derivatives

Cantwell Introduces Legislation to Help Stop Abusive Speculation Practices

November 10,2009 -- WASHINGTON – Today, U.S. Senator Maria Cantwell (D-WA), together with Senators Ron Wyden (D-OR) and Bernie Sanders (I-VT), proposed legislation empowering state gambling regulators and attorneys general to examine unregulated derivatives trading and take appropriate action to protect citizens from practices which can harm the foundations of our economy. As part of a broader effort by Congress to pass comprehensive financial regulatory reform, Cantwell’s proposal treats derivatives trading for what it is: a sophisticated form of gambling.    » read more »

October 15, 2009 -- America's workers appreciate Chairman Frank's efforts yesterday to strengthen the Over-the-Counter Derivatives Markets Act of 2009. However, the final bill that goes to the House floor needs to go further to protect taxpayers and our economy from a repeat of what happened at AIG.

The final bill should:

· Require all standardized derivatives be traded on exchanges that are transparent and require capital to back up risk;

· Have no exceptions for overseas trades or foreign currency trades;

· Prevent regulatory arbitrage by having the SEC regulate derivatives tied to securities and the CFTC regulate derivatives tied to commodities; and    » read more »

October 15, 2009 -- Today Congressman Dan Maffei joined a majority of his colleagues on the Financial Services Committee to pass legislation that will overhaul the market for financial derivatives. Today’s bill, which was approved by a vote of 43-26, represents a key part of a broader effort by Congress and President Obama to modernize America’s financial regulatory system in response to last year’s financial crisis.    » read more »

London - 23 June 2009 - J.P. Morgan Worldwide Securities Services today announced it will provide fund accounting, OTC derivatives services and compliance reporting to Schroder Investment Management's UK range of retail funds.

J.P. Morgan already provides custody, accounting, OTC derivative compliance reporting, securities lending, trust & fiduciary, cash and foreign exchange services to Schroders, and services the company from Australia, Hong Kong, Luxembourg, the US and the UK.    » read more »

LONDON, June 22 -- The Bank of New York Mellon has introduced Derivatives360, an integrated investment servicing lifecycle solution to help clients efficiently execute and manage derivatives transactions.

Derivatives360's flexible modular design allows clients to select some or all of the components offered by the new platform, allowing them to focus resources and management time on their core activities.

Clients are today looking to outsource derivative functions historically handled in-house for a number of reasons, including credit considerations, product complexity, the high investment costs associated with specialist systems, a shortage of high-calibre staff, stronger regulation and the wider industry drive towards standardisation.    » read more »

Will unite margining of cash positions with natural hedges for the first time

NEW YORK, NY – June 18, 2009 – NYSE Euronext (NYSE: NYX) and The Depository Trust & Clearing Corporation (DTCC) today agreed to create a joint venture for clearing U.S. fixed income derivatives.

The new clearing house, New York Portfolio Clearing , “NYPC”, will combine the industry-leading capabilities of NYSE Euronext’s U.S. futures exchange (NYSE Liffe U.S.) and DTCC’s Fixed Income Clearing Corporation (FICC) to offer innovative risk management, clearing and settlement efficiencies for U.S. fixed income securities and derivatives.    » read more »

CHICAGO, June 17 -- CME Group released the following statement in response to the proposed U.S. financial regulatory reform proposals announced today by the Obama Administration:

"CME Group believes that the proposal to enhance regulation of systemic risk is an important effort to limit the potential for a recurrence of the recent financial crisis.

"Overall, we support many of the concepts and believe this is a significant step towards restoring confidence in the integrity of financial markets.

"We look forward to working with the administration and regulators to assure that the implementation of the details of the proposal are consistent with effective regulation of our markets and of the economy."

Source: CME Group

June 17, 2009 -- THE PRESIDENT: Thank you very much.

Since taking office, my administration has mounted what I think has to be acknowledged as an extraordinary response to a historic economic crisis. But even as we take decisive action to repair the damage to our economy, we're working hard to build a new foundation for sustained economic growth. This will not be easy. We know that this recession is not the result of one failure, but of many. And many of the toughest challenges we face are the product of a cascade of mistakes and missed opportunities which took place over the course of decades.    » read more »

June 17, 2009 -- WASHINGTON – President Obama will lay out a comprehensive regulatory reform plan this afternoon to modernize and protect the integrity of our financial system. While this crisis has had many causes, it is clear now that the government could have done more to prevent these problems from growing out of control and threatening our overall economy.

The President will be joined by Treasury Secretary Tim Geithner, representatives from the regulatory community, consumer groups, the financial industry and members of Congress for an event in the East Room later this afternoon.

The President’s plan will:

* Require that all financial firms that pose a significant risk to the financial system at large are subjected to strong consolidated supervision and regulation    » read more »

Pledges to Work with White House to Prevent Wall Street Lobby From Weakening Long Overdue Reforms

June 17,2009 -- WASHINGTON, DC – U.S. Senator Maria Cantwell (D-WA) today applauded President Barack Obama for his focus on the urgent need for financial regulatory reform and for taking a leadership role in putting together a comprehensive reform package. Cantwell has worked closely with the President’s economic team on her top reform priority: regulating the derivatives markets that spun out of control last year and greatly worsened the severity of the recession.    » read more »

CHICAGO, June 16 -- CME Group today announced the launch of four new In Delivery Month European Union Allowance (EUA) and Certified Emission Reduction (CER) futures and options contracts that will be available through CME ClearPort® and the New York trading floor. Clearing services will be available through CME ClearPort, a set of flexible clearing services open to over the counter (OTC) market participants to substantially mitigate counterparty risk and provide capital efficiencies across asset classes.

The futures contracts will be available beginning on June 21 for trade date June 22 and the options contracts on June 22 for trade date June 23. These contracts are listed for trading by NYMEX through CME ClearPort, and are subject to NYMEX rules and regulations.    » read more »

CHICAGO, June 4 -- CME Group today announced the launch of clearing services for 18 new, financially-settled, electricity swap futures contracts through CME ClearPort®, a set of flexible clearing services open to over the counter (OTC) market participants to substantially mitigate counterparty risk and provide capital efficiencies across asset classes.

Beginning on June 14 for trade date June 15, 16 ERCOT and two Midwest ISO swap futures contracts will be listed for trading by NYMEX through CME ClearPort, and are subject to NYMEX rules and regulations.

The new contracts and their commodity codes are:

* ERCOT Houston Zone MCPE 50 MW Peak Swap Futures (2N)
* ERCOT Houston Zone MCPE 50 MW Off-Peak Swap Futures (2W)    » read more »

Up 17 Percent From April 2009

CHICAGO, June 2 -- CME Group, a derivatives exchange, today announced that May volume averaged 10.7 million contracts per day, down 15 percent from May 2008, but up 17 percent from April 2009. Total volume was 214 million contracts for May, of which 79 percent was traded electronically. Electronic volume averaged 8.4 million contracts per day, down 14 percent from the prior May and up 15 percent sequentially.    » read more »

CHICAGO, June 1 -- CME Group Inc., a derivatives exchange, today announced the launch of clearing services for a new Mont Belvieu ethylene futures contract, scheduled to launch on June 14 for trade date June 15.

Clearing services will be available through CME ClearPort®, a set of flexible clearing services open to over the counter (OTC) market participants to substantially mitigate counterparty risk and provide capital efficiencies across asset classes.

These contracts are listed for trading by NYMEX through CME ClearPort, and are subject to NYMEX rules and regulations.    » read more »