Articles by Nick Sawyer
Gensler not ruling out targeted Sef relief
CFTC chairman recognises difficulty in meeting October 2 Sef deadline, but says platforms need to be targeted in requests
Benchmark overhaul brings substantial improvement, says Lenny Feder
In the aftermath of the Libor scandal, Singapore’s financial industry has opted to overhaul its existing benchmarks to focus on transaction data
FX prime brokers welcome CFTC relief
CFTC provides last-minute relief for FX prime brokers, having listened to arguments that the market could be seriously impeded by business conduct rules
Futures will not beat swaps on margin alone, say buy-side firms
Swap futures have a number of advantages, but OTC instruments will continue to be popular, leading buy-side firms say
FX Invest North America: Extent of FX exemption still unclear
The US Treasury has exempted FX swaps and forwards from mandatory clearing and reporting requirements, but the extent of the carve-out is still uncertain, panellists at FX Invest North America warned
FX Invest North America: Platform proliferation creates buy-side headache, say panellists
An overcrowded market will lead to platform consolidation, but it is too difficult to predict which venues will survive
FX Invest North America: Central banks ‘getting away with murder’
Central banks are pursuing the wrong policies and will find it difficult to know when to tighten monetary policy, says Axel Merk at Merk Investments
Uncleared margin rules could hold back new CSA adoption
Proposals on the margining of uncleared derivatives trades could dampen take-up of the standard CSA
Broader US person definition could cause clearing avalanche, participants warn
A large number of offshore funds could be classified as US persons once a CFTC exemption expires in July, subjecting them to Dodd-Frank transaction-level rules
Perception of EM risk reduced by central bank safety net - investors
Large foreign exchange reserves held by emerging market central banks makes investing in those countries attractive, say panellists at FX Invest Europe
FX Week Europe: Uncleared FX not necessarily more risky, says BoE’s Cross
Proposed rules could result in relatively vanilla FX products attracting disproportionate margin and capital requirements, says BoE FX division head
Local trade repositories are necessary, says senior HKMA official
The benefits of local trade repositories outweigh the possible disadvantages of multiple reporting requirements, says executive director of HKMA’s financial infrastructure unit
Lack of governance to blame for Libor scandal, says IMF official
A failure of bank governance is behind the recent Libor rate-fixing scandal – and these kinds of failings could pose systemic risks, says José Viñals
FX market a challenge for CCPs, says New York Fed official
Central counterparties might struggle to implement clearing solutions for the FX market, says Jeanmarie Davis
New CPSS/Basel guidance on FX risk management to be published soon
A new consultation paper on risk management practices in the FX market will be released in the third quarter – and may be published as early as this month
Jerry del Missier resigns in wake of Libor scandal
Barclays COO and long-time derivatives industry figure steps down hours after resignation of chief executive Bob Diamond
Esma exemption provides corporate relief
Corporates relieved at Esma clearing exemption, but express concern about uncertainty over uncleared derivatives
BM&F Bovespa plans to integrate clearing houses
Plan to combine four clearing houses into one will result in margin efficiencies of 30-40%, the exchange estimates
Isda working group close to finalising standard CSA
Latest proposal extends number of silos from five to 17, mirroring approach taken by LCH.Clearnet
Central bank's credibility was vital to introducing minimum rate, says SNB’s Schlegel
The decision by the Swiss central bank to introduce a minimum rate to the euro last September was possible because of the SNB’s credibility, says the central bank’s head of foreign exchange and gold
Nomura FX business will keep own identity
Global macro products group still bedding down, but Ashley says FX team will retain its individuality
SwapClear may assist OIS development
London-based clearing house might consider helping to build OIS markets in minor currencies, as it continues to move its interest rate swap portfolio to OIS discounting
New standard CSA could be rolled out in Q2 2012
An implementation plan for the new standard CSA is set to be reviewed by the Isda board in September, with a first-phase rollout expected as early as the second quarter of 2012
LCH.Clearnet reiterates commitment to FX clearing
Clearing house reaffirms its intention to launch ForexClear, which will sit alongside SwapClear and a newly expanded CDSClear service