearing of OTC derivatives, which is expected in mid-2016, and the expansion of the existing trade reporting regime.
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EMIR Implementation
On Dec. 1, the European Commission finalized the dates for implementing the first set of mandatory clearing requirements for over-the-counter derivatives.
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MIFID readiness
The effective date for European Union’s new derivatives rules is more than a year away, but Orc is hard at work developing technology to help traders comply with the Markets in Financial Instruments Directive II and the new Markets in Financial Instruments Regulation.
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Cross-Border Recognition
The European Securities and Markets Authority issued a consultation on Dec. 14 proposing amendments to the European Market Infrastructure Regulation that would permit a "one-day gross" approach to calculating margin requirements for exchange-traded futures and options.
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