Derivs - Regulation

TP ICAP has named Amir Zaidi, a respected former senior figure at the US Commodity Futures Trading Commission (CFTC), as its global head of compliance.

The Financial Stability Board has appointed Ryozo Himino as chair of its standing committee on supervisory and regulatory cooperation.

Buy and sell-side firms have rejected suggestions that they should have to post additional margin or participate in default funds in the aftermath of last year’s default at Nasdaq clearing.

The World Federation of Exchanges has warned that the European regulator’s proposals for EMIR 2.2 risk fragmenting global markets, raising costs for end users and damaging international relations.

Bloomberg has acquired regulatory consultancy and technology company RegTek Solutions as it pushes to strengthen its regulatory reporting product.

The Global Association of Central Counterparties (CCP12) has warned against further regulation of default management auctions and the risk of adopting a “one-size-fits-all” auction approach to central counterparty clearing houses (CCPs).

The US Commodity Futures Trading Commission has appointed Summer K. Mersinger as director of the office of legislative and intergovernmental affairs and Suyash G. Paliwal as director of the office of international affairs.

The International Swaps and Derivatives Association has selected Bloomberg Index Services to assist with fallbacks provision as the derivatives industry prepares to transition away from Libor as its standard reference rate.

The US Commodity Futures Trading Commission has sanctioned trader and CFTC-registered floor broker Benjamin Cox for alleged spoofing.

UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.

As hardline Brexiteer Boris Johnson takes power in the UK, the European Commission is set to claim that the equivalence test for financial firms is tougher when the country in question is heavily connected to the EU.

Andrew Bailey, CEO of the UK’s Financial Conduct Authority, said on Monday that progress was needed in the next “year or so” in moving the loan market away from Libor. He added that the consent solicitation undertaken by Associated British Ports to switch an FRN to Sonia was a model for other borrowers.