Regulation
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
Overcrowded market for forex options platforms will lead to consolidation
With at least six new multibank options platforms now competing for market share, differentiation is crucial for participants, but some believe consolidation of platforms is also inevitable. Chiara Albanese reports
Fears over regulation raised by treasurers at ACT conference
Corporate treasurers complain about the unintended consequences of the proposed financial transaction tax, as well as clearing rules for OTC derivatives and Basel III capital rules
BlackRock hires Tabb’s McPartland
Kevin McPartland joined BlackRock earlier this month as a director
Reserve managers cling to the dollar but shun the euro, survey finds
Many central banks have reduced their holdings of euro reserves and looked to diversify into non-traditional currencies as a result of the ongoing eurozone crisis
Currency floor breach raises questions over SNB policy
The Swiss National Bank should consider enlisting the help of top-tier banks to keep EUR/CHF above 1.20, forex traders suggest
Credit where it's due
The launch of NDF clearing by LCH.Clearnet marks a major development for the FX market that will ultimately change the shape of the post-trade landscape
UK Lords committee takes on financial transaction tax
The model proposed by the European Commission for a financial transaction tax would not meet its objectives and the UK government should redouble its efforts to veto the proposal, says the House of Lords
FX Invest April-June now LIVE!
Read about risk-adjusting exposure to the renminbi; growth of the electronic FX options market; Solvency II and currency risk management; profiles with UK'as Financial Services Authority and Allianz Global Investors
Trade repositories consider connectivity options
With multiple trade repositories appearing in a number of asset classes, including foreign exchange, market participants are considering how competing repositories should collaborate to avoid data inconsistency. Chiara Albanese reports
Sprint to the finish line for would-be Sefs
With the clock ticking ever closer towards the G-20’s end-of-2012 deadline for implementation of over-the-counter derivatives market reforms, and some of the critical details of those reforms still not fully fleshed out, the scene is set for an almighty…
Guidance on central bank risk management is needed, says BoE’s Fisher
The Bank for International Settlements should provide guidance on best practice for central bank risk management, says the Bank of England’s Paul Fisher
Euro crisis could cause full EU break-up, warns ex-BoE official
John Gieve, former deputy governor for financial stability at the Bank of England, warns of an "explosion" waiting to happen in the EU
China and Australia sign A$30bn currency swap
Australia joins the ranks of central banks with a bilateral currency swap line with China; reflects increased use of renminbi and closer trading ties between the countries
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
Esma: Identifiers key to repository success
Consistent reporting to multiple trade repositories under new OTC regulations will depend on the successful adoption of legal identifiers
Platform rules for OTC markets could decimate smaller players, warn panellists
Single-dealer platforms and smaller market participants will suffer under new OTC regulations, according to speakers at Fix Protocol trading conference
In the public interest?
British Virgin Islands-based foreign exchange brokerage InterForex received a permanent injunction from the CFTC last month for soliciting business from US clients as an unregistered dealer. But the injunction was not in the public interest of preventing…
Spotlight on: Carl James, BNP Paribas Investment Partners
The head of fixed income and foreign exchange dealing talks to Chiara Albanese about the challenges for the buy side that arise from new regulation, as well as the potential value that can be gleaned from algorithmic execution and transaction cost…
European regulators undecided on initial margin rules for uncleared swaps
Counterparties will have to post variation margin on uncleared trades – but questions remain over which firms will have to post and collect initial margin
Esma under pressure to opine on asset-class specifics in Emir
A public hearing on Emir draft technical standards earlier this week leaves market participants with ongoing concerns over asset-class specifics and implementation timeframe
Move to electronic trading will increase hedge fund use of futures
Competition among buy-side companies and repercussions of Dodd-Frank will push hedge funds to trade electronically, says research from Tabb. Futures trading, mainly electronic, will also increase.
FSA: facing up to cross-jurisdiction conflicts
David Lawton, head of market infrastructure and policy at the UK’s Financial Services Authority, talks to Michael Watt
Rule Financial expands to meet demand for expertise on regulation
The consultancy has made three key hires in London and New York, all with an investment banking background