Tuesday, November 18, 2014

Fw: Senate committee examines banks' role in commodities

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From: "ISDA dailyLead" <isda@dailylead.com>
Date: Tue, 18 Nov 2014 07:41:49 -0600
To: <mainandwall@hotmail.com>
Subject: Senate committee examines banks' role in commodities

Senate committee examines banks' role in commodities | Fed, bank execs, regulators discuss Libor alternatives | Bank banks away from some CDS
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November 18, 2014
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Senate committee examines banks' role in commodities
The Senate Permanent Subcommittee on Investigations is holding hearings this week to look into banks' ownership of aluminum, natural gas and oil. The Federal Reserve is poised to tighten regulation of the industry, and the Senate panel is set to hear from Fed Governor Daniel Tarullo. Reuters (11/17)
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Fed, bank execs, regulators discuss Libor alternatives
The Federal Reserve has held a meeting to discuss alternatives to the London Interbank Offered Rate. Regulators from Japan and Europe attended, as did representatives from more than a dozen major banks, including Barclays and Goldman Sachs. Bloomberg (11/17), Reuters (11/17), The Wall Street Journal (tiered subscription model) (11/17)
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How Much Do You Really Need to Make? The Answer May Shock You
Rather than focus on what you can afford to pull out of the business to cover your living expenses, you need to focus on how much you need to earn at your business in order to afford the lifestyle you want to have. This is where the Personal Earnings Goal, or PEG, comes into play. Learn how to calculate your PEG and find out how much you really need to make.

Industry News and Trends
Bank banks away from some CDS
Deutsche Bank says it is scaling back trading of single-name credit default swaps, a move many have attributed to increased regulation and higher costs. "Everything has conspired against the success of the single-name CDS market, regulators chief among them," said Kevin McPartland, Greenwich Associates' head of market-structure research. Bloomberg (11/17), The Wall Street Journal (tiered subscription model) (11/17)
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Regulatory changes led to swap futures, other innovations
Swap futures are among the innovations that have sprouted because of the rash of regulations attributed to the financial meltdown, Jon Watkins writes. Swap futures were introduced as traditional swaps trading became increasingly expensive. However, the use of swap futures has not been a runaway success so far, Watkins writes. The Trade News (U.K.) (tiered subscription model) (11/17)
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Tullett zeros in on broker conduct by hiring HR chief
Tullett Prebon, an interdealer broker, has established a position to better monitor employee conduct. Carrie Heiss has been appointed global head of human resources. She comes from derivatives broker Newedge Group, where she held the same title. Reuters (11/17)
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Regulatory Roundup
CFTC has jurisdiction over bitcoin, Wetjen says
The Commodity Futures Trading Commission has authority to impose enforcement action "against any type of manipulation" in the bitcoin market because the virtual currency can be classified as a commodity, CFTC member Mark Wetjen says. The Wall Street Journal (tiered subscription model) (11/17)
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CFTC's Giancarlo praises chairman Massad
Commodity Futures Trading Commission Chairman Timothy Massad is easier to work with than predecessor Gary Gensler, says J. Christopher Giancarlo, the agency's sole Republican member. "In light of what came before, we are off to a very good start," Giancarlo said. MLex (subscription required) (11/17)
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ESMA sets consultation period for data improvement
The European Securities and Markets Authority has set a three-month consultation period to improve trade-reporting data, which is crucial under the revised Markets in Financial Instruments Directive. ESMA has provided questions and answers on implementing changes and has proposed turning some changes into technical standards to ensure consistent reporting. MarketsMedia (11/14)
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Kuwaiti banks permitted to trade derivatives
The Central Bank of Kuwait has decided to let domestic banks make derivatives deals with foreign ones. The move drove up Kuwait's currency against the U.S. dollar in the market for forwards. Reuters (11/17)
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