Wall Street Letter VOL. XLV, NO. 36 - December 2013

THE DEFINITIVE SOUR CE FOR TR ADING NE WS VOL XLV ISSUE 36 DECEMBER 2013 www.wallstreetletter.com IN THIS ISSUE News People moves04 Feature Dissecting the issues15 Focus Fee chart16 Comment Benchmarking and maturity assessments18 MORE NEWS INSIDE IPC answers demands for mobile offerings The vendor announced it had integrated its Unigy Pulse Mobile trading communications system into ScottyD TURN TO PAGE 05 Brownstone aims to bolster bond coverage Brownstone is looking to hire corporate and municipal bond market vets to add to its roster TURN TO PAGE 08 + PLUS 15 Dissecting the issues WSL collects top quotes on the big issues for options exchange executives who spoke at last month’s FIA Expo in Chicago TOP STORY Standard SEF rules requested BY JEANENE TIMBERLAKE Some users of swap execution facilities are demanding more similarities among SEF rulebooks, according to comments during an early panel discussion at SEFCON IV in New York last month. SEF executives on the same panel noted they are in favor of some standardization and also more disclosure. In response to a question from Scott O’Malia, CFTC commissioner and moderator of the panel, on what the rulebooks across the 21 SEFs in operation should say regarding testing standards, Sonali Theisen, director of credit trading at Citigroup, said it’s understandable that all the rules across all SEFs won’t be the same. But Theisen noted the rulebooks should be required to have certain elements in common, specifically related to elements that are required under CFTC core principles. For example, she noted technology and testing standards should be disclosed. “It is our view that it should be the first metric by which we judge whether or not we’d like to participate,” she TURN said, referring to the TO PAGE technology and testing standard. 03 V I S I T WA L L S T R E E T L E T T E R . C O M F O R U P - TO - T H E - M I N U T E I N V E S T M E N T N E W S