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| Regulatory Roundup |  |  |
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- Basel margin rules draw a challenge from exchanges
The world's biggest exchanges have joined forces to protest strict capital requirements proposed by the Basel Committee on Banking Supervision's Interim Capital Framework. The exchanges contend that the measures "will increase the cost of exchange traded derivatives and could potentially make [them] more expensive than less liquid and less transparent products," according to a letter sent to the Financial Stability Board. Financial News Online (U.K.) (subscription required)
(11/30)     
- Rules will rein in alternative sources of credit, study says
Allen & Overy has released a study that asserts that new regulations in Europe, the U.S. and elsewhere will curtail the ability of asset managers, insurers and investment funds to provide alternative sources of credit. The research found that rules governing the derivatives markets, hedge funds, banks and other areas of the financial industry will combine to increase the cost of credit. "Allen & Overy believes it will take years to clarify exactly what the growing number of regulations mean, creating confusion and uncertainty in the market and bringing with it a prolonged period of credit paralysis," the study says. Financial Times (tiered subscription model)
(12/2), Banking Times (London)
(12/3), The Wall Street Journal/Dow Jones Newswires
(12/2)
| Industry Developments | | |
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- U.S. banks help offshore clients sidestep derivatives rules
Wall Street banks are telling foreign clients that they can sidestep upcoming U.S. rules on over-the-counter derivatives by routing their trades through their overseas subsidiaries rather than through parent banks, sources say. The detour could eventually be shut down by foreign regulators. Reuters
(12/3)
- D.E. Shaw doesn't see itself as an HFT firm
D.E. Shaw & Co. says it wants to clarify to investors and others how its computer-driven programs work, and it shuns the high-frequency-trading label. "I don't think we view ourselves as high-frequency traders. No one can define what high-frequency trading is, obviously. If it's using computers to trade stocks, we've been doing that for 25 years," Shaw's Darcy Bradbury says. Reuters
(11/29)
| Electronic Trading News | | |
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- Australia looks at issues related to HFT
Australia may hold high-frequency traders responsible for manipulative trading strategies and issues with algorithms. "There is an argument that changes to the regulatory framework should be made so that the HF traders themselves bear the regulatory burden directly, and provide some improved protection to market participants that are providing market access for HF traders," according to a paper by the minister for financial services, Bill Shorten. The Sydney Morning Herald (Australia)
(12/3)
| Commodities and Managed Futures | | |
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