Regulation
Traiana warns of busy regulatory year ahead
Steve French, director of product strategy at Traiana, says fixing the Emir system and implementing Mifid II reporting will bring huge challenges in 2015
CFTC hears NDF workload fears
Some FX market participants are concerned by the potentially short timelines for preparing the industry fully for NDF clearing and possible liquidity implications
FCA warns of more fines if culture does not change – FX Week Europe
McDermott delivered a sobering address to FX Week Europe market participants
Timeline for NDF clearing still pending, says Massad
No end in sight for a NDF clearing mandate as the CFTC seeks feedback from its Global Market Committee Meeting, held last month
Agency desk growth will be slower than expected, traders say
The chance of 50% of the FX market going to agency execution within five years is viewed as highly unlikely, but some banks wager on agency being the future of FX trading
UK launches probe into banking sector competition
The investigation will assess whether the retail-banking market is too concentrated, with barriers to entry and opacity under scrutiny
Banks set aside more than $6 billion for FX fines
Large currency dealing banks prepare to draw a line under the global regulatory probe into currency markets as they brace themselves for fines
FCA investigation becomes systems and controls case
Banks and the FCA have reportedly entered into talks to settle allegations of benchmark manipulation, with the focus turning to systems and controls as regulators struggle to link senior management to complaints
FSB to recommend fix order separation
The recommendations, set to be published within days, will include widening the fixing window and code-of-conduct changes
Industry grapples with uncleared margin rules
Market participants are unhappy with consultation documents released in the EU and the US on the margin requirements for FX swaps and forwards, and the definition of a financial end-user
US court orders Sef-registration rethink
CFTC forced to perform cost-benefit analysis of various Dodd-Frank provisions
FX Focus - The regulation blues
Senior bankers have often derided the Basel Committee’s intraday liquidity measure as an ineffective and burdensome piece of regulatory overkill. Nevertheless, they will be expected to implement it from January 2015. Readiness isn’t perfect, and banks…
Ex-Citi Ramchandani returns to market, joins LCG
Ramchandani's hire follows a period out of the market after he became embroiled in the slew of accusations surrounding the global regulatory probe into currency trading
Banks struggle to solve FX conduct issues – Wheatley
FCA admits banks are finding it hard to stop bad practices, while UK ministers raise concerns over bank fines
CFTC's FXPB reporting rules add to regulatory confusion
CFTC reporting rules, introduced 18 months ago, force FX prime brokers to take evasive action while awaiting clarity
Esma must use FX derivative definition delay wisely – WMBA
Fears that delay risks entrenching confusion over trade-reporting rules
Smooth take-off for collateral reporting
Buy side goes it alone on collateral and valuation reporting
No Sef clarity required for chatroom trading
SuperDerivatives' claim that more clarity is needed by the CFTC on footnote 88 is dismissed by one US-based platform
Time for clock synchronisation - regulators
Global regulators assess the need for a central reference clock to help investigations into alleged abuse of financial markets
Reconciliation requirements threaten delegated reporting
Another regulatory deadline, another set of headaches for banks and buy-side participants
UK SFO confirms FX investigation launch
SFO becomes the latest authority to join the probe into alleged collusion in FX markets
Need for surveillance accelerates amid scandals
Scandals in various asset classes highlighted the need for greater surveillance on trading systems, says David Hesketh, chief operating officer of the Financial Skills Division of Markit
Regulators lack common sense, panel tells conference
Market participants shouldn't expect regulatory drive to be over in the next 12 months
FX benchmarks manipulated 10-30% of times, MPs told
Scope of manipulation also similar in other asset classes such as gold markets