MarketVoice News
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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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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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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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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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Owner vs. Member
The Securities and Exchange Commission on Sept. 10 issued an order lifting a stay of approval on the OCC’s plan to raise additional capital and a second order initiating a review of the approval.
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Capital Efficiency
Singapore Exchange is seeking feedback on proposed rules that would ease the capital requirements for banks that are affiliated with SGX clearing members.
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Clearinghouse Standards
On Sept. 22, four high-level groups of international banking and market regulators released a progress report on their efforts to enhance the resilience, recovery planning and resolvability of central counterparties.
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Resources for Regulators
On Sept. 17, the International Organization of Securities Commissions published the final report of a task force it set up in 2013 to address the challenges of cross-border regulation.
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Exchange Connectivity
Options, London-based provider of high-speed exchange connectivity, announced on Sept. 17 that it has added three more European exchanges to its colocation platform, Velocity. With the addition of Nasdaq’s Scandinavian exchange, Switzerland’s SWX and Austria’s Wiener Borse, the platform now covers seven derivatives markets, 14 equity exchanges and two commodity markets in Europe.
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