Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Banks

CFTC offers concession on overseas swaps

Posted on June 30, 2012

Large US banks with overseas derivatives operations may be able to dodge new US swaps rules, potentially easing industry concerns that American law would apply all over the world.

The Commodity Futures Trading Commission, America’s top derivatives regulator, on Friday issued proposed guidance that call for foreign branches of US banks to be subject to derivatives rules in the countries in which they are located so long as the CFTC deems them comparable to US rules.

    The expected move was a concession to banks including JPMorgan Chase which had argued against the CFTC enforcing certain requirements on swaps transactions occurring overseas.

    Large US and European banks have complained about the CFTC’s implementation of derivatives rules connected to the 2010 overhaul of US financial regulations known as the Dodd-Frank Act.

    They argued that the CFTC was taking a much more aggressive approach to rein in the historically opaque market than necessary.

    Under the new guidance, if JPMorgan Chase’s London branch enters into a derivatives deal with a Goldman Sachs affiliate in London, the transaction could be governed by local rules with the CFTC’s blessing.

    The five-man commission voted unanimously to issue its proposal as guidance, rather than as a proposed rule. Standards that are issued in the form of a guidance allow the agency more flexibility in applying them to market participants.