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CHICAGO/WASHINGTON (Reuters) – The chief derivatives regulator on Thursday proposed making trading in the most popular swaps as transparent as stock exchanges, while trying to ensure that requirements for less popular swaps do not end up killing them.

Dozens of firms, such as IntercontinentalExchange Inc, hope to qualify as swap trading venues as the opaque swaps market is forced onto the public stage as part of a Wall Street financial overhaul mandated by the U.S. Congress.

How market regulators define these swap execution facilities, or SEFs, will determine who will be allowed to compete in what is expected to be the lucrative business of trading and brokering the swap contracts.

A week ago, Commodity Futures Trading Commission Chairman Gary Gensler delayed the long-awaited plan due in part to Republican and industry concerns that the rule was not flexible enough.

The new plan fixes most of those concerns, several swaps trading outfits said on Thursday.

The CFTC voted 4-1 to issue a proposal allowing swap execution facilities to use various trading systems, as long as certain requirements are met.

The proposal would allow SEFs to have electronic trading systems similar to stock market order books, where bids and offers are continuously updated. But it would not require them to do so, a possibility that some had feared would knock the wind out of trading in some of the less popular contracts.

"We applaud the CFTC for proposing these definitions for the trading of derivatives, and believe that they will increase transparency and create more efficient markets for end-users," Tradeweb CEO Lee Olesky said. Tradeweb, which offers electronic buying and selling of swaps, is owned by Thomson Reuters.

Swap venues also could have a "request for quote" system, as long as the request for a quote to buy or sell a swap was sent to at least five market players in the trading system.

Republican Commissioner Jill Sommers, who called the original proposal too narrow in scope, balked at the requirement that SEFs give market participants the option to post both firm and so-called "indicative" quotes, where the trader indicates what price he would be willing to trade without committing to the transaction.

Both types of quotes would have to be viewed by multiple parties.

Sommers said the dual requirement may limit competition.

"In my view this provision is not mandated by Dodd-Frank and may limit competition by shutting out applicants who wish to offer (request for quote) systems without this type of functionality," said Sommers, who voted against the proposal.

Fellow Republican Commissioner Scott O'Malia questioned whether the plan would serve all markets in a "manner that is transparent".

Allowing market participants to post "indicative" quotes is designed to ensure that less liquid derivatives are not forced into a fully transparent environment that traders say would deter participants from posting true bids and offers.

Under the Dodd-Frank overhaul, the CFTC has been given the power to police most of the estimated $600 trillion over-the-counter derivatives market.

The U.S. Securities and Exchange Commission is in charge of security-based swaps, which are at most about a 10th of the market. The SEC is expected to offer a similar plan in the new year.

The original CFTC proposal offered three tiers of transactions: larger trades that meet a specific level of volume, smaller trades that are not block trades but do not have major volume, and other transactions such as block trades where an SEF could provide end-users the chance to trade even though it is not required.

Companies that traditionally have been big players in the over-the-counter swaps market are working to ensure they stay in the game as the business moves under the CFTC's regulatory oversight. Barclays, Credit Suisse, Morgan Stanley and others have met with the agency to discuss the new trading platforms.

The CFTC proposal is open for a 60-day comment period.

(Additional reporting by Christopher Doering, Jonathan Spicer and Ayesha Rascoe; Editing by Robert MacMillan, Jim Marshall and Dale Hudson)

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Rockstar Games, developer more bankable country scored a massive hit this year with the Red Dead redemption exit, facing competition from rivals based in countries where the best benefits tax.

Consoles and software are flying off shelves in stores retail United Kingdom; Kinect, hands-free Microsoft interface has already sold 2.5 million in North America and the United Kingdom units and the giant software, it is satisfied that this sales figure will double before Christmas.

Last month, Call Of Duty: Black Ops broke records in international sales, generating $ exorbitant ￡ 220 m in unit sales in the United Kingdom and the United States its single opening week. There is also the effect of gaming devices to consider with Bloomberg reports that the British should pass 786 m $ for technology products this Christmas, with items such as Apple and iPhone iPad 4 (including two double game platforms) and equipment game 3D like Samsung and Sony, 3D TVs featuring prominently on the pre-order lists.

Witnessed how record profits recorded in industry set for 2010, one may wonder how successful this year Britain's local gaming industry. In a brief eye blow local industry expected to be in good shape. Rockstar Games, developer more bankable country marked a massive hit this year with the release of Red Dead redemption who had sold nearly 7 m units at the end of the last fiscal quarter, according to its Publisher 2 K.

But international, the professional association representing the industry of computer games in the UK, has published figures in November that paints a rather mixed picture of the State of UK developers and publishers.

While he noted that the games industry had seen 145 new start-ups, 131 companies closed during the same period. There has also been a change in retail games online; 80 per cent of the companies new game focused on digital distribution instead of high production range of titles retail triple A blockbuster.

More alarming, TIGA has revealed that the total number of persons employed by the gaming industry fell 9 per cent over the past two years, 84 percent of companies closing most game developers.

The video games industry has received a body blow earlier this year when the Chancellor of the Exchequer, George Osborne, announced that it wouldn't be the recipient of any tax relief, describing these proposals as "poorly targeted.

The announcement was contrasted with the comments made by the Conservative Minister of Culture Ed Vaizey in advance of the last general election. M. Vaizey said that his party "would certainly be at the beginning and seek support, we could give the industry, taking into account competition, he is confronted with countries such as the Canada".

He added that the Conservative Party was "" is committed to maintain tax R & D credits and it may be that these could be regarded as a source of support. ""

TIGA has been lobbying the Government - and continues to do so - for the introduction of the games, R & D improved tax credits, tax exemption action on skills and the maintenance of a flexible immigration policy.

Group CEO Richard Wilson argues that Government assistance will help local businesses to flourish and that he could put an end to the talented developers who leave the country for regions that provide Government incentives for the gaming industry.

International figures pointed out that although industry jobs have been lost and closed in any industry global development society, the UK was hit particularly hard compared territories benefiting from tax relief for the production of games.

The organization cited the example of the games industry based Canada, whose numbers have increased by 33% less than in the same period.

"Brains funded overseas Studios is deplete British personnel qualified and experienced studios" said Dr Richard Wilson, CEO of international "investigated in 2009 found that 23% of UK game development studios lost staff abroad during the previous 12 months and these 72% said that their staff went to the Canada".

This year was good for the British gaming industry with the impressive sales and growth of social flowered game, but international warning market still rings true.

Lack of support from the Government for this industry will mean developers will continue to leave the United Kingdom and innovations created in game that have broader applications arrive in smaller numbers.

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However, when Pfizer, the world's largest pharmaceutical company, promoted Scottish-born Ian C Read to its top job, it's arguable that Witty lost the distinction. Unlike Witty, who also spent some of his career in the US, Read now has US citizenship.

The move caps a steady but remarkable ascent for Read, who joined Pfizer four years after graduating with a science degree from Imperial College in London in 1974. He also qualified as a chartered accountant. Pfizer's shareholders, who have had to stomach a 35pc decline in the company's share price over the past four years, will want to know how Read can blend spreadsheets and science into a brew that puts the share price back on track.

Being described as someone with a long relationship with drugs is not usually a compliment, but the analysts covering Pfizer seized on his experience as a virtue. "I think Ian will be able to talk more deeply and coherently about Pfizer given his many years of experience and his long background in the drug industry," said Tim Anderson, at Sanford C Bernstein.

Read will need to be able to communicate with the analysts: next year Pfizer loses patent protection in the US on its blockbuster Lipitor; it is still integrating its acquisition of rival Wyeth last year, and a robust recovery in developed economies remains far from guaranteed.

As well as being two of the most powerful men in the industry, the careers of Read and Witty have taken them to the growing markets that both companies need to find customers in.

For Witty, it was Africa and Asia. Read's odyssey took him to Mexico, Brazil and then Europe. It's something that Pfizer's board used to explain the promotion of Read, who for the past four years has run the company's global biopharmaceuticals business, which generates 85pc of sales and employs 40,000 people. If he can pull off further expansion in markets such as China, the board's reasoning is likely to be warmly welcomed.

And the 55 year-old takes the helm with his eyes wide open about the non-stop demands of the job. He only needs ask his predecessor.

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The letter of the bookmakers coincides with today? presentation of the Government s appointed Horserace Betting Levy Board members.?Photo: PA

In a rare show of high street bookmakers and Paris Exchange Betfair, unity offerors have criticized the industry for failing to adapt to a changed world where those who bet on horses is being usurped by Paris on football and other sports.

Letter of the leaders of companies, including William Hill, Ladbrokes and Betfair coincides with the introduction today of the Government appointed members of Horserace Betting Levy Culture Secretary Jeremy Hunt.

Mr. Hunt is found in junk to determine funding for next year's position of sport after the two parties has accepted an agreement.Offerors offered 66 m ￡ next year, based on gross, profits 10pc whereas industry is 130 m ￡-￡_150 m.

In the letter signed, among others, by William Hill boss Ralph Topping, Ladbrokes Chief Richard Glynn, Gala Coral Emeritus President Neil Goulden and Betfair head David Yu, offerors warn Mr. Hunt does not to fall for the racing industry is based on an increased royalty payment arguments.

The campaign group of owners, trainers, jockeys and racecourses tent a picture of an industry financial crisis by focusing only on income derived from the Levy.Mais complete facts United Racing does not back up this claim, the letter says.

Offerors pointed out that the industry also supports racing's "above inflation" SIS payments and record TV for photos that are passed through the channels for Paris.Actuellement, stores total payments approximately 55 m ￡ per year but are likely for amounted to approximately 75 m ￡.

Offerors added: "in the heart of the matter is that the British horse racing industry seems determined to ignore - revenue from the Levy is mainly because fewer people are betting on horse racing britanniques.Sa relevance for the NRC client continues to decline."

"British Horseracing as all corporations, must adapt to the evolution of the situation rather hoped a bailout by increased grant established in 1961 to offset the impact expected from outside betting on attendance racecourses.Le world has changed many things in the past 50 years British Columbia racing horses, protected by this grant, failed to adapt."

Offerors to go on to say that "if anything, the value fall of British horse races in Paris pleads for a reduction in the fee.

|A spokesman for the British Horseracing Association hit, saying: "it is a transparent false unity of different items that are in the record in support of our funding case bet industry show."

"Their central argument has already been rejected, and their inability to find anything reasonable saw the land issue with Jeremy Hunt, whose colleagues while in the opposition were clearly in the need to fill gaps in the charge could be closed."

"Mr. Hunt threw that he now wants to follow and we look forward to play our full part process".

After receiving recommendations from three nominated advisers hunting of M. Levy Board - Paul Lee, Penny Boys and Paul Darling - Government then should give both sides up to December 31 to perform other représentations.Il will be then its final decision.

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Home Secretary Theresa may today outlined plans to limit the number of skilled third-party entering the United Kingdom by one fifth of 28,000 per year to 21,700.

However, the CAP include approximately 22,500 workers transferred by international employers to the United Kingdom annually in ICT - system able to meet the new criteria.Ms. may said ICT wishing to stay more that a year would win again, minimum wage of ￡ 40,000 .Entreprises will still be able to bring workers in the UK, ICT, less than 12 months as long as they earn ￡ 24,000 or more.

Groups of companies were "happy" with the level cap of immigration until today, that they had been concerned that too strict a ceiling on migrant workers non - EU would serious shortages in the United Kingdom.

David Frost, Director General of the British trade house (BCC), said: "business will be pleased to see that the Government has taken its concerns on board.

He added: "we're just that companies who require skilled for a specific job move in front of the queue, as they are essential to economic growth and to ensure that the United Kingdom remains competitive."

John Cridland, CBI Director-General appointed, said: "this announcement demonstrates that Government has listened to the needs of business and he acted in support of recovery .c ' is a good result for the economy and the country as a whole and sends the message that Britain is open for business."

He added that it was just as the system exempt from the CAP, most ICT to allow companies with international operations to efficiently manage their global workforce.

"This will ensure that the United Kingdom remains an attractive at the base of the new projects and investments place which means more jobs for workers in the UK", he said.

However, Mr Cridland says: "of course, achieve a reduction in net migration require action in other areas, including students, family visas and regulation."If we welcome Announces Government consultation on student visas.?

The Government is to examine the number of students who come to the United Kingdom represent on 60pc tiers.Mme may total migration could prevent foreign students arriving at prices below the level of degree, study as they are not the brightest "and the best" talent the country needed, she said in a speech earlier this month.

Last week the immigration consultant by the Government, David Metcalf, recommended an annual ceiling of skilled workers have and 43 700.En 2009, there are 55 000 skilled workers (including ICT) entering the United Kingdom.

Migration Advisory Committee has proposed cutting work permits by up 25pc, which lead to approximately 10,000 workers less that currently has arrived.

However, the Institute for Public Policy Research has warned that the Government could not achieve its goal of reducing the net migration level of the year last of 196,000 "tens of thousands" without detriment to the British economy.

Sarah Mulley, managing partner of IPPR, said: "Government should go further than the ceiling announced today if it wants to achieve its overall objective and perhaps even cut skilled immigration by until 80pc 2015.Le Government here is now an unpleasant choice between introducing a policy which she knows will affect the economy and public services or failing to complete a promise of the electorate."

Your vision: If Great Britain Cap immigration?

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This month, land securities and British Land, two largest United Kingdom, listed property companies reported that a growing number of retailers are seeking new stores as part of expansion plans.

Chris Grigg, Chief Executive of Earth British, said: "what we are definitely seeing retailers, for the first time since the crisis, provides for the medium and long-term rather than short-term."

This has led to values of motor rental growth business property for the first time since the financial crisis.Also the Mall developments are is redémarrés.Par example, Land Securities began working on the Leeds Trinity, a 350 million project of ￡ in city centre of Leeds is already 50pc leave despite not scheduled to open in spring 2013.Cult, following and Topshop signed for the shops at the new Mall.

Francis Salway, Executive Director, Land Securities, said: "more companies have strengthened their balance sheets and are willing to invest and develop."

Nowhere is more evident than Oxford Street fashion retailers successful demand premium ground UK retailers and foreign motor rent records.

Desigual, Spanish fashion chain has agreed to pay a record ￡ 710 square feet to move the current Disney on Oxford Street store while Primark provides a second store in the street, and retailer American fashion Forever 21 struck a deal almost unprecedented pay HMV 14 million pounds to take 360 Oxford Streert rent.

This demand forecasting, Land Securities began working on Park House, the greatest development on Oxford Street for a year before the Office and the retail site is finished génération.Deux, retail space is 95pc leave Zone A ￡ 600, with Urban Outfitters and Zara rents means among brands have signed.

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