Regulation
FX Week Asia: Emerging markets FX moving electronic, say bankers
Client demand for electronic trading in emerging market currencies has risen in recent years, but more progress must still be made, according to senior traders in Asia
FX Week Asia: Sefs and OTFs may be unworkable for NDF market
Speakers at Asia conference warn of the unintended consequences mandatory platform trading could have for non-deliverable forwards
FX Week Asia: Exemptions offer little solace for corporates
Corporate treasurers remain concerned about increased hedging costs as a result of new regulation, and expect banks to pass the costs on – despite exemptions for corporate hedging
Foreign exchange ticks all the boxes, says StanChart markets chief
Forex is becoming the most-sought after asset class for a markets business due to its high return on equity and clear demand, says Lenny Feder, Standard Chartered's head of financial markets
Gazprom Marketing & Trading: Powering up for clearing
Gazprom's UK-based trading subsidiary is hoping not to be hit by a clearing requirement - but has been doing its sums just in case, the company's treasurer, Michael Kawski, tells Lukas Becker
Basel and Iosco under pressure to exclude FX from margin rules
Industry response to proposals released in July on margin for uncleared swaps put pressure on regulators to carve out FX swaps and forwards
More FX platforms to come, says Celent
A new research report from Celent predicts more platforms will launch in the FX market, and that the single-dealer platform will continue to gain in popularity
Esma backtracks on indirect clearing
Final rules remove two controversial proposals, but revive regulators' concerns about access to clearing for small firms
Trade reporting pressure increases as CFTC deadlines loom
DTCC data repository has received provisional CFTC approval, just three weeks ahead of mandatory reporting for credit and rates, with FX reporting due to begin in January
European OTC clearing documentation faces delay
Complications over close-out mechanisms and segregation models will delay the European addendum by up to three months, say dealers
CFTC cross-border guidance a threat to ‘systemic stability’, say Asian regulators
Leading regulators from across Asia complain of the potentially negative impact of the US regulator’s latest proposals
Banks weigh up CCPs as clearing deadline looms
The choice of clearing house in the FX market is currently between three firms, two of which are owned by exchanges. While some suggest exchange-owned clearers might be at a disadvantage, market participants suggest the choice ultimately comes down to…
Errors in CFTC extraterritorial guidance to be amended
A CFTC source acknowledges inconsistencies in the proposed interpretative guidance on the cross-border application of Dodd-Frank will have to be ironed out
Pressure mounts on Esma over clearing exemption
Responses to Esma's draft technical standard on Emir call for the agency to clarify its position on FX clearing - with some suggestion NDFs could be exempt
Sef connectivity hurdle looms for bank platforms
Many single-bank platforms have elected to connect to swap execution facilities, where they can route regulated products rather than losing that business altogether. But the new model requires connectivity to multiple platforms, which could be costly and…
Spotlight on: Nick Beecroft, Saxo Bank
Saxo’s newly appointed UK chairman and FX industry veteran Nick Beecroft talks to Robert Mackenzie Smith about his priorities in seeking to grow the Danish bank’s presence in the UK, as well as the challenges facing the FX market
Mifid amendments threaten HFT platform access
A set of parliamentary amendments to the Mifid review threaten to ban ‘sponsored access’ – a popular route for high-frequency traders to access platforms without going through a prime broker
Spotlight on: Rick Martin, Virgin Media
Corporate treasurers have become increasingly vocal in lobbying for exemption from certain elements of over-the-counter derivatives reform. Kathy Alys speaks to Rick Martin, director of investor relations and treasury at Virgin Media, about how his job…
FX clearing clock ‘ticking’ following CFTC-SEC swap ruling
Speakers at FX Week USA expect this week's agreement on swap definitions by the CFTC and SEC will drive a rush to comply with FX clearing mandates
New CPSS/Basel guidance on FX risk management to be published soon
A new consultation paper on risk management practices in the FX market will be released in the third quarter – and may be published as early as this month
Regulators leave door open for FX exemption from margin rules
A senior group of regulators has recognised the possible case for an exemption from margin rules for non-cleared FX swaps and forwards - but possibly not those of longer maturities
WGMR margin rules borrow heavily from US proposals
Working group publishes proposed margin rules for uncleared trades – bringing global rules in line with an earlier US proposal
The 14-month determination
Now that the Treasury is expected to confirm its proposed exemption of FX swaps and forwards, will its original all-or-nothing mandate need to change?
US Treasury poised to finalise FX exemption
A decision to proceed with the exemption of FX swaps and forwards from clearing and exchange trading is understood to have been made, pending final CFTC product definitions expected this week