NEWSLETTER N°07/2013

18 July 2013

Products

NYSE Euronext to take over supervision of Libor

The administration of the London Interbank Offered Rate will pass from the British Bankers’ Association to NYSE Euronext next year. The exchange has pledged to restore confidence in Libor, which benchmarks more than $300 trillion in securities, following the rate fixing scandal.

http://www.ft.com/intl/cms/s/0/73332222-e87f-11e2-aead-00144feabdc0.html#axzz2ZOYI4SOC

http://www.nyx.com/fr/content/nyse-euronext-subsidiary-become-new-administrator-libor-0

Regulation/Tax

EU/US

Financial regulation is sticking point in EU-US trade talks

European authorities have demanded that financial regulation be included in trade talks between the EU and the US. The Obama administration opposes the idea, while the financial industry supports it.

http://www.ft.com/intl/cms/s/0/2dfccce6-e58f-11e2-ad1a-00144feabdc0.html#axzz2ZOYI4SOC

http://online.wsj.com/article/SB10001424127887323394504578607841246434144.html?KEYWORDS=EU+US+talks+financial+regulation

Comparison of EU and US regulatory regimes on OTC derivatives markets

Deloitte have published a paper comparing the OTC regulations on both sides of the Atlantic following their reforms that began in 2009.

http://www.deloitte.com/view/en_GB/uk/industries/financial-services/226e0b2dd08cf310VgnVCM1000003256f70aRCRD.htm

FTT: IMF expresses doubt about Europe's plans for transaction tax

The International Monetary Fund has declared that it believes that the financial transaction tax proposed by a number of European countries ‘not so sensible’.

http://online.wsj.com/article/BT-CO-20130715-706114.html

EU looking to impose harsher sanctions for market abuse

EU nations have struck a draft deal with the European Parliament to bolster sanctions levied on bankers, traders and other participants guilty of market abuse.

http://www.bloomberg.com/news/2013-06-26/eu-brokers-draft-deal-on-toughening-anti-market-abuse-rules-1-.html

http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137623.pdf

The derivatives industry

Newedge fined $9.5 million

The US division of Newedge have paid a $9.5 million fine to FINRA and three stock exchanges for failing to adequately supervise their clients’ trading activities.

http://www.reuters.com/article/2013/07/10/us-newedge-fine-idUSBRE96910N20130710

Exchanges and CCPs

Banks claim that Clearing Houses pose risk to financial system
Senior bankers are seeking to discuss concerns about systemic risk to the financial system posed by Clearing Houses.

http://www.ft.com/intl/cms/s/0/f2c4fb76-e70f-11e2-aa48-00144feabdc0.html#axzz2ZOYI4SOC

ICE Clear Europe starts clearing NYSE.LIFFE derivatives trades
The transfer of clearing of derivatives products on NYSE.LIFFE to ICE Clear was completed on 2^nd July.

http://www.derivsource.com/articles/ice-clear-europe-completes-clearing-transition-nyse-liffe-derivatives-contracts

EMCF and EuroCCP to merge as Amsterdam-based entity

EMCF and EuroCCP are to merge as a Dutch-regulated pan-European cash equities clearing house.

http://www.thetradenews.com/news/Asset_Classes/Derivatives/EMCF_and_EuroCCP_to_merge_as_Amsterdam-based_entity.aspx

Co-location services explained

“Co-location” is a hot topic. Eurex provide a simple explanation of this frequently-used term.

http://www.eurexchange.com/exchange-en/about-us/news/317282/

Average Daily Volumes per exchange

NYSE.LIFFE June 4.7 million (+3.7% y.o.y.)

Eurex June 8.1 million (-4.7% y.o.y.)

ICE Europe June 2.8 million (-6.5% y.o.y.)

CME June 16.9 million (+29.0% y.o.y.)

https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics

http://www.eurexchange.com/exchange-en/about-us/news/555534/

http://ir.theice.com/releasedetail.cfm?ReleaseID=774950

http://cmegroup.mediaroom.com/index.php?s=43&item=3425&pagetemplate=article

And finally.....

The Economist’s Global Business Barometer shows business confidence in positive territory for the first time since it was launched in 2011.

http://www.economist.com/blogs/graphicdetail/2013/05/economistft-survey

NEWSLETTER N°07/2013

18 juillet 2013

Produits

La supervision du taux interbancaire Libor confiée à l’opérateur NYSE Euronext

L’opérateur Nyse Euronext a été désigné pour administrer le Libor (London Interbank Offered Rate), le taux de référence interbancaire qui s'est retrouvé au cœur d'un scandale financier après les révélations de manipulation par un certain nombre de banques précédemment en charge de la supervision de ce taux.

http://www.agefi.fr/articles/le-libor-passe-dans-le-giron-de-nyse-euronext-1276609.html

http://www.nyx.com/fr/content/nyse-euronext-subsidiary-become-new-administrator-libor-0 (anglais)

Réglementation/fiscalité

Nouveau et vieux continent

La réglementation financière, point de discorde des accords de libre échange entre l’Union européenne et les Etats Unis.

Alors que L’Union européenne désire inclure les services financiers dans les négociations relatives aux accords de Libre échange entre les deux continents, les américains y sont farouchement opposés.

http://www.lefigaro.fr/conjoncture/2013/07/16/20002-20130716ARTFIG00474-le-secteur-financier-exclu-de-l-accord-de-libre-echange-ue-etats-unis.php

http://www.latribune.fr/actualites/economie/international/20130718trib000776410/libre-echange-ue-us-l-exclusion-des-services-financiers-la-revanche-d-obama.html

Produits dérivés de gré à gré : Environnements réglementaires américains et européens

Deloitte propose une comparaison de la réglementation en place aux Etats Unis et en Europe sur les produits dits de gré à gré ou OTC (Other the Counter) depuis la vague de reformes engagée en 2009.

http://www.deloitte.com/view/en_GB/uk/industries/financial-services/226e0b2dd08cf310VgnVCM1000003256f70aRCRD.htm (en anglais)

FTT: Le FMI émet des doutes quant à la pertinence d’une taxe européenne sur les transactions financières

Selon Carlo Cottarelli, directeur de la division des affaires fiscales du Fond Monétaire International, l'établissement d'une taxe sur les transactions financières en France et en Italie a entraîné une baisse des volumes de transactions, formulant par la même des critiques quant au projet européen de taxe sur les transactions financiers.

http://www.lesechos.fr/economie-politique/monde/actu/reuters-00535839-la-taxe-sur-les-transactions-financieres-reduit-les-volumes-fmi-586292.php

http://online.wsj.com/article/BT-CO-20130715-706114.html (en anglais)

Abus de marché : réglementation renforcée

Les abus de marché seront passibles de sanctions plus sévères. C’est l’un des aspects clé de l’accord politique conclu par le Parlement européen et les états membres en juin dernier.

http://www.agefi.fr/articles/l-amf-redoute-des-divergences-europeennes-dans-la-sanction-des-abus-de-marche-1275510.html

http://www.bloomberg.com/news/2013-06-26/eu-brokers-draft-deal-on-toughening-anti-market-abuse-rules-1-.html (en anglais)

http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137623.pdf (en anglais)

L’industrie des produits dérivés