By Yuji Okada and Shigeru SatoPublished: February 28 2010 Business WeekGreater transparency of supply and demand data and a global effort to improve regulation of over-the-counter markets are needed to avoid excessive swings in oil prices, according to the International Energy Agency.
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By Paul KrugmanPublished: February 28, 2010 NYTSo here's the situation. We've been through the second-worst financial crisis in the history of the world, and we've barely begun to recover: 29 million Americans either can't find jobs or can't find full-time work. Yet all momentum for serious banking reform as been lost.
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By Gretchen MorgensonPublished: February 28 2010 NYT"Using these instruments in a way that intentionally destabilizes a company or country is - is counterproductive, and I'm sure the S.E.C. will be looking into that."
That's what Ben. S. Bernanke, chairman of the Federal Reserve, said last week when lawmakers asked him about credit default swaps during his Congressional testimony.
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By Jodi KantorPublished: February 26 2010 NYTThe prospect of a financial regulatory overhaul's passing Congress brightened on Thursday, as representatives of the banking industry left a meeting with the Treasury Secretary saying that they had agreed on the need to get a bill through Congress this year, Sewell Chan reports in The New York Times.
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By Joel ClarkPublished: February 26 2010 Risk MagazineA working group of dealers and buy-side firm are to undertake a detailed study of pre- and post- trade transparency in over-the-counter derivatives a part of a set of commitments to be delivered to regulators on March 1.
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By Jeremy GrantPublished: February 26 2010 FTA group of 15 private sector regulatory experts from 11 countries on Friday said they had formed a new advisory body on global regulatory issues, warning that there had been signs in recent months that countries were going their own way on how to reform the global financial system.
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By Leslie Scism and Serena NgPublished: February 25 2010 WSJThe financial-crisis regulatory blame game has taken another turn, with former Federal Reserve chairman Paul Volcker saying the near-collapse of American International Group Inc. in 2008 was partly a result of ineffective state insurance regulation.
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By Rachelle YounglaiPublished: February 25 2010 ReutersU.S. Securities regulators said on Thursday they are examining the potential abuses and destabilizing effects of credit default swaps, a financial instrument that can be used to speculate on an issuer's credit worthiness.
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By Christopher DoeringPublished: February 25 2010 ReutersThe U.S. Congress is likely to pass a regulatory reform bill in 2010 that would include giving the top U.S. futures watchdog greater authority to regulate over-the-counter swaps, a commissioner at the Commodity Futures Trading Commission said on Thursday.
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By Gary Gensler, Chairman of the Commodity Futures Trading CommissionPublished: February 24 2010 FTIn the autumn of 2008, certain financial institutions kicked over the lantern that set off the financial crisis - a fire that nearly burned down the global economy.
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By Robert CooksonPublished: February 24 2010 FTThe US and Europe may be making the most noise about the need to reduce systemic risk in the over-the-counter derivatives markets but regulators in Asia - a region not known for trading in such opaque instruments - are starting to blaze their own trails.
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By Damian PalettaPublished: February 24 2010 WSJ Key senators are expected to scrap President Barack Obama's proposal to prohibit commercial banks from certain risky trading activities, people familiar with the matter said, a setback for the administration's bid to limit the size and scope of he largest U.S. banks.
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By Rebecca ChristiePublished: February 24 2010 BloombergThe U.S. Treasury Department wants to give regulators discretion to define proprietary trading as the White House tries to revive its plan to bar banks from making hazardous bets that could cause another financial crisis.
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By Zeke FauxPublished: February 23 2010 DerivativesWeekU.S. Corporate end-users should be exempt from over-the-counter derivatives regulations because they need customized maturities and collateral arrangements, according to Scott Morrison, president of the National Association of Corporate Treasurers.
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By John HarwoodPublished: February 23 2010 CNBCA sweeping regulatory overhaul of the financial industry gained momentum Tuesday as Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee, rejoined bi-partisan negotiations on the bill, CNBC has learned.
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By Charles Abbott and Roberta RamptonPublished: February 23 2010 ReutersThe Senate Agriculture Committee will unveil a draft bill to increase oversight of over-the-counter derivatives in the next couple of weeks, said its chairman Blanche Lincoln on Tuesday.
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By Rob McGlincheyPublished: February 19 2010 DerivativesWeekMichael Barnier, the new European Commissioner for Internal Market and Services, is set to hold talks with U.K. regulators and government officials March 2 on derivatives reform, financial transaction taxes and the Volcker rule.
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By Damian PalettaPublished: February 19 2010 WSJSenate Banking Committee Chairman Christopher Dodd plans to introduce a new financial-overhaul bill next week, giving a boost to the White House's effort to toughen regulations governing the country's banks.
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By Rob McGlincheyPublished: February 18 2010 DerivativesWeek Sharon Bowles, chair of the European Parliament's Economic and Monetary Affairs Committee, wants to curb speculative trading of sovereign credit default swaps by enforcing position limits and other ownership restrictions, after seeing spreads gap out on Southern European sovereigns like Greece.
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By Kevin DrawbaughPublished: February 18 2010 ReutersBipartisan compromise talks resumed in the U.S. Senate last week over financial regulation reform, after than impasse led to a breakdown in negotiations.
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By Jeremy GrantPublished: February 18 2010 FTSigns emerged yesterday that big players in over-the-counter derivatives markets were responding to regulatory pressure for more transparency.
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By Hugh LeaskPublished: February 17 2010 DerivativesWeek The U.K. Financial Services Authority and H.M. Treasury want to extend the Market Abuse Directive to cover credit default swaps.
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By Louis UchitellePublished: February 17 2010 NYTPut aside for a moment the populist pressure to regulate banking and trading. Ask the elder statesmen of these industries - giants like George Soros, Nicholas F. Brady, John S. Reed, William H. Donaldson and John C. Bogle - where they stand on regulation, and they will bowl you over with their populism.
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By Jeremy GrantPublished: February 17 2010 FTIcap, the world's largest inter-dealer broker, on Wednesday said it would launch an over-the-counter (OTC) oil swap trading service that combines traditional voice broking on the phone with electronic trading on screen.
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By Peter EavisPublished: February 16 2010 WSJThe Greek emergency is a reminder of how little has been done to fix large, potentially unstable parts of the financial system.
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By Frederik Richter, Dinesh Nair, and Raissa KasolowskyPublished: February 16 2010 ReutersThe launch of the first template for an over-the-counter Islamic derivative contract is "imminent" and will encourage more companies to hedge their risks, an eecutive at a bank involved in its creation said on Tuesday.
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By Matt CameronPublished: February 12 2010 Risk MagazineDerivatives dealers should not be allowed to own stakes in central counterparties (CCPs) or their risk management systems - and CCPs should not be allowed to compete with each other, according to advice from the European Parliament's Committee on Economic and Monetary Affairs.
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By Ian Katz and Robert SchmidtPublished: February 12 2010 BloombergGary Gensler, chairman of the Commodity Futures Trading Commission, is shattering any illusions that his 18 years at Goldman Sachs Group Inc. would make him sympathetic to Wall Street's effort to weaken derivatives legislation.
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By Paul Rowady, Senior Analyst at Tabb GroupPublished: February 11 2010 Advanced TradingThe proposed enhancements to the OTC derivatives markets will not be complete until market participants fully incorporate solutions for greater price transparency.
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By Rachelle Younglai Published: February 11 2010 ReutersSenate Banking Chairman Christopher Dodd voiced optimism on Thursday that his committee could craft a bipartisan financial reform bill.
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By Rob McGlincheyPublished: February 2 2010 DerivativesWeekThe soon-to-be-created European Supervisory Authority (Securities and Markets) will be responsible for regulating clearing houses under new plans revealed today.
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By Zeke FauxPublished: February 10 2010 DerivativesWeekGregory Hands, a member of the U.K. parliament and shadow minister of Her Majesty's Treasury opposes mandatory exchange trading for over-the-counter derivatives.
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By Kirstin Ridley and Clara Ferreira-MarquesPublished: February 9 2010 ReutersBritain's top financial regulator announced he was to step down, surprising markets and casting doubt over the future of the Financial Services Authority and an overhaul of the sector.
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Published: February 8 2010 Futures and Options IntelligenceA study by the European Energy Exchange claimed that on average it is less expensive to trade derivatives through a clearing house than to buy them over the counter.
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By Rob McGlincheyPublished: February 8 2010 DerivativesWeekThe majority of Economic and Monetary Affairs Committee members at the European Parliament and officials at the Internal Market and Consumer Protection Committee, are supporting Michael Barnier as the European Commissioner for Internal Market & Services.
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By Kari S. Larsen, Partner at McDermott Will & Emery LLPPublished: February 5 2010 Securities Industry NewsThe Obama administration has stated that over-the-counter (OTC) derivative regulatory reform is a priority.
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By Jeremy GrantPublished: February 5 2010 FTEver since the US unveiled plans for a radical overhaul of over-the-counter derivatives markets regulation, ICAP has been shouting from the rooftops how the anticipated shift of OTC trading and associated push to have more of this stuff processed through clearing houses will be good for ICAP.
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Published: February 4 2010 DerivSourceToday Senate Banking Committee chairman Chris Dodd (D-CT) held his committee's second hearing on recent proposals by the Obama Administration to rein in Wall treet Banks and made the case for urgent action on financial reform.
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By Aline van DuynPublished: February 4 2010 FTThe shift to more centralised clearing of over-the-counter derivatives will have an uncertain effect on trading volumes, according to a survey that found many market participants expected volumes to decrease.
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By Jacob BungePublished: February 4 2010 WSJThe head of CME Group Inc. (CME) on Thursday shrugged off concerns that proposed regulatory changes could hamper growth at the world's largest futures exchange operator.
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Published: February 4 2010 FinextraThe majority of financial institutions and corporations around the world agree that moving OTC derivatives trading to a system of centralised clearing would help manage risk but many market participants still harbour serious concerns about the prospect, according to a survey from Greenwich Associates.
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By Daniel FlattPublished: February 4 2010 DerivativesWeek The Japanese Financial Services Agency has moved away from the idea of giving a future central counterparty clearer the power to decide on bankruptcy credit events.
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By Katy BurnePublished: February 3 2010 DerivativesWeekU.S. Senator Maria Cantwell (D-Wash.) said at a briefing on Capitol Hill today that she will work to ensure the future Senate derivatives bill does not feature and of the perceived loopholes in the House of Representatives bill passed on Dec. 11.
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By Rob McGlincheyPublished: February 2 2010 DerivativesWeekEurex Clearing is working on ways to clear non-standardized over-the-counter equity derivatives once the European Securities and Markets Authority has been established.
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By Ayesha RascoePublished: February 2 2010 Reuters A key U.S. lawmaker is set to join forces with several business groups on Wednesday to call for Congress to end the "reckless speculation" in commodity markets as the Senate prepares to take on financial reform.
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By Huw Jones Published: February 2 2010 ReutersCentral bankers and supervisors said on Tuesday they will fast track a review of derivatives clearing houses as the sector undergoes rapid change to cut risks highlighted by the financial crisis.
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By Theo FrancisPublished: February 1 2010 BloombergThe Commodity Futures Trading Commission would receive a boost of as much as 55 percent in funding under President Barack Obama's budget proposal for the next fiscal year as the U.S. strengthens financial-industry regulations.
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By Huw JonesPublished: February 1 2010 ReutersThe European Union is reviewing rules the cornerstone of its securities trading infrastructure.
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Published: February 1 2010 DerivSourceSecurities and Exchange Commission chairman Mary Schapiro and UK Financial Services Authority (FSA) chairman Adair Turner and chief executive Hector Sants met in London today as part of the SEC-FSA Strategic Dialogue.
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By Adam BradberyPublished: February 1 2010 WSJThe European Union needs to develop new rules for financial market broadly in line with those being developed elsewhere around the world, said David Wright, deputy director-general of the European Commission's internal markets division.
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