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Date 14/06/2011
“Do What You Can” - Opening Statement Of CFTC Commissioner Scott D. O’Malia, Effective Date Of Title VII Of The Dodd-Frank Act
Today we are voting on a proposed order aimed at providing legal certainty in the form “temporary exemptive relief” for swap market participants as of the July 16, 2011 general effective date of the Dodd-Frank Act. This temporary relief is necessary because: (1) the Commission has not yet put forth final rules defining such key terms such as “swap” and “swap dealer”; and (2) certain exemptions and exclusions for transactions in exempt and excluded commodities currently relied upon by market participants will be repealed effective July 16, 2011. The proposal is supposed to “ensure that current practices will not be unduly disrupted during the transition period to the new regulatory regime.” However, because we have yet to put forth an implementation schedule for the final rules as to their approval and effective dates, and because the proposal includes an arbitrary sunset provision that could cut that transition period short on December 31, 2011, the proposal, albeit “temporary” will likely not provide the necessary “relief.” Though it is the right thing to do at this time, I have concerns that this proposal will not provide the appropriate level of legal certainty, and if it is to last only a few months, will likely only serve to further confuse and frustrate the markets and market participants.
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Date 14/06/2011
ISDA Announces Commodity Derivatives Trade Repository Selection
The International Swaps and Derivatives Association, Inc. (ISDA) announced today that the ISDA Commodities Steering Committee has chosen Depository Trust & Clearing Corporation (DTCC) Deriv/SERV and EFETnet to partner with the Committee on the next stage of development of the Commodity Derivatives Trade Repository.
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Date 14/06/2011
Autorité Des Marchés Financiers Publishes 2011 Risk And Trend Mapping For Financial Markets And Savings
The Autorité des Marchés Financiers today published 2011 Risk and Trend Mapping for Financial Markets and Savings. This fifth edition of the report covers market and financing trends, household saving and asset management, and changes in market structure. Most of the risks identified in the previous edition published in April 2010 have materialised and some have intensified with Europe’s sovereign debt crisis. In addition, certain major issues highlighted by the AMF now constitute new and significant areas of focus for the G-20 work programme on financial regulation:
- the transfer of risks from the banking sector to other parts of the financial system, now addressed from the broad angle of shadow banking;
- the goals of market transparency, integrity and efficiency;
- supervision and oversight of commodity derivatives markets.
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Date 14/06/2011
Statement Of Commissioner Bart Chilton Before The CFTC Public Meeting
We are taking these actions today out of necessity in an effort to provide time to craft thoughtful regulations and, to the extent practical, give some certainty to those impacted by the rules. However, we can't sit back. We need to push the pedal down and make time to finalize thoughtful rules as soon as possible. Markets are not much safer than they were when the economic meltdown occurred. We still aren't seeing into dark over-the-counter markets like we should, much less regulating them. We still lack limits on excessive speculation that is impacting consumers who at times are paying a Wall Street premium, and we have not addressed super fast cheetah traders who may be instigating mini flash crashes or posing risks to markets, and therefore consumers.
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Date 14/06/2011
Dubai Financial Market’s Successful Implementation Of “DvP” Demonstrated To Delegates From Muscat Clearing & Depository Co.
Dubai Financial Market (DFM) received a high level delegation of Muscat Securities Market and Muscat Clearing & Depository Company. The Omani delegation was briefed on DFM’s successful implementation of the new settlement system Delivery versus Payment (DvP). This visit reflects the strong relationship between DFM and both the Muscat SecuritiesMarket and Muscat Clearing & Depository Company. The meetings also explored opportunities for collaboration and to share knowledge. The two day visit included a tour of DFM’s various departments and the trading floor.
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Date 14/06/2011
Statement On The Address by President Nicolas Sarkozy Before The European Commission's Conference On Commodities And Raw Materials, Brussels - CFTC Commissioner Bart Chilton
"I commend President Sarkozy, not only for his leadership, but for his thoughtful understanding of the circumstances in which we find ourselves. The President got it exactly right when he spoke about the need for thoughtful regulations to address excessive speculation and the need to harmonize regulations. Appropriate speculative limits need to be instituted as soon as possible. I also completely agree on the need to avoid regulatory arbitrage where markets could migrate to the least regulation nation. We need to avoid a regulatory sidewalk sale and work together for harmonized rules that make markets more transparent and more competitive."
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Date 14/06/2011
TMX Datalinx Expands Ultra Low Latency Network To Key U.S. Financial Centres - TMXnet Provides Clients With Direct Access To North American Capital Markets Data
TMX Group Inc. today announced that TMX DatalinxTM, its information services division, has implemented its ultra-low latency network, TMXnetTM North America (NA), between Toronto, New York and Chicago. Network capacity has been increased to 10Gb and return trip latency reduced to the 10 millisecond range.
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Date 14/06/2011
Opening Statement, Meeting Of The Commodity Futures Trading Commission - Chairman Gary Gensler
Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission (CFTC) to consider issuance of a proposed order to granting exemptive relief from certain requirements of the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Act, that become effective on July 16, 2011.
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Date 14/06/2011
RTS Launches RTD CORE, Off-The-Shelf Matching And Order Routing Solution - Global Central Order Routing And Execution Management System Offered As Modular Component; Easily Integrated Into RTD GUARD Risk Management Offering
RTS Realtime Systems Group, a leading global trading solutions provider, announced today the worldwide launch of an off-the-shelf matching system, RTD CORE. The Central Order Routing and Execution System can help firms not only handle their internal and external order routing and matching needs across global markets, but more easily manage their global exposure, share vital information internally and reduce costs.
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Date 14/06/2011
Jefferies Deploys Global Trading Infrastructure On Fidessa Managed Enterprise Platform - Fidessa’s Portfolio Trading Solution Seamlessly Integrates Multiple Trading Platforms Across Different Geographies
Fidessa group plc (LSE: FDSA), provider of high-performance trading, investment management and information solutions for the world’s financial community, has today announced that Jefferies, a leading global investment banking firm, has expanded its implementation beyond US and European trading solutions to include Fidessa’s global portfolio trading platform.
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