MarketVoice News
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Legal Liability: Futures Brokers Exempted from Consumer Arbitration Rule
On July 10, the Consumer Financial Protection Bureau, a U.S. government agency created through DoddFrank, issued a final rule on pre-dispute arbitration agreements.
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Bigger Role for ESMA
On Sept. 20, the European Commission published a package of proposals to strengthen the European system of financial supervision.
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Indirect Clearing: European Commission Clarifies the New Requirements under MiFID II
On Sept. 22, the European Commission published two separate Delegated Regulations on indirect clearing arrangements.
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Back to the Future
On August 2, around 26 million options orders were made and filled the way they have been for more than a decade now, with robots on either side and filled within nanoseconds.
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Faster Execution: Trading Technologies Cuts Latency for Spread Trading
Trading Technologies has announced a major upgrade to Autospreader, its spread execution tool.
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Data Dissemination: ESMA Issues Final Standards for Publication of Derivatives Data
On July 10, the European Securities and Markets Authority issued final regulatory technical standards regarding the aggregation and publication of derivatives data by trade repositories.
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Clearing in the Cloud: Calypso Buys a Stake in Sernova to Leverage Demand for Clearing
Calypso Technology, a leading provider of capital markets and investment management software, has acquired a minority stake in Sernova Financial, a twoyear-old startup that provides cloud-based clearing and post-trade services.
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CCP Risk: Focus on Disclosure
On 24 August, FIA and the International Swaps and Derivatives Association submitted a joint response to a European Securities and Markets Authority consultation on conflicts of interest at central counterparties.
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Better Data
The Commodity Futures Trading Commission's Division of Market Oversight on July 10 launched a comprehensive review of its swap data reporting regulations and invited input from entities involved in swaps reporting. The CFTC said the review has two goals: 1) to ensure that the CFTC receives accurate, complete and highquality data on swaps transactions for its regulatory oversight role; and 2) to streamline reporting, reduce the messages that must be reported, and "right-size" the number of data elements that are reported. The CFTC also provided a "roadmap" for the review process. The first tranche of rule changes will address swap data repository operations and the confirmation of data accuracy by swap counterparties. The second tranche will address reporting workflows generally, including standardization of data fields and potential delayed reporting deadlines.
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Watching Wall Street
Hong Kong Exchanges and Clearing announced on Aug. 11 a three-phase plan to extend the trading hours for its equity index futures and options.
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