Regulation
Asian currency hedgers to be hit by ‘fatal flaw’ in new accounting rules
A major change is needed to correct new hedge accounting rules that could restrict derivatives use by Asian firms hedging their foreign currency exposures
Mifid delays cause frustration in OTC markets
Delays from the Council of the European Union in finalising its stance on the Mifid review mean the crucial trialogue negotiations are unlikely to commence before the second quarter, much to the frustration of market participants
Spotlight on: Mark Spanbroek, European Principal Traders Association
The EPTA’s vice-chairman and secretary-general talks to Robert Mackenzie Smith about the association’s mission to represent the interests of high-frequency traders to regulators, legislators and the market in general
Emir clearing deadlines remain a challenge, industry warns
Preparing the necessary documentation for client clearing can take many months and could delay clearing under Emir, warn banks and clearing houses
NFA takes enforcement action against KS Global Strategies and Khaled Salama
Retail regulator continues to crack down on fraudulent activity
Euro will survive and RMB will be convertible by 2017, say industry leaders
Speaking in the final panel discussion at the FX Week Europe conference, senior market participants made their predictions about how the FX market will evolve over the next five years
Margin for longer-dated uncleared FX would be unpopular, FSA official admits
While the idea behind a maturity threshold for FX collateral requirements makes sense to regulators, FSA speaker at FX Week Europe recognises the industry's opposition
FX Week Europe: Global consistency essential for FX regulation
Regulators in Europe must follow the Treasury's lead in exempting FX swaps and forwards from new regulatory requirements, argue speakers at FX Week Europe
FX Week Europe: Uncleared FX not necessarily more risky, says BoE’s Cross
Proposed rules could result in relatively vanilla FX products attracting disproportionate margin and capital requirements, says BoE FX division head
Europe not obliged to follow US on FX exemption, warns senior MEP
The European Parliament's position on FX is that it should be included in the scope of organised trading rules under Mifid, vows Markus Ferber MEP
Report blames Corzine’s strategy for MF Global collapse
Chief executive of collapsed broker at fault for risky strategy that destroyed company, House subcommittee says
CFTC should allow voice trading for Sefs, says Chilton
CFTC commissioner also hints that 15-second rule will be amended - and says final cross-border rules will include a new definition of ‘US person’
Is FX execution changing its colours?
The proliferation of new trading tools and platforms in the foreign exchange market is a welcome development that should enhance the buy-side trading experience, writes Lisa Seim
MarkitServ and Traiana prep pre-trade credit hubs
Post-trade technology providers are vying to build a pre-trade hub that will provide certainty of execution and clearing under new regulation, to be rolled out for rates, credit and FX within months
New rules designed to kill OTC market, says European regulator
Central Bank of Ireland adviser says reforms will cause an "Ice Age" in the derivatives market
Banks rethink clearing structures under CFTC pressure
CFTC rules on conflicts of interest mandate clearer separation between OTC clearing and execution, prompting some banks to restructure their operations
Banks suspend dual-currency deposit sales in Japan to re-document under new regulation
Returns on dual-currency and structured deposits will not be covered by state insurance scheme, Japanese FSA decides
Wanted: the FX sales team of the future
Regulation is changing the job description of the FX salesperson, to the extent that the right candidate now needs a broader set of expertise than in the past
Banks face up to fragmented clearing landscape in Asia
In preparing for mandatory clearing, the priority is to ensure all CCPs across Asia adhere to the same set of standards, says Deutsche's David Lynne
Local trade repositories are necessary, says senior HKMA official
The benefits of local trade repositories outweigh the possible disadvantages of multiple reporting requirements, says executive director of HKMA’s financial infrastructure unit
UK FSA issues £250,000 in fines for reporting failures
Regulator clamps down on reporting failures. Fines are the first under new FSA penalties policy.
CFTC could force funds to break US or European law
The CFTC's broad definition of a US person could leave European hedge funds facing conflicting rules
Angling for the Asian frisbee
Regulation was top of the agenda at the FX Week Asia conference, with serious concerns voiced alongside some signs of positivity, writes Joel Clark
Bank of England FX committee hears corporate concerns
Rolls-Royce's assistant treasurer presented at the last meeting of the central bank's FX industry committee on the impact of derivatives regulation on non-financial companies