Regulation
Fenics partners with Traiana for post-trade connectivity
Fenics Software will use Traiana's Harmony network to connect its clients to trade repositories and central counterparties as mandatory reporting and clearing looms
FxPro exits Australia as retail rules come into force
Margin foreign exchange brokers in Australia come under increasing regulatory pressure
Industry disappointed by Basel persistence on margin
Lobbyists express concern that regulators appear intent on requiring variation margin to be posted against FX swaps and forwards, despite the costs involved
Cometh the hour, cometh the Sef
Imminent rules are expected from the CFTC on the criteria required of electronic platforms seeking to become swap execution facilities under the Dodd-Frank Act
CFTC's 60-second rule will force rejections, FCMs warn
Given a minute to accept or reject trades for clearing, FCMs warn they will err on the side of caution
Basel Committee and Iosco reopen FX exemption debate
A second consultative document from the Working Group on Margining Requirements gives the industry until March 15 to make its case again for an exemption from mandatory margin
Cyprus cracks whip on margin foreign exchange brokers
EToro settles charges of weaknesses in its organisational structure
Mifid obstructing cloud computing at European banks
Vendor contracts may not be flexible enough to satisfy outsourcing rules
Options clearing pushed to 2014 as solution search begins
As the search for a viable clearing mechanism for FX options begins, market participants suggest clearing won't begin before 2014
Mifid transparency rules must be properly calibrated, warns ECB board member
Central banks will have to deal with liquidity shocks in financial markets, so must ensure post-trade transparency rules are well calibrated, says Peter Praet
‘Near-final’ margin rules to be issued within days, says Iosco chief
Secretary general of Iosco confirms that further work is needed to assess the economic impact of margin requirements for uncleared derivatives
MarkitServ partners with Misys to boost FX clearing
Users of the Misys Confirmation Matching Service will be able to use MarkitServ's clearing connectivity to route FX derivatives to clearing houses
US National Futures Association adopts recommendations from an independent analysis of NFA's Peregrine Financial Group audits
Futures industry regulator to roll out new procedures to tighten scrutiny of futures brokers following report
Avoiding collateral damage
While it is still not clear which way the WGMR will rule on margin for FX swaps and forwards, regulators face the recurring danger of unintended consequences if they go the wrong way
Regulators divided over collateral exemption for FX
Delays to the WGMR’s final standards on margin are due in part to disagreements over the treatment of FX, while the Financial Stability Board has called for variation margin to be tackled by a separate standard-setting body
Global margin standards face further delays
Proposals to collateralise non-centrally cleared derivatives could now be subject to further consultation and impact assessment, having missed the original end-of-2012 deadline
Collaboration needed on FX options clearing
Introducing central clearing into the foreign exchange market under new regulations has proven a thorny process, particularly for FX options. The priority for market participants should be to agree on appropriate processes for pricing, valuation and…
Management changes announced at Oanda, Gain Capital and speculated at CMC Markets
Retail-focused trading companies shift strategies to new market and regulatory environment, while Cruddas tipped to return to chief executive post at CMC Markets
DTCC threatens lawsuit over CME SDR plan
The Depository Trust & Clearing Corporation could take legal action to stop a proposed rule that would force CME clearing customers to report to its own SDR
GFI Fenics repositions FX options platform as it targets Sef licence
Two years after it was launched, Fenics Trader is to be renamed GFI Direct and operated directly as a GFI subsidiary – a move intended to support its bid for Sef status
FX options clearing analysis in final stages
The GFMA's global FX division is understood to be close to completion of its analysis of five years of options trading data - a project that is intended to lead to a solution for options clearing
US CFTC fines Chicago-based RJ O'Brien & Associates $300,000 for supervision failures
Futures broker pulled up for failing to uncover fraudulent activities of introducing broker, marking the extension of accountability
Banks told they will not benefit from Basel LCR delay
National supervisors tell banks not to lower liquidity buffers, with market forces also pushing banks towards 100% compliance with measure
DTCC forex repository hits launch deadline, despite bank delays
The DTCC has today launched its global trade repository for FX in line with CFTC deadlines, although dealers now have until February 28 to begin reporting