Nasdaq asks FINRA to look over the broken pieces of the Facebook IPO; FINRA says it’s normal, but some see a conflict of interest. The CFTC and others are ready to go on swaps rules, but the SEC is having trouble keeping up, delaying the approval of the new regulatory structure. The G20 gets out their public relations wallpaper and plans to issue a resolution today declaring their fervent support of the euro, and their commitment to fixing problems through growth. Today’s first read gives a look at the new JLN Forex logo and blog site; and an opportunity to step up and help treat kids with serious brain tumors.
G20Everything tagged with: G20
June 19, 2012: Regulator seen conflicted in Nasdaq’s Facebook mess; Strained SEC holds up swaps rules; G20 targets growth to restore confidence
May 30, 2012: Global regulators plan margin rules soon for uncleared derivatives; LCH.Clearnet left off U.S. “systemic” list; Jones to leave NYSE Euronext amid restructure
Regulators around the world plan to suggest rules to require clearing derivatives, but they won’t be ready to do that in time for the June G20 summit. Even though it’s a big player in the clearing sector, LCH.Clearnet was omitted from the “systemically important” list of companies in the U.S., despite suggestions that trouble at LCH.Clearnet would strongly affect the American financial system. The EU considers a plan to create a “banking union” (or perhaps more accurately, “a banking failure union”) to spread around and better absorb the shock that could come from failing institutions within the eurozone. Garry Jones, global head of derivatives at NYSE Euronext, will leave NYSE Euronext following a restructuring.
November 4, 2011: Corzine Resigns From MF Global Four Days After Bankruptcy Filing; NYSE says won’t push D.Boerse deal at all costs
Jon Corzine resigns as head of MF Global as scandal and bankruptcy news continues. NYSE Euronext expresses confidence in the DB merger deal, yet the deal is not worth pursuing beyond the bounds of what is reasonable. The swaps industry crosses its collective fingers in the hope that slow regulation may be equivalent to less regulation. The Wall Street Journal reports that MF Global may have been hiding debt risk quarter by quarter for the last couple of years. John Lothian News reports promotions and additions to staff. Jefferies sees its credit worthiness downgraded, and investors and clients alike view the company with increasing uncertainty. In Europe, the G20 meeting moves forward, and the Greek-EU conundrum continues to simmer unresolved.
November 3, 2011: Europe’s Greece Ultimatum; SEC expects to file further CDO charges; MF Global account transfer approved by judge
The big, distant earthquake of the Greek referendum is still deciding whether to create a financial tsunami. The SEC announced that they are not yet done filing mortgage-security charges from the 2008 financial quake. MF Global’s bankruptcy judge has approved the transfer of some of the accounts frozen by… well, “all that MF Global stuff.” The G20 meeting in Cannes plans to make heavy use of the “sad trombone” sound, given all that isn’t working properly around the world. On a happier note, exchanges are reporting October volumes that are by and large better than those of last year at this time. Doug Ashburn adds another commentary to the JLN FX “The Eurozone” series.