Derivs - Regulation

The U.K. Takeover Panel has issued a consultation paper suggesting two amendments to the City Code on Takeovers and Mergers capturing how dealing in derivatives and options should be reported around the time of a deal.

A second dispute involving Lehman Brothers Holdings Inc. and payment rights on a collateralized debt obligation has emerged in the U.S. courts.

European dealers have decided on more than two fixed coupons for credit default swaps in the region, as first revealed by DWO last month (DW Online, 4/9). Going forward, new trades will bear strikes of 25, 100, 500, or 1,000 basis points, while existing trades will be re-couponed on strikes of 300 or 750 bps.

The International Swaps and Derivatives Association has drafted standardized documentation supporting over-the-counter carbon emission allowance trades in the U.S.

Credit Suisse has hired James Walker as head of investment banking operations in the Americas—a new role—and head of global over-the-counter operations.

Eddy Wymeersch, chairman of the Committee of European Securities Regulators, called for greater transparency and more disclosure in over-the-counter derivatives this week at the Global ABS summit in London.

Indonesia’s banking and securities regulators are aiming to halt sales of derivatives to the retail market.

Credit default swap dealers and clearinghouse representatives from across Europe are scheduled to meet with Charlie McCreevy, European Commissioner for internal market and services, in Brussels tomorrow.

Francesco Papadia, director general of the directorate of general market operations at the European Central Bank, prescribed simpler securitization structures, greater disclosure and secondary market transparency in his keynote address at the Global ABS 2009 Conference in London this morning.

Derivatives practitioners in the U.S. have set a July 17 deadline for increasing transparency around credit default swaps trading. The commitment appears among a host of others in a letter slated for release tomorrow by the Operations Management Group.

Energy and commodities trading firms with large over-the-counter positions are looking to speak out against U.S. government plans to impose bank-like supervision on non-dealer counterparties that are considered systemically significant.

The European Association for Central Counterparty Clearing Houses (EACH) is waiting to hear from the European Commission before chiming into the global discussion on over-the-counter derivatives clearing.