European Securities and Markets Authority may force EU traders to keep written records of face-to-face meeting with clients and to tape their phone calls in a bid to counter market abuse. According to Bloomberg, the rules would apply for meetings that “result or may result” in the “reception and transmission of orders, execution of orders on behalf of clients and dealing on our own account.”
Canadian Securities Administrators are considering the impact of scrapping the “maker-taker” pricing model used by stock exchanges that is often linked to HFT trading, the Financial Post reported. According to the regulators, “we are concerned that the payment of rebates is incentivizing behaviors in ways which may have a negative impact on our market.”
London Stock Exchange aims to focus on futures, an area in which “we are dedicating significant time and resources,” Bloomberg reported.
London Metals Exchange was granted permission by the Court of Appeal to appeal the court ruling that halted a reform aimed at cutting backlogs at its global warehouse network, Reuters reported. According to LME, “we continue to believe that Rusal’s complaint was without merit in its entirety and are conscious of the need to find a solution for the market as quickly as possible.”
Mexico issued new trade rules to increase oversight of derivatives trades and centralize the clearing of transactions, in order to minimize risks of a market crisis, Reuters reported.
ISDA and FIA Europe jointly published a model agreement for cleared derivatives trades. According to the Trade News, this agreement is a template document designed to assist market participants when negotiating executions agreements under English law for swaps intended to be cleared by central counterparties outside the US.
ICAP will reduce headcount and restructure voice brokers’ compensation in the coming year, as “the hard realities are that the global broking business, not just Icap’s but also our competitors, is facing a very tough time and a degree of staff slimming is necessary,” the Financial News reported.