Regulation
FX options clearing gains momentum
Discussions on a clearing mechanism for FX options are finally underway
Industry fears lack of strategic focus on OTC data aggregation
FSB report lays out options for OTC data aggregation before considering strategic objectives
Divergence over definition of FX derivatives emerging in EU
Luxembourg allows grace period for FX reporting at last minute
Bank of England has no evidence it 'condoned' FX market manipulation
UK central bank says it has yet to see evidence of press allegations that it condoned market manipulation
Icap revenues down 5% in four months
‘Challenging market conditions’ outweigh robust EM FX trading volumes
Role change for Kinol as Credit Suisse plans new trading venture
Jon Kinol will lead a new electronic market-making project, leaving David Tait as sole head of the bank’s macro products group
FCA hits State Street with transitions management fine
FCA fines State Street £22.9m for transition management failings, FX discussed but not a factor in fines
Independent Scotland must cede some sovereignty to keep sterling
Bank of England governor Mark Carney warns of tough choices ahead for Scotland if it goes ahead with independence but looks to keep the pound
Disappointing Q4s cited as proof of Ficc regulatory squeeze
The pressure of regulation is making its mark on the profitability of the fixed income, currencies and commodities businesses of large banks, say analysts
Icap sees steady NDF volume on Sef
Reported data shows Icap's Sef trading roughly $6 billion daily volume in non-deliverable forwards but other Sefs have fared less well, including Integral, with just one trade
Regulators urged to extend benchmark probe to the buy side
Investigations into FX reference rate manipulation should extend to the activities of large buy-side firms as well as FX sales desks, say market participants
OTF transparency waivers survive final Mifid debate
European disclosure regime for derivatives platforms diverges from that in US
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
Regulators take differing views on reporting fines
National regulators set penalty rates on Emir non-compliance, with confusing results
No immediate sanctions for trade reporting failures, says FCA
UK regulator willing to give participants time to get trade reporting right after February 12 deadline
Industry should be ready for reporting deadline, warns Esma
Despite ongoing challenges relating to European trade reporting, the industry has had 13 months to prepare and should be ready for the February 12 deadline, says European regulator
Perspectives on 2014: Andrew Coyne, Traiana
With less than six weeks to go until European trade reporting requirements come into effect under Emir, getting the necessary plumbing in place must be front and centre for all market participants, says Traiana’s chief executive
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
Perspectives on 2014: Nigel Khakoo, Nomura
The market is now better prepared for the Fed to scale back quantitative easing than it was when the idea was first mooted in May, but concerns remain over regulatory issues and the buy side should be more involved, says Nigel Khakoo, head of Emea FX at…
Perspectives on 2014: James Kemp, global FX division
As the regulatory pendulum shifts from the US to Europe next year, there will be new challenges ahead, particularly as new trade reporting requirements come into force in February, says James Kemp, managing director of the GFMA’s global FX division
Perspectives on 2014: Axel Merk, Merk Investments
The timing of QE tapering will remain a dominant theme in the coming months as many currencies remain beholden to central bank decisions, while the eurozone crisis is still far from over, warns Axel Merk, president and chief investment officer of Merk…
Sefs battle with confirmations after CFTC relief expires
A second no-action relief period that exempted Sefs from issuing confirmations expired on November 29, leaving FX traders unsure whether Sefs can handle the requirement
BoE's Carney: liquidity support for CCPs a 'last-resort option'
BoE governor insists clearing houses must have enough liquidity to cope with default of two big member firms
Mifid rules could force FX swaps onto OTFs
Trialogue negotiations on Mifid II are expected to conclude by February, but traders fear they could include a mandate for FX swaps to be traded on organised trading facilities