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Implementing Financial Reforms
On Sept. 28 the European Securities and Markets Authority published the final versions of its regulatory technical standards on three major pieces of financial reform legislation: MiFID II, the Market Abuse Regulation and the Central Securities Depositories Regulation. ESMA commented that the package of standards will implement many of the most important provisions in Europe’s post-crisis financial reforms.
CONTINUE READINGOwner 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.
CONTINUE READINGCybersecurity: NFA Sets Standards
The National Futures Association, the U.S. futures industry’s self-regulatory organization, has drafted standards that all NFA members will need to apply in protecting themselves from the risk of unauthorized access or attacks on their information systems.
CONTINUE READINGNew Options for Energy Clearing
On Sept. 24, the Commodity Futures Trading Commission issued an order granting Nodal Clear registration as a derivatives clearing organization. The order clears the way for Nodal Clear to provide clearing services for financially settled futures and options on futures executed on or through its affiliate, Nodal Exchange.
CONTINUE READINGMiFID Delay
A one-year delay to the implementation of MiFID II/MiFIR is widely anticipated following a number of presentations and petitioning by regulatory officials at the European Securities and Markets Authority and the European Commission.
CONTINUE READINGDodd-Frank Fix
On Dec. 4, President Obama signed into law a transportation bill that includes a provision removing a barrier to the sharing of data on swap trading. The provision stripped away a requirement in Dodd-Frank that U.S.-based swap data repositories obtain a written indemnification agreement from overseas regulators seeking to access their data. This indemnification provision was intended to protect the confidentiality of the data, but proponents have warned that it effectively restricted foreign regulatory access to data.
CONTINUE READINGLeverage Limitation
On Dec. 11, the Securities and Exchange Commission voted by a 3-1 margin to issue a proposed rule limiting how much investment companies such as mutual funds and exchange-traded funds can invest in derivatives such as futures, forwards and swaps. The proposed rule also contains a number of requirements aimed at addressing the risks of holding derivatives in investment portfolios.
CONTINUE READINGMarket Access
Korea Exchange is seeking to enhance its appeal to international market participants by introducing several changes to its trading rules and technological infrastructure. For example, the exchange is working with the Korean government to allow foreign investors to use omnibus accounts.
CONTINUE READINGCommodity Arbitrage
Trading Shanghai versus London in the copper market? Sucden Financial wants to help. The London-based broker has added a spread trading functionality to its Star trading platform for futures and options, which was developed in-house. The company said its dynamic spreader tool will make arbitrage in commodity futures markets easier to execute by allowing users to create and trade synthetic spreads within a single exchange or across exchanges. For example, traders can trade the premium between raw and refined sugar on Intercontinental Exchange by simultaneously buying sugar No. 11 futures and selling white sugar futures. To mitigate legging risk, the spreader releases orders in clip sizes that can be set by the trader.
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