US Department of the Treasury
The 14-month determination
Now that the Treasury is expected to confirm its proposed exemption of FX swaps and forwards, will its original all-or-nothing mandate need to change?
US Treasury poised to finalise FX exemption
A decision to proceed with the exemption of FX swaps and forwards from clearing and exchange trading is understood to have been made, pending final CFTC product definitions expected this week
Spotlight on: Mandy Lam, global FX division
The managing director for North America of the Global Financial Markets Association’s global FX division talks to Melanie White about the key regulatory challenges facing the FX market and FX options clearing and settlement project, which she is heading…
US Treasury’s FX exemption hangs in the balance
A year after the US Treasury's proposed regulatory exemption for FX swaps and forwards, the position has never been confirmed - and some believe it may be reconsidered
Esma must replicate US Treasury’s FX exemption, says EC official
Patrick Pearson, head of the European Commission unit that drafted Emir, says FX swaps and forwards must be exempt from clearing under Esma standards
The perils of one-size-fits-all
Regulators need to come up with a calibrated approach to calculating collateral requirements for uncleared derivatives, writes Joel Clark
Margin rules for uncleared FX rest with regulatory working groups
Regulators must adopt a calibrated approach to mandated collateral so that short-dated FX swaps and forwards are not caught up in the rules unnecessarily, argue market participants
FX Week meets James Kemp, GFMA
The managing director of the GFMA's global FX division talks about the biggest regulatory challenges for the FX industry in 2012
Review of 2011
As 2011 draws to a close, FX Week looks back on a year in which the decisions of politicians increasingly came to define the direction of major currencies, while the progress of regulatory reform was stunted by missed deadlines and challenging technical…
Academic opposition to FX exemption debated at Isda’s Europe conference
Speaking in London on September 20, Craig Pirrong supports the unpopular position of fellow academic Darrell Duffie that FX swaps and forwards should not necessarily be exempt from the mandatory clearing requirements of the Dodd-Frank Act, as recommended…
Taking stock of 2011: Regulation and clearing
The Group of 20 meeting in September 2009 laid out a set of requirements on clearing, trading and reporting of OTC derivatives. Two years on, plenty of progress has been made – but a number of outstanding issues remain. By Chiara Albanese, Farah Khalique…
Afme: From advocacy to implementation
Set up in June 2010 as the mouthpiece of the FX industry as regulators reshaped the derivatives landscape, the mandate of Afme’s global FX division is gradually changing from one of pure advocacy to one of implementation. Miriam Siers talks to the…
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
Regulation is the biggest concern for FX banks, says StreamBase survey
A majority of 52% of respondents to third annual survey cite regulation as their top concern - over and above the growth of competition from high-frequency traders
Trade associations lobby for clarity on extraterritoriality
Eight trade associations lobby Geithner and Barnier to address extraterritorial concerns
European Parliament rejects Swinburne’s forex exemption
Crucial plenary vote on Emir on July 5 retains suggested amendments to recognise unique nature of FX derivatives, but stripped out explicit calls for an exemption
Australian regulators suggest clearing exemption for FX
Reserve Bank of Australia discussion paper commits to harmonising rules with US and Europe
Esma inclined to follow US FX exemption, says FSA’s Justham
Senior UK regulator emphasises importance of aligning European regulation of FX with US, but says it is not top of Esma's agenda
Econ in favour of FX exemption
European committee favours US plans to exempt currency derivatives from clearing requirement
Two sides to every argument
May in perspective: participants hope the US Treasury will hold by its proposed exemption, despite several calls for further independent analysis of the FX market
CFTC rulemaking narrows field in repository race
CLS decides not to pitch to become FX repository provider after CFTC rulemaking demands extra granularity and timeliness in data reporting
Against the Treasury’s proposed exemption
Systemically significant foreign exchange markets need transparency and regulation, argue Dennis Kelleher and David Frenk
In favour of the Treasury’s proposed exemption
Darrell Duffie's opposition to the US Treasury's paper misses crucial points, argues Justyn Trenner
Duffie paper sparks debate over credit risk in FX swaps and forwards
Market participants respond to calls from academic Darrell Duffie for more analysis before finalising exemption of FX swaps and forwards from clearing requirements