MarketVoice News
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Regulatory Reporting
On Sept. 28, the Commodity Futures Trading Commission provided futures and swaps traders with additional time to comply with new reporting requirements established by the CFTC’s Ownership and Control Reporting final rule.
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Implementing Financial Reforms
On Sept. 28 the European Securities and Markets Authority published the final versions of its regulatory technical standards on three major pieces of financial reform legislation
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Enforcement
The Commodity Futures Trading Commission announced enforcement actions in September against Deutsche Bank and Australia and New Zealand Banking Group for failing to properly report swap transactions.
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Position Limits Update
The Commodity Futures Trading Commission is moving forward cautiously on position limits, one of the most difficult and controversial pieces of Dodd-Frank.
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One-Day Gross vs. Two-Day Net
On Aug. 26, the European Securities and Markets Authority opened a consultation on a key element of the regulatory framework for clearinghouses in Europe, a move that could break the logjam with the U.S. on clearinghouse recognition.
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Cross-Border Recognition
On Aug. 26, the Commodity Futures Trading Commission formally registered ICE Futures Canada and Montreal Exchange as foreign boards of trade, which allows the exchanges to offer direct access to U.S. members.
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New Regime for Commodities
On Sept. 28 the government of India formally unveiled the merger of the Forward Markets Commission and the Securities and Exchange Board of India. The merger was proposed in February as a way to strengthen regulation of commodity markets by bringing commodity derivatives under the same regulatory framework as securities and financial derivatives. As part of the merger, SEBI has amended its regulations to cover exchanges and brokers in the commodity derivatives markets and has created a separate department for commodity derivatives market regulation.
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New Regime for Commodities
On Sept. 28 the government of India formally unveiled the merger of the Forward Markets Commission and the Securities and Exchange Board of India.
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Links with China
CME Group and China Foreign Exchange Trade System, a sub-institution of the People’s Bank of China, announced on Sept. 25 an agreement to cooperate and explore ways “to promote each other’s market infrastructure and products.”
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Moral Hazard
The European System of Central Banks issued a statement on Aug. 25 expressing opposition to any change in EU regulations that would give central counterparties an automatic right of access to central bank liquidity.
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