Regulation
CFTC cross-border guidance a threat to ‘systemic stability’, say Asian regulators
Leading regulators from across Asia complain of the potentially negative impact of the US regulator’s latest proposals
Central banks turn to RMB assets
Central banks in Asia are diversifying their holdings into RMB, marking the latest stage in the currency’s internationalisation
Banks weigh up CCPs as clearing deadline looms
The choice of clearing house in the FX market is currently between three firms, two of which are owned by exchanges. While some suggest exchange-owned clearers might be at a disadvantage, market participants suggest the choice ultimately comes down to…
Central banks are behaving irrationally, complain currency managers
The ECB's OMT programme fails to tackle growth and a third round of QE from the Fed would be irrational, according to speakers at FX Invest West Coast conference
Swiss franc expected to retrace its fall as ECB news sinks in
The euro rallied against the Swiss franc for the first time in six months after yesterday’s announcement of new measures from the ECB, but FX strategists expect it to fall back towards 1.20
SNB's continuing resolve drives creativity among Swissie traders
A year after the Swiss National Bank imposed a 1.20 floor on EUR/CHF to stem the appreciation of the Swiss franc, the minimum rate remains in place, driving traders to seek new ways to trade a currency afflicted by low volatility. Miriam Siers reports
Errors in CFTC extraterritorial guidance to be amended
A CFTC source acknowledges inconsistencies in the proposed interpretative guidance on the cross-border application of Dodd-Frank will have to be ironed out
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
Sef connectivity hurdle looms for bank platforms
Many single-bank platforms have elected to connect to swap execution facilities, where they can route regulated products rather than losing that business altogether. But the new model requires connectivity to multiple platforms, which could be costly and…
Spotlight on: Nick Beecroft, Saxo Bank
Saxo’s newly appointed UK chairman and FX industry veteran Nick Beecroft talks to Robert Mackenzie Smith about his priorities in seeking to grow the Danish bank’s presence in the UK, as well as the challenges facing the FX market
Mifid amendments threaten HFT platform access
A set of parliamentary amendments to the Mifid review threaten to ban ‘sponsored access’ – a popular route for high-frequency traders to access platforms without going through a prime broker
Spotlight on: Rick Martin, Virgin Media
Corporate treasurers have become increasingly vocal in lobbying for exemption from certain elements of over-the-counter derivatives reform. Kathy Alys speaks to Rick Martin, director of investor relations and treasury at Virgin Media, about how his job…
Del Missier renews pressure on BoE over Libor scandal
Former chief operating officer of Barclays Bank says he was told instruction to submit lower Libor rates came from Bank of England; directly contradicts Bob Diamond’s testimony
FX clearing clock ‘ticking’ following CFTC-SEC swap ruling
Speakers at FX Week USA expect this week's agreement on swap definitions by the CFTC and SEC will drive a rush to comply with FX clearing mandates
Lack of governance to blame for Libor scandal, says IMF official
A failure of bank governance is behind the recent Libor rate-fixing scandal – and these kinds of failings could pose systemic risks, says José Viñals
New CPSS/Basel guidance on FX risk management to be published soon
A new consultation paper on risk management practices in the FX market will be released in the third quarter – and may be published as early as this month
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
WGMR margin rules borrow heavily from US proposals
Working group publishes proposed margin rules for uncleared trades – bringing global rules in line with an earlier US proposal
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
Reporting challenges remain as repositories move towards launch
Market participants continue to grapple with the challenges of reporting FX trades to a repository as regulatory deadlines begin to loom. Kathy Alys and Melanie White report
Markets recoil as major central banks ease policies
Chinese, European and UK central banks take monetary policy action; moves leave no doubt about gloomy global economic picture as eurozone stock markets fail to rally
FX Invest July-August edition now live
Managing currency risk in markets dominated by central bank monetary policy
Esma exemption provides corporate relief
Corporates relieved at Esma clearing exemption, but express concern about uncertainty over uncleared derivatives