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  • CFTC Commissioner Jill E. Sommers, Dissenting Statement On Final Exemptive Order Regarding Compliance With Certain Swap Regulations

    Date 21/12/2012

    Although I am very supportive of granting temporary relief from certain provisions of the Dodd-Frank Act, I disagree with the approach and am concerned that the Commission continues to insert unnecessary complexities into the cross-border determinations. As I have said a number of times, the Commission has worked for decades to establish relationships with our foreign counterparts based on respect, trust and information sharing, which has resulted in a long and successful history of mutual recognition. All G20 nations have agreed to a comprehensive set of principles for regulating the over-the-counter derivatives markets. Instead of recognizing these commitments and resolving to work towards mutual recognition of comparable regulatory regimes, keeping in mind the core policy objectives of the G20 commitments, the Commission has embarked on a cross-border analysis that I fear is taking us down a path of regulatory detail that is overly burdensome, complicated, and unnecessary.

  • CFTC’s Division Of Swap Dealer And Intermediary Oversight Issues No-Action Relief For Certain U.S. Banks Wholly Owned By Non-U.S. Swap Dealers, For Purposes of Making Calculations Under The Swap Dealer Definition

    Date 20/12/2012

    The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter that provides relief for certain U.S. banks that are wholly owned by non-U.S. swap dealers.

  • IMF: Regional Workshop On Building An Enabling Environment For Islamic Banking And The Development Of The Government Sukuk Market

    Date 20/12/2012

    Responding to increased interest in developing Islamic finance, the International Monetary Fund (IMF), Central Bank of Tunisia (CBT), ) and the Islamic Development Bank (IsDB), organized a three-day regional conference in Tunis on December 17 to exchange knowledge and share experience in building technical capacity in Islamic Banking and Sukuk Markets.

  • US Options Volume

    Date 20/12/2012

    While options volume in 2012 will see a decline from the record level of 2011, at about 9:15 am CST today OCC saw volume surpass the 3.899 billion contract level of 2010. This volume level makes 2012 the second best year for options trading in the 39 year history of listed options.

  • Bloomberg: Company Statement On European Commission RICS Announcement

    Date 20/12/2012

    In a press release issued today, the European Commission announced that it has adopted a decision to implement commitments intended to remedy competition concerns relating to Reuters Instrument Codes (RICs). While details will have to be reviewed when the commitments themselves are published, we welcome the Commission’s efforts to promote competition and transparency in what has been a non-competitive market. As Thomson Reuters’ two prior proposals to the Commission fell far short, we hope that today’s order creates an open market, and that the appointment of an independent trustee ensures compliance.