Derivs - Regulation
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Competition to clear over-the-counter derivatives will likely be the main theme of 2010, as providers actually fire up operations. -
Relationships between foreign banks and their Chinese counterparts appear to be warming up.
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Counterparty risk fears were somewhat allayed in 2009, after a tumultuous 2008, but the issue continues to be a top priority for sellside and buyside firms.
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Hedge funds and corporates are preparing themselves for a European Commission mandate raising capital charges for over-the-counter derivatives and forcing more capital to be set aside for non-cleared trades.
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Retail structured product sales in Taiwan are set to be thin next year as regulation targeting offshore banks has firms pulling back.
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A European Parliament committee is working on a position paper on over-the-counter derivatives regulation.
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The Securities Commission of Malaysia has stopped approving capital-protected unit trusts unless the issuers of those instruments have signed up four or more counterparties.
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The International Brotherhood of Teamsters has contacted a dozen Street firms, from dealers to hedge funds, about what it believes are abuses relating to credit default swaps referencing distressed trucking company YRC Worldwide Inc. The union is also considering taking the matter to U.S. regulators.
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The U.K. Financial Services Authority this morning fined Toronto Dominion Bank in connection with risk management failures in a CAD96 million (USD89 million) trading loss its credit default swaps desk took last year.
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The U.K. Financial Services Authority is not in favor of imposing position limits on over-the-counter derivatives, going against a proposal put forward by the European Commission in October.
