Regulation
FX Invest: Rise of the super-Sefs
The Dodd-Frank Act created a multitude of would-be swap execution facilities (Sefs) – trading platforms that will aggregate dealer liquidity. Now, dealers want to hoover up the Sefs by building their own aggregation services, but it’s a strategy that…
FX Invest: US dollar's time as world's reserve currency draws to a close
With the European sovereign debt crisis grabbing headlines, markets might be forgiven for overlooking the nearing end of a second round of quantitative easing in the US. Debate over its success raises deeper questions about the role of the US dollar as…
Further liquidity fragmentation in FX predicted
Market-damaging behaviour should be controlled, but separation or elimination of high-frequency trading would be damaging to the market’s equilibrium, ClientKnowledge argues in research published today
Deconstructing Emir
The European Parliament is putting the finishing touches to its version of the European market infrastructure regulation, but a loophole in the rules could allow derivatives users to escape the clearing requirement, warns MEP Kay Swinburne. Matt Cameron…
Thomson Reuters reveals new timeline for Sef compliance
Vendor's conversational dealing platform will be Sef-compliant and subject to a new global rulebook by mid-2012, Thomson Reuters announces today
Deutsche Börse targets FX options after taking stake in Digital Vega
German exchange’s acquisition of a minority stake, announced on July 5, gives it a new-found foothold in foreign exchange options, according to Deutsche Börse official
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
Spotlight on: Dan O’Sullivan, Société Générale
The French bank’s co-head of global FX trading talks to Farah Khalique about the impact of recent eurodollar volatility on banks and investors, and the practical challenges of implementing new regulatory requirements
Regulation will hurt FX liquidity, says Deutsche
Research warns reporting and exchange trading requirement will restrict liquidity in the market
The DTCC's repository monopoly
June in perspective: trade repositories take centre stage as FX participants prepare for a mandatory requirement to report trades to a central infrastructure
Banks welcome launch of CNH fixing
Treasury Markets Association launches USD/CNH spot fixing today, with quotes provided by 15 banks and the rate calculated by Thomson Reuters
Three CCPs per asset class optimal, say market structure experts
IntercontinentalExchange representative declines to comment on the possibility it will compete with CME and LCH.Clearnet in FX clearing
DTCC and Swift eye FX trade repository
New York-based group set to develop trade repository for every other OTC asset class and has pitched for FX in partnership with Swift
Spotlight on: Tod Van Name, Bloomberg
Bloomberg’s global head of foreign exchange talks to Chiara Albanese about the company’s progress since it entered the FX market in 2000, and how it is preparing for regulatory change and the advent of Sefs
Lack of liquidity could hinder offshore RMB centres
Former US Treasury official cautious on prospects for offshore renminbi
Australian regulators suggest clearing exemption for FX
Reserve Bank of Australia discussion paper commits to harmonising rules with US and Europe
E-platforms must expand product range or lose out, say banks
Webinar participants from banks and technology vendors discuss the implications of regulation for single-dealer electronic platforms
Yuan set for reserve currency status, Bloomberg finds
Respondents to a foreign exchange market survey cite quantitative easing, reserve currencies and regulation as their top priorities
Spotlight on: Steven Maijoor, Esma
The European Securities and Markets Authority is set to hold considerable influence over the implementation of the EU’s forthcoming derivatives regulation, and will decide whether foreign exchange swaps and forwards should be subject to mandatory central…
Anticipation builds for final Treasury decision
US Treasury reviewing comments on its proposed exemption as market participants expect the decision to be confirmed early next month
Deutsche merges OTC and listed derivatives clearing
Markets Clearing will combine the bank's existing clearing capabilities across FX, rates, credit, commodities and equities
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