US Department of the Treasury
Stablecoins’ would-be lawgivers don’t know what they’re missing
Bills in US Congress focus on run risk, but more detail needed on operational challenges
Dealers slam ‘nonsensical’ treatment of FX derivatives
Proposal on US swap dealer threshold rekindles debate on definition of NDFs and window forwards
Trump accuses China and Russia of currency devaluation
US president’s comment contradicts findings of his Treasury department’s recent report
US Treasury declines to brand China a currency manipulator
In its second report on FX policies since Donald Trump took office, the US Treasury only criticises China, despite campaign promise
US Treasury fails to brand China a currency manipulator
In its first report on FX policies since Donald Trump took office, US Treasury issues China with a warning only, despite the president's campaign promise
SNB risks friction with US due to FX policy
Switzerland could face being labelled a currency manipulator as the Trump administration takes aim
Macroeconomic impact of Trump presidency still questionable
Global markets reacted with euphoria in the wake of the US election, but real economy repercussions may be less positive
EBS Direct set to offer outrights and swaps
The platform looks to grow market share in a new area of business
FX futures set to benefit from regulatory shifts, Greenwich says
Capital requirements, initial margin and mandatory clearing of options and NDFs will boost futures trading
Market conditions point to uneven global recovery, says Treasury official
Speaking at FX Week USA conference, Daleep Singh acknowledges the improvement in economic conditions in the US but calls for a more balanced global recovery
Rolling spot is a swap in retail market, says CFTC’s Chilton
Bart Chilton confirms rolling spot transactions in the retail market renders the contract a swap under the Dodd-Frank Act, but definitions still unclear in institutional FX
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
Avoiding collateral damage
While it is still not clear which way the WGMR will rule on margin for FX swaps and forwards, regulators face the recurring danger of unintended consequences if they go the wrong way
Review of 2012: October - December
FX Week looks back on the biggest stories of 2012, concluding with the fourth quarter. To read the original stories, click on the links in black
Questions remain on clearing and collateral
While confirmation of the US Treasury exemption came as a welcome development last month, further issues must be resolved in the coming months on the clearing of FX options and margin for uncleared trades
FX Week Europe: Global consistency essential for FX regulation
Regulators in Europe must follow the Treasury's lead in exempting FX swaps and forwards from new regulatory requirements, argue speakers at FX Week Europe
The case for gold
Axel Merk and Kieran Osborne at Merk Investments believe recent financial shocks and ongoing turbulence provide major incentives for those considering gold, not just as a safe haven, but also as a protection against inflation
Confirmation of US Treasury FX exemption brings relief to dealers
After two years of consideration, the US Treasury confirmed its decision to exempt FX swaps and forwards from mandatory clearing and exchange trading on Friday evening
Banks rethink clearing structures under CFTC pressure
CFTC rules on conflicts of interest mandate clearer separation between OTC clearing and execution, prompting some banks to restructure their operations
Buy side weighs risk mitigation against clearing costs
Buy-side firms look certain to bear some of the costs that result from mandatory central clearing, with some suggesting they might look to clear non-mandated products, were it not for the prohibitive costs
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