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EDM Council Continues Campaign for Regulatory Recognition of Data’s Importance

The EDM Council has been a veritable hive of activity this year with its active campaign to get the regulatory community engaged in the issues surrounding data management. To this end, Mike Atkin, managing director of the industry body, has been on countless visits to US, UK and European legislators to ensure that data standardisation…

SEC Grants ICE Clear Europe and Eurex Clearing Exemptions to Operate CDS CCPs

The Securities and Exchange Commission (SEC) has approved conditional exemptions that will allow ICE Clear Europe and Eurex Clearing to operate as central counterparties (CCPs) for clearing credit default swaps (CDS). These conditional exemptions provide the SEC with regulatory oversight of the CCPs and should enhance the quality of the CDS market and the Commission’s…

CFTC’s Gensler Calls for Interoperability for OTC Derivatives Clearing Market

Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), has this week elaborated on his desire for more competition to be introduced to the OTC derivatives clearing environment. Gensler testified before Congress to encourage the US government to introduce greater levels of standardisation within the market and the ability for market participants to be…

US on Course for SEC Mandated Crackdown on Ratings Agencies

Following the discussions earlier this year by US Congress to overhaul the beleaguered credit ratings agency business, this week the US Treasury released proposals aimed at reducing conflicts of interest within these agencies. The idea to change their fee structures was first tabled in April during a Securities and Exchange Commission (SEC) roundtable and these…

Buy Side Participation for ICE Trust to be Enabled in October

IntercontinentalExchange (ICE), an operator of regulated global futures exchanges, clearing houses and OTC markets, has developed a solution that provides segregation of customer funds and positions in credit default swap (CDS) clearing. The solution, which will enable buy side participation in CDS clearing, is expected to be introduced in October 2009, subject to regulatory approval….

ICE and CME Group Speak Out About Implications of CCPs for Derivatives Markets

Following the concerns raised by Craig Donohue, chief executive of CME Group, last month about the dangers of forcing all derivatives to be cleared electronically, CME and rival IntercontinentalExchange (ICE) have this week released a 150 page report on the subject. The report details the legislative and regulatory action that may be needed in order…

Interactive Data Adds Kilburn, Simone and Swanson to its Board

Interactive Data Corporation has added Donald Kilburn, Victor Simone and Luke Swanson to its board of directors. Simone has also been appointed to the board’s audit and independent committees. These appointments bring the total number of directors actively serving on the board to 10, including five directors affiliated with Pearson plc, Interactive Data’s majority shareholder….

CFTC and SEC Divvy up Derivatives Pie, CME’s Donohue Expresses Concern About Illiquid Derivatives

Following a brief hiatus, the turf war is back on between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Just how the two regulators will divide up the oversight of the derivatives market is currently being debated across the industry and could have wide ramifications for those involved in the…

ICE Trust US Passes US$1 Trillion CDS Clearing Milestone

IntercontinentalExchange’s (ICE) ICE Trust US (ICE Trust) has passed the US$1 trillion milestone in cleared credit default swaps (CDS) since operations began on 9 March 2009. Open interest at ICE Trust currently stands at US$145 billion, representing an 86% reduction in notional value outstanding. ICE Trust also set a weekly clearing record of US$247 billion…

Fiserv Adds Elkins, Thompson and Williamson to Management Team

Fiserv’s Financial Control Solutions business has added three new permanent members of staff to its management team. Elizabeth Elkins, who has been filling the role of general manager of the division, which was formerly CheckFree ORM, has now been made permanent. Andrew Thompson has been appointed vice president for global sales and relationship management and…