Regulation
Rise of the algo wheel
How the buy side is embracing algorithm wheels and where challenges still remain
Asifma: Asian focus on smaller counterparties for IM rules
Initial margin regime, conduct principles and China's lifting of FX restrictions are focus of Asian trade body, says Ball
FX HedgePool: move to clearing may be irresistible
Jay Moore says balance sheet pressures will redefine buy-side credit relationships
Debelle: last look will not be banned
GFXC head says market participants have a choice of whether to use a liquidity provider that employs the practice
Lagarde promises wide-ranging review of ECB monetary policy
ECB to form digital currency task force as Lagarde calls for EU action on green finance
Banks step up stress-testing of Hong Kong dollar peg risk
Flurry of FX options trades make banks re-evaluate exposures
Price changes expected as uncleared margin rules bite
Panellists urge buy side to install lifecycle management tools to calculate margin and reconcile payments with brokers
Labour’s tax on UK FX trades lambasted
Opposition party’s pledge to tax FX “50% of transactions costs” will hit jobs and investment, claim trade-cost experts
ECB: Libra a “black hole” of legal certainty
But current global standards fit for purpose to underpin digital assets
AML deadline prompts FCA to warn crypto firms
Regulator says firms must not mislead customers about regulatory status and outlines deadline for registration
Cambodia extends blockchain payment system pilot
Central bank lengthens trial to end of year and explores including cross-border transactions
Expanding European market abuse regime to FX spot considered problematic
Lawyers and industry group say move would overlap with Global FX Code and create costly record-keeping and reporting burdens
Fed can now keep rates on hold, senior official says
Recent cuts have provided greater assurance Fed will hit inflation target, Charles Evans says
CFTC fines BGC, GFI $25 million for FX options fraud
Regulator says emerging markets FX options brokers used fake bids and offers to induce clients to trade
More global custodians approved as FX settlement banks by China
But list of eligible Bond Connect entities incomplete and some global custodians unable to provide CNY funding
Central banks urged to adopt DLT-based CBDC
Industry figures argue central bank money needed for token-based securities settlement, but central bankers sceptical
IMF officials call for ‘far-sighted’ digital currency regulation
Stablecoins could put weaker currencies at risk and increase illicit activities
Fed provides update on future RTGS system
FedNow cross-border payments could be considered in future, US central bank says
Trade reject codes lack clarity – BoE official
Schroders and BoE criticise mish-mash of codes, as Investment Association presses for standardisation
Algo fears spark hunt for neutral checks on FX Code compliance
Banks seek third-party quantitative methods for confirming activities done in their names are aligned with the principles
LCH and StanChart tout rival routes to cheaper margin
Panellists at FX Week Asia conference say participants should start thinking about margin optimisation sooner rather than later