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Bits to Barrels
Trafigura, the global commodity trading house, is experimenting with a distributed ledger system for processing trades in crude oil. In March it announced that it is working with Natixis, a French bank, and IBM to develop a platform that will digitize crude oil trades, and said the new system will offer "improved transparency, enhanced security and optimized efficiency. The system is hosted on IBM's cloud platform, Bluemix, and is built on an open source network called Hyperledger Fabric.
CONTINUE READINGGallery - BOCA 2017
BOCA 2017: 42nd Annual International Futures Industry Conference
CONTINUE READINGExpanded Access to Commodity Derivatives
The Securities and Exchange Board of India announced it will issue unified licenses to brokers and clearing members to transact in both commodity derivative and equity markets. This follows the merger of the Forward Markets Commission, which regulates commodity markets in India, and SEBI in September 2015. Previously, separate legal entities were required for the different businesses. Additionally, SEBI proposed to permit hedge funds to invest in commodity derivatives and said it will soon permit exchanges to offer commodity derivative options.
CONTINUE READINGLeverage Ratio Rethink
Two influential regulatory officials have indicated that they share the widespread concerns within the derivatives industry regarding the impact of Basel III capital requirements on clearing firms. Although they expressed these views as individuals, their comments suggest that banking regulators are recognizing that the treatment of cleared derivatives under Basel III should be reviewed.
CONTINUE READINGRulebook Revamp
The Japan Securities Clearing Corporation has implemented several changes to its clearing rules for listed derivatives to enhance its clearing services and to introduce practices adopted by other major global clearinghouses. These include changes to the account structure—both omnibus accounts and individual segregated accounts will now be available for clients. In addition, the clearinghouse has revised its margining rules and its collateral management framework.
CONTINUE READINGFrom Paris to Amsterdam
Euronext has signed a binding “heads of terms” agreement with the Intercontinental Exchange to use ICE Clear Netherlands for its derivatives markets.
CONTINUE READINGCompetition in Clearing
On March 29, the European Commission issued a statement prohibiting the proposed merger between Deutsche Börse and London Stock Exchange Group. The Commission concluded that the merger would have created a de facto monopoly in the clearing of fixed income instruments.
CONTINUE READINGCloud Over London
On May 4, the European Commission issued a policy statement discussing its plans to issue legislative proposals by the end of June to address “important and emerging challenges” in derivatives clearing.
CONTINUE READINGRule 1.31
In January, the Commodity Futures Trading Commission issued a proposal to update and modernize Rule 1.31, which sets out certain recordkeeping requirements for futures commission merchants, commodity pool operators, trading firms that are exchange members, and other market participants.
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