I think there's many will be disappointed this case didn't go further, it would have been illustrative to see whether BBG's lawyers could make an argument stick on how IM requirements are specified by regulators.
District court judge Beryl Howell late on Friday night dismissed the lawsuit, saying that “once the plaintiff’s hyperbolic rhetoric is swept away, no facts are left to sustain the relief it seeks”.
The CFTC have said they (the commissioners) will vote on SEF rules on the 16th, which includes a minimum of two quotes rather than five for the first 12 months, then rising to three. Should the vote be in favour of the SEF rules, there will be an almighty rush to win business for SEFs, and an explosion of connections from SEFs to CCPs, and uptake of the two 'hub' services from Markit and Traiana to handle client limits. Vote looms on Dodd-Frank swaps rules - FT.com.
The game-ification of the world is now well understood - battle against minor challenges, get power ups, meet the end of level big boss, and finally complete the game. The ECB has joined in, the game isn't yet on your iPhone, but through a browser. Click below to play.
Follow DEM's link to the FT analysis of emails regarding the "optimisation" of regulatory capital with the JPMC CIO and the 'whale' trades. Deus Ex Macchiato » Today’s detention.
The FT got to it quicker than me - the Bank of England has published their 2012 review of Payment Systems, including those of CCPs in the UK. The report mentions an IT failure at LCH, see box below. I've not had time to read the whole report yet, if you spot anything interesting, let me know. The BoE report can be downloaded direct here psor2012 of from the BoE website here, link to the FT story below.
From the FT: @FTTradingRoom: CME Group's European interest rate swaps clearing starts in London today. Debuts with 7 currencies: GBP, EUR, CAD, AUD, CHF, JPY and USD Anyone know who CME have signed up for this? It would be interesting to know. Update: http://cmegroup.mediaroom.com/2013-03-18-CME-Clearing-Europe-Expands-Services-with-Introduction-of-Interest-Rate-Swaps
FT article: BBG threatens to sue CFTC (subs required) Bloomberg has taken the first step towards suing CFTC over what they see as an un-level playing field in margin holding periods and block sizes between exchange traded interest rate swapfutures and SEF traded interest rate swaps (Bloomberg's All-Q is intending to be one of the approved SEFs).
Google the FT for the story from Philip Stafford, can't post the link right now, as I'm in seat 9a to Frankfurt.
As reported below the EU parliament voted by 24 to 20 to reject the draft Technical Standards from ESMA. to implement EMIR. The objection regards smaller non-financial parties and how they are swept into clearing, but the rejection means the whole package of rules is now back on the drawing board for a further period of consultation, drafting and re-review. Assume the ESMA timeline is now moved back 3 to 6 months into late 2014.