MarketVoice News
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Uncleared Swaps
On June 29, the Commodity Futures Trading Commission voted unanimously to propose a rule that would apply the CFTC’s margin requirements for uncleared swaps in the context of cross-border transactions.
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Entering the Ring
R.J. O’Brien and Associates, the largest non-bank futures clearing firm in the U.S., announced on July 23 that its U.K. affiliate has been approved as a clearing member of the London Metal Exchange. The membership allows RJO to provide direct access to LME markets with both voice and electronic execution.
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Trading Analytics
In a move designed to diversify its offerings, CBOE Holdings, the parent company of the Chicago Board Options Exchange, reached an agreement in June to buy the market data services and trading analytics platforms of Livevol, a provider of options technology and market data services.
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CCP Risk Managment
The Australian Securities Exchange has selected Nasdaq’s Sentinel Risk Manager solution to manage real-time risk across its two clearinghouses. The system is expected to be implemented in five phases over the next two years and will include real-time margin calculation, cross-margining calculations and related customer risk analytics.
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Mandatory Trading
The CFTC’s Division of Market Oversight held a public roundtable on July 15 to discuss the “made available for trade” process for determining which swaps should be subject to the CFTC’s mandatory trading requirements.
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Singapore Clearing
Intercontinental Exchange announced on June 25 that ICE Futures Singapore and ICE Clear Singapore received regulatory approvals from the Monetary Authority of Singapore and that KGI Ong Capital, Phillip Futures and UOB Bullion and Futures were approved as the first three clearing members for its Singapore-based clearinghouse.
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Options Trading in China
Sweden’s Orc Trading has teamed up with Galaxy Futures, a Chinese broker, to offer access to China’s nascent options market.
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Mandatory Trading
The CFTC’s Division of Market Oversight held a public roundtable on July 15 to discuss the “made available for trade” process for determining which swaps should be subject to the CFTC’s mandatory trading requirements.
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Regulatory Dialogue
In July FIA Asia submitted comments to the Australian Securities and Investments Commission on proposed rules for mandatory clearing for OTC interest rate swaps.
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