International Swaps and Derivatives Association (Isda)
Keith Bailey leaves Barclays
Former Isda chair left the UK bank at the end of January, Risk.net understands
Metcalfe joins WFE
Richard Metcalfe previously worked for BNY Mellon as a Mifid II implementation consultant
European Commission backs FX forwards margin exemption
Need for change is “undisputed”, official says, but short-term relief expected to come via forbearance
Documentation fears slow CNY FX derivatives growth
Foreign fund managers need clarity before market can take off, say banks
OTC market fragmentation rises in wake of Sef trading
Isda research highlights split between US and Europe in swaps trading
Industry requests clarity over extra reporting requirements
Esma quizzed on specifics of collateral and valuation reporting
Trading places, 28 April, 2014
Departures at Isda and BHF Bank, while the FCA employs two senior advisers
Extent of Sef-driven fragmentation revealed in Isda survey
Almost 80% of respondents indicate that Footnote 88, which required all platforms to register as Sefs by October 2, has resulted in fragmentation of liquidity in FX options and NDFs
Banks push for greater adoption of two-way CSAs
The Bank of England's decision in 2012 to start using two-way collateral model fails to spur change, and traders are calling for more to adopt the model
Pressure mounts on CFTC for relief on Sef rules
CFTC is being lobbied to grant relief on the contentious Footnote 88, which requires platforms to register as Sefs even if the products they offer are not yet made available to trade
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May
Trading places, June 10, 2013
New hires at Goldman Sachs, TraderTools, GFI, ECU and CRT Capital
CFTC misusing Dodd-Frank to expand its role, says CME's Duffy
CME chief accuses regulator of overreaching, as line-up of industry figures attacks Dodd-Frank rules
CFTC rules on mid-market disclosure put banks under pressure
With just six weeks to go until the deadline for banks to disclose the mid-market price on certain FX trades, banks face considerable technology hurdles to comply
Global margin standards face further delays
Proposals to collateralise non-centrally cleared derivatives could now be subject to further consultation and impact assessment, having missed the original end-of-2012 deadline
DTCC forex repository hits launch deadline, despite bank delays
The DTCC has today launched its global trade repository for FX in line with CFTC deadlines, although dealers now have until February 28 to begin reporting
No need to panic about collateral supply, says Bank of England
Isda estimates that mandatory clearing and margin could require the posting of up to $30 trillion of initial margin have been inflated, not least because of a likely exemption for FX swaps and forwards, according to a senior BoE official
Pressure mounts on Esma over clearing exemption
Responses to Esma's draft technical standard on Emir call for the agency to clarify its position on FX clearing - with some suggestion NDFs could be exempt
Regulators leave door open for FX exemption from margin rules
A senior group of regulators has recognised the possible case for an exemption from margin rules for non-cleared FX swaps and forwards - but possibly not those of longer maturities
Banks hope for CCP capital concessions at Basel meeting
Banks and CCPs are pressing for changes to method of calculating default fund capital
CCP resolution plans start to take shape
LCH.Clearnet's re-launched CDS clearing service adopts a loss-sharing mechanism - in line with a "last gasp of breath" approach outlined in an Isda letter to the Bank of England
CFTC steps back from controversial 85% rule
Following the recent revelation of further delays in the Dodd-Frank rulemaking process, an unpopular rule on centralised trading has been shelved. Felix Shipkevich believes it was the right decision
Trading places, May 7, 2012
New appointments at Barclays, BNP Paribas, Nomura and Goldman Sachs, while Isda adds three to its board
No need for Sef Clarification Act, says CFTC's Gensler
Dodd-Frank requires transparency for derivatives trading, CFTC chair says - and final Sef rules will reflect that