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SEC focuses on swap regulation, pledges cooperation with CFTC
The U.S. Securities and Exchange Commission has scheduled an open meeting Oct. 11 to discuss one of several outstanding rulemakings necessary to complete the Dodd-Frank requirements for credit default swaps and other security-based derivatives. At that meeting, the five SEC commissioners will discuss whether to reopen the comment period on proposals related to capital, margin and segregation requirements for security-based swap dealers and major swap market participants. The meeting comes amid a recent focus on coordination with the Commodity Futures Trading Commission on swap regulations mandated by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The SEC has jurisdiction over credit default swaps based on individual companies, while the CFTC has jurisdiction over CDS based on indices.
CONTINUE READINGAnother deal shows asset managers are targeting derivatives-based strategies
Victory Capital, a "multi-boutique" investment firm with more than $63 billion in assets under management, has moved to acquire derivative asset manager Harvest Volatility Management, a fund manager specializing in options-based investment strategies. The $300 million deal, which was announced on Sept. 24, is the latest example of investment managers targeting derivatives markets as an alternative source of returns. Harvest was founded in 2008, and has grown to about $12 billion in assets under management. The New York firm specializes in using equity index options for yield enhancement overlay, risk reduction, alternative beta and absolute return investment strategies.
CONTINUE READINGExploring Data with AI
Judging by the level of activity in the banking industry, machine learning is on its way to being the next big innovation to hit the trading desk. Leading banks are diving into the field, building up their expertise in machine learning, running trials in their innovation labs, and exploring ways to use this form of artificial intelligence to transform the trading process. According to consulting firms that are tracking this trend, machine learning is already being deployed to help identify trading signals, optimize market-making, anticipate trade breaks, and improve the interaction between banks and their clients. The potential impact could be as big as the algorithmic trading revolution that swept through the industry a decade ago. Just as the use of algorithms led to ultra-fast quoting engines and more efficient execution of trades, machine learning could lead to another wave of automation as intelligent computers take over more elements of the trading process.
CONTINUE READINGMapping Clearing Interdependencies and Systemic Risk
Advances in data analytics provide market regulators with better tools to understand connections within financial systems. One example is “interconnectivity” among participants in the global derivatives markets, and in particular, the clearinghouses that now process the majority of derivatives transactions worldwide.
CONTINUE READINGFIA responds to CSRC's QFII and RQFII regulations
FIA submitted a Consultation Paper on the Measures for the Administration of Domestic Securities and Futures Investment by Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors
CONTINUE READINGFIA Announces Diversity Initiative
FIA’s Board of Directors today announced a new board-level initiative to encourage and support diversity in the futures industry.
CONTINUE READINGFIA Announces New Members of the Board of Directors
FIA today announced the election of new directors to its board. The annual meeting takes place during the International Futures Industry Conference.
CONTINUE READINGSpecial Report: Senate Ag Committee holds hearing for CFTC chairman nominee
On March 13, 2019, Heath P. Tarbert, nominee to serve as chairman and a commissioner of the Commodity Futures Trading Commission (CFTC), testified before the Senate Agriculture Committee.
CONTINUE READINGFIA files MiFID II consultation response with German Ministry of Finance
On 15 March, FIA submitted jointly with ISDA and GFMA/GFXD the response to a consultation by the German Ministry of Finance.
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