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Regulators want to see a tape for capturing post-trade information on over-the-counter derivatives, akin to what is used in the equity markets.
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European Union representatives will propose to G20 states in June to agree to ban naked credit default swaps trading on government-backed bonds, according to Nikolaos Chountis, a member of the European Parliament for Greece.
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Politicians in the European Parliament’s Economic and Monetary Affairs Committee are at odds over whether bank stakes in clearing houses should be capped or abolished.
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Patrick Pearson, head of financial markets infrastructure within the European Commission's internal market division in Brussels, told Derivatives Week in an exclusive interview with London reporter Rob McGlinchey that the Commission is collecting data from dealers and end-users with a view to drawing up a benchmark of bid/ask spreads. The aim is to help shave users' hedging costs and determine how expensive it would be on top for users to clear their trades.
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Dirk Pruis, former president of ICE Trust U.S., the over-the-counter derivatives clearing platform owned by IntercontinentalExchange, is heading back to Goldman Sachs for what will be his third stint at the firm.
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In an industry letter to the Federal Reserve Bank of New York, a group of 14 international dealers and their largest customers committed to new standards for transparency, standardization and collateral management, and to further expand the use of central clearing in credit and interest rate derivatives.
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The Futures Industry Association has blasted CME Group for not seeking public comment on an amendment to its plan allowing customer funds used to margin cleared credit default swaps to be commingled with other funds in customer segregated accounts.
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U.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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The group of 15 major over-the-counter dealers collectively cleared 93% of all eligible credit default swaps by Dec. 31, 2009, according to a draft of the March 1 letter to the Federal Reserve Bank of New York. The G15 set itself a collective target of 80% as of October.
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Dirk Pruis, president of IntercontinentalExchange’s over-the-counter derivatives clearing platform ICE Trust U.S., has left and been replaced by Chris Edmonds, former ceo of International Derivatives Clearing Group.