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Overseas Access
The Monetary Authority of Singapore has issued a consultation on regulatory amendments that would allow clearinghouses based in Singapore to admit overseas clearing firms as members. Under the proposed amendments, MAS would exempt “remote clearing members” from the requirement to hold a capital markets services license. In effect, this would allow clearing firms to clear futures on Singapore-based clearinghouses without needing to have physical operations in Singapore. This would only apply, however, to the clearing of futures on behalf of clients based outside of Singapore.
CONTINUE READINGBusiness Continuity: IOSCO Targets Market Disruptions
The International Organization of Securities Commissions on April 7 published two consultation reports aimed at enhancing the ability of financial markets and intermediaries to manage risks, withstand catastrophic events and quickly resume services in the event of a disruption.
CONTINUE READINGRecord Fine
Deutsche Bank announced on April 23 that it reached joint settlements with U.K. and U.S. regulators as part of an industry-wide investigation into manipulation of interest rate benchmarks.
CONTINUE READINGLiquidity Roadmap
The London Metal Exchange continues to upgrade LMEselect, the exchange’s electronic trading platform, as part of a broader strategy to attract more financial institutions to its markets.
CONTINUE READINGData - June 2015
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CONTINUE READINGLow Latency Trading
India’s BSE is leveraging its technology partnership with Deutsche Boerse to offer a faster pathway for traders in Hong Kong and Singapore.
CONTINUE READINGIndex Futures
Exchange-for-physical transactions have been custom-tailored over-the-counter products until now, but Euronext is about to change that.
CONTINUE READINGOTC Derivatives
On March 31, FIA Asia and ASIFMA, a trade association representing international banks and brokers active in Asian markets, submitted a joint comment to the Monetary Authority of Singapore's consultation on proposed amendments to the Securities and Futures Act. The amendments were proposed in February as part of the ongoing effort to regulate over-the-counter derivatives as well as the need to keep the law up to date in light of market and international developments. The amendments include reforms relating to the regulation of OTC derivatives, including regulation of derivatives markets, trading and licensing of intermediaries, changes to types of regulated activities and the transfer of regulation of commodity derivatives.
CONTINUE READINGLimiting Speculation
The Autorité des Marchés Financiers, the French regulator, in July implemented position limits for agricultural commodity derivatives. The limits apply to futures and options based on milling wheat, rapeseed (canola), rapeseed meal, rapeseed oil and maize (corn) that are traded on a market regulated by the AMF or a foreign market that lists contracts with delivery in France. The new rules also include reporting requirements. Market participants are responsible for reporting their positions to AMF unless the positions have been reported already by a clearinghouse. AMF is using this data to publish a weekly aggregate report showing outstanding positions.
CONTINUE READINGEntering 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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