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CFTC says it has evidence of price-rigging on ISDAfix benchmark
trueDerivatives regulators told the Justice Department they've found evidence of criminal behavior following an investigation into banks' alleged manipulation of ISDAfix, a benchmark used to set rates for trillions of dollars of financial products.
Alaska pension fund alleges 13 banks colluded on derivatives benchmark
trueAlaska Electrical Pension Fund, Anchorage, filed a lawsuit Thursday charging that 13 banks conspired to fix the ISDAfix benchmark rate, a “key interest rate for a broad range of interest rate derivatives and other financial instruments,” according to the filing.
CFTC commissioner appointed CEO at International Swaps and Derivatives Association
trueScott O'Malia was named CEO of the International Swaps and Derivatives Association, the organization announced Wednesday.
SEC expands its cross-border swaps rules
trueThe SEC on Wednesday voted to extend its cross-border securities-based swap rules to include transactions executed by foreign divisions of U.S. banks when an affiliate’s trades are legally guaranteed by the parent company.
American Beacon picks AHL to subadvise managed futures fund
trueAmerican Beacon Advisors hired AHL Partners, a subsidiary of Man Group, as a subadviser for a new mutual fund, the American Beacon AHL Managed Futures Strategy Fund.
Collateral agreements increase amid new regulations, ISDA survey finds
trueRegulatory requirements and increased best practices in swaps and derivatives trading have led to increases in collateral agreements, whether the trades are centrally cleared or not.
SEC proposes additional requirements for swaps dealers
trueSwaps dealers would be required to maintain daily security-based trading records under proposed rules announced by the SEC on Wednesday.
Regulators put indemnification costs in spotlight
trueThe cost of indemnification — insurance against counterparty default — might have to be carried on bank balance sheets under possible domestic and international regulations, and that could spur asset owners to make changes in their securities lending programs.
2 Toronto professors win Markowitz prize
trueJohn C. Hull and Alan D. White — both of the Joseph L. Rotman School of Management, University of Toronto — were named winners of the $10,000 Harry M. Markowitz Award prize, according to a joint statement by New Frontier Advisors and the Journal of Investment Management.
BNY Mellon closes U.S. derivatives clearing business
trueBank of New York Mellon closing its U.S. derivatives clearing business.
Obama names CFTC chairman nominee
trueTimothy Massad, the Treasury Department official responsible for overseeing the U.S. rescue of banks and automakers after the credit crisis, will be nominated to head the Commodity Futures Trading Commission.
Illinois SURS sues global banks for monopolizing CDS markets
trueIllinois State Universities Retirement System, Champaign, accused J.P. Morgan Chase, Goldman Sachs, Bank of America, and 11 other global banking institutions and dealer groups for monopolizing the credit default swap markets, inflating transaction costs and obstructing formation of alternative CDS platforms, according to a lawsuit filed in U.S. District Court in New York.
Swaps exchange's new COO was co-CEO of eSecLending
trueKaren O'Connor was named COO at swaps exchange trueEX.
AlphaMetrix closing down funds of funds
trueAlphaMetrix Group announced it will shut down the funds of funds it manages using hedge/managed futures funds running trading strategies on its investment platform on Thursday.
AlphaMetrix ordered to repay managers on its managed account platform
trueThe National Futures Association ordered AlphaMetrix Group to pay $600,000 of management and incentive fees owed to some of the 90 managed futures funds, commodity trading advisers and hedge funds on its managed account platform by Nov. 1.