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Tag Archives: MIFID

Finding Our Differences: FOA’s Anthony Belchambers Says Regulation Has Long Way to Go Interview,Regulation,Video

Anthony Belchambers

European regulatory changes continue to move forward, but there are significant differences between the US and EU, and also between the European states themselves. The Futures & Options Association’s Anthony Belchambers spoke with John Lothian News about where Europe stands in the rulemaking process and the challenges that still remain. Belchambers said that the issue of extraterritoriality continues to concern EU regulators and market participants. “Once one jurisdiction takes out a decision to apply its rules extra territorially, then the jurisdiction to whom those rules apply will say, ‘ah, we’ll do the same,’” Belchambers said. “Then you have this clashing…

ISDA’s Robert Pickel Discusses the State of Cross-Border Regulation of Swaps (Part 1) Interview,Regulation,Video

Robert Pickel

After the financial crisis in 2008-09, regulators across the globe set in motion a complete overhaul of the financial markets, with the ultimate goals being transparency in the previously unregulated swaps market, and ensuring that there is adequate collateral backstopping the sector in the event of financial shock. The top items on the list were central counterparty clearing of swaps, the exchange of initial and variation margin among parties to non-cleared swaps, and the reporting of trade data to central repositories, so that market overseers can identify risks that may be building in the system. See part 2 of our…

JLN Options: Hedge funds seen behind likely VIX short squeeze Newsletter,Options

Nils-Robert Persson Talks About Cinnober and the Growth of Real-time Risk ManagementMarketsWiki.tv There are some firms who are ahead of the curve and profit from it. Cinnober Financial Technology, the Swedish-based provider of electronic trading platforms was certainly one of them when it began pushing real-time risk management technology for trading and clearing platforms long before the 2008 financial crisis. Now its an integral part of the marketplace. Nils-Robert Persson, executive chairman for Cinnober spoke with JLN editor-in-chief Jim Kharouf about the speed of execution and clearing systems, as well as what’s next for the firm. Watch the video »…

John Lothian Newsletter: NYSE takeover deal passes U.S. antitrust overseers; CME Derivatives That Skirt Dodd-Frank Attracting Review by CFTC; Exchanges in 11th hour lobbying effort John Lothian Newsletter,Newsletter

The ICE-NYSE Euronext takeover plan passes an antitrust hurdle as the US Department of Justice takes no action to stop the deal. The CFTC is taking a closer look at CME Group’s new interest-rate swap futures contracts, to see if they allow traders to bypass new regulations and oversight. In Europe, exchanges and trade groups are lobbying heavily against passage of the latest MiFID rules. In today’s First Read, our final video in JLN’s Restoring Customer Confidence series debuts; Brian Fox of Capital Confirmation discusses how the company’s third party confirmation service can help protect customer funds and restore customer…

European Swaps Perspective from Alex McDonald of the WMBA Interview,Regulation,Video

Alex McDonald

During 2012 SEFCON III John Lothian News interviewed five key members of the WMBA. Click here to see all the interviews. Alex McDonald, CEO of the Wholesale Markets Brokers’ Association (WMBA), has his eye on both European regulatory reforms such as MIFID, MIFIR and EMIR as well as Dodd-Frank in the US. McDonald spoke with John Lothian News Editor-at-Large Doug Ashburn at 2012 SEFCON III about the need for international standardization on OTC derivatives regulation, as well as the push in the Europe toward a single regulatory structure there and the capital requirements that come with it. The question for…

John Lothian Newsletter: Exchanges, Brokers Back Nickel-And-Dime Pricing in Some Stocks; UK official warns on Mifid over-reach; Denmark Reveals Mark-to-Market Trap Amid No-Return Risks John Lothian Newsletter,Newsletter

Some exchanges and brokers have suggested that setting more broad pricing for lower-liquidity stocks may improve trading conditions; no word on whether quarter- and eighth-dollar quotes would be included in that model. A UK Treasury official warns that upcoming trading regulations would create other, undesirable kinds of trade barriers between eurozone countries.  Denmark serves as an object lesson in how mark-to-market accounting fails to handle volatile circumstances.  In today’s First Read, John Lothian discusses yesterday’s trip to Washington for the CFTC’s regulatory session; and you’ll find two MarketsWiki.tv interviews: one with Phil Flynn of The Price Futures Group regarding the…