Regulation
CFTC hears NDF workload fears
Some FX market participants are concerned by the potentially short timelines for preparing the industry fully for NDF clearing and possible liquidity implications
Draghi plans showdown ‘early next year’
Governing council to reassess monetary stimulus in 2015; Draghi says he does not need unanimity to launch quantitative easing
FCA warns of more fines if culture does not change – FX Week Europe
McDermott delivered a sobering address to FX Week Europe market participants
Timeline for NDF clearing still pending, says Massad
No end in sight for a NDF clearing mandate as the CFTC seeks feedback from its Global Market Committee Meeting, held last month
Agency desk growth will be slower than expected, traders say
The chance of 50% of the FX market going to agency execution within five years is viewed as highly unlikely, but some banks wager on agency being the future of FX trading
UK launches probe into banking sector competition
The investigation will assess whether the retail-banking market is too concentrated, with barriers to entry and opacity under scrutiny
Banks set aside more than $6 billion for FX fines
Large currency dealing banks prepare to draw a line under the global regulatory probe into currency markets as they brace themselves for fines
G-20 needs to arrest currency wars to stop Asian deflation
Callum Henderson, global head of FX research at Standard Chartered calls for leaders to put a stop to currency wars; says SGD is an ideal candidate for funding relative value carry trades in Asia
UK set to issue RMB-denominated sovereign bond
Bank of China, HSBC and Standard Chartered appointed to help in the issuance of the bond, which will help finance the UK's reserves
Bank of Russia sells $1.4 billion to prop up ruble
Central bank intervenes in foreign exchange market to support currency as it continues to slide against the US dollar; commentators split over prospect of rate hike
FCA investigation becomes systems and controls case
Banks and the FCA have reportedly entered into talks to settle allegations of benchmark manipulation, with the focus turning to systems and controls as regulators struggle to link senior management to complaints
FSB to recommend fix order separation
The recommendations, set to be published within days, will include widening the fixing window and code-of-conduct changes
Industry grapples with uncleared margin rules
Market participants are unhappy with consultation documents released in the EU and the US on the margin requirements for FX swaps and forwards, and the definition of a financial end-user
US court orders Sef-registration rethink
CFTC forced to perform cost-benefit analysis of various Dodd-Frank provisions
FX Focus - The regulation blues
Senior bankers have often derided the Basel Committee’s intraday liquidity measure as an ineffective and burdensome piece of regulatory overkill. Nevertheless, they will be expected to implement it from January 2015. Readiness isn’t perfect, and banks…
Ex-Citi Ramchandani returns to market, joins LCG
Ramchandani's hire follows a period out of the market after he became embroiled in the slew of accusations surrounding the global regulatory probe into currency trading
Carney: shortfall in reserves likely for independent Scotland
Division of UK reserves on GDP basis will leave Scots with 10% buffer – less than half of what is generally considered sufficient ‘to ensure credit flows freely and effectively', says BoE governor
Banks struggle to solve FX conduct issues – Wheatley
FCA admits banks are finding it hard to stop bad practices, while UK ministers raise concerns over bank fines
EUR/USD may hit parity as dollar shows signs of life
Having survived the best part of the year without a particular trend to follow, investment firms are seeing light at the end of the tunnel
CFTC's FXPB reporting rules add to regulatory confusion
CFTC reporting rules, introduced 18 months ago, force FX prime brokers to take evasive action while awaiting clarity
Esma must use FX derivative definition delay wisely – WMBA
Fears that delay risks entrenching confusion over trade-reporting rules
Smooth take-off for collateral reporting
Buy side goes it alone on collateral and valuation reporting
End of Bretton Woods has helped dollar reserves - ECB
Collapse of Bretton Woods System caused significant upheaval of currency reserve trends, says ECB report
RBI's Rajan says the euro is too strong - Central Banking
Rajan says the eurozone is suffering from the same problems as EM countries due to spillover effects