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Feb 12, 2014

U.S. banks OK to trade on European derivatives platforms

WASHINGTON (Reuters) – The U.S. derivatives regulator said on Wednesday that Wall Street banks can trade on European platforms that are not registered with the U.S., a decision expected to mainly affect the London market.

The Commodity Futures Trading Commission’s announcement came just days before tougher rules governing the $630 trillion unregulated derivatives markets will take effect. The markets were at the center of the recent financial crisis, and the agency is now forcing much of the trading onto regulated platforms in an effort to make them safer.

Feb 12, 2014

Bitcoin hit by denial of service attacks as regulators prepare clampdown

WASHINGTON/NEW YORK (Reuters) – Bitcoin is being hit by attacks from unknown computer hackers who are sending “mutated” lines of code into the program that runs the virtual currency, a spokeswoman from its main trade organization said in a statement on Tuesday.

The attacks are responsible for problems experienced by two bitcoin exchanges that caused them to temporarily halt withdrawals by customers who stored bitcoins in digital wallets provided by the exchanges, the Bitcoin Foundation said in a statement.

Feb 12, 2014

New York planning a reality check for virtual currencies

WASHINGTON/NEW YORK (Reuters) – New York’s financial regulator on Tuesday revealed new details on how the state plans to govern virtual currencies such as bitcoin, just as problems in the nascent market took a turn for the worse.

Benjamin Lawsky, superintendent of New York’s Department of Financial Services, expects to adopt consumer disclosure rules, capital requirements and a framework for permissible investments with consumer money.

Feb 11, 2014

New York regulator lists possible new bitcoin rules

WASHINGTON/NEW YORK (Reuters) – New York’s financial regulator on Tuesday revealed new details of his agency’s plans to govern virtual currencies such as bitcoin to protect consumers and combat money laundering.

Benjamin Lawsky, superintendent of New York’s Department of Financial Services, expects to adopt consumer disclosure rules, capital requirements and a framework for permissible investments with consumer money.

Feb 10, 2014

Commodity groups launch next attack on U.S. position limits rule

WASHINGTON, Feb 10 (Reuters) – A group of commodity firms
came out against a new U.S. rule to curb market speculation in a
letter on Monday, after banks successfully shot down an earlier
version of the position limits rule in court.

The new rule by the Commodity Futures Trading Commission
attracted well over 100 comment letters by industry participants
after the agency – which regulates swaps and futures – launched
it in November.

Feb 10, 2014

U.S. regulator tells banks to improve derivatives data

WASHINGTON (Reuters) – The U.S. derivatives watchdog on Monday chided the industry for providing gappy data on the $630 trillion market, highlighting a rising concern for regulators around the world.

The Commodity Futures Trading Commission has repeatedly said that a deluge of swaps trading is overwhelming its computers since reporting started a year ago, and that it still cannot adequately monitor risk.

Feb 7, 2014

JPMorgan’s Masters abruptly quits group advising regulator

WASHINGTON (Reuters) – Blythe Masters, who heads JPMorgan’s (JPM.N: Quote, Profile, Research, Stock Buzz) commodities business, has left a group advising the U.S. derivatives regulator only a day after she joined it, the agency said on Friday.

JPMorgan declined to comment on the about-face by Masters, one of the most prominent women on Wall Street.

Feb 6, 2014

JPMorgan’s Masters joins regulator advisory committee

WASHINGTON (Reuters) – Blythe Masters, who heads JPMorgan’s (JPM.N: Quote, Profile, Research, Stock Buzz) commodity business, has joined a committee advising the U.S. derivatives regulator, the agency said on Thursday, a move that comes as Masters’ bank is shedding part of its physical commodity operations.

The Commodity Futures Trading Commission (CFTC) on Thursday voted on the new composition of its Global Markets Advisory Committee, a group of market participants that meets regularly to discuss a broad range of issues.

Jan 31, 2014

U.S., EU pledge better cooperation on derivatives reform

WASHINGTON (Reuters) – U.S. and European Union regulators on Friday pledged to work more closely together on reforming the $630 trillion (382.79 trillion pounds) derivatives market after publicly locking horns over the issue last year.

In a briefing after bilateral talks in Washington on Thursday, the EU and the U.S. Treasury Department also said they were concerned about the lack of progress in putting accounting standards on an equal footing.

Jan 27, 2014

UK Broker ICAP to lose role in ISDAfix swaps benchmark

Jan 26 (Reuters) – Swaps broker ICAP will give up
its role in establishing a widely used benchmark for
derivatives, two sources familiar with the situation said on
Sunday, after U.S. and UK regulators started probing the
process.

The International Swaps and Derivatives Association (ISDA)
will announce the change as early as Monday, one of the sources
said, another blow for the UK broker after its involvement in
the Libor rate-rigging scandal.

    • About Douwe

      "I head up the Financial Services team in London. We're 20 journalists, covering M&A, IPOs, restructuring, banking, real estate, investment management, hedge funds and private equity. I've worked for Reuters in Zurich, Frankfurt and Amsterdam."
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