Regulation
Reporting challenges remain as repositories move towards launch
Market participants continue to grapple with the challenges of reporting FX trades to a repository as regulatory deadlines begin to loom. Kathy Alys and Melanie White report
Esma exemption provides corporate relief
Corporates relieved at Esma clearing exemption, but express concern about uncertainty over uncleared derivatives
Libor manipulation lawsuits could cost banks ‘tens of billions’
Barclays' $450m settlement gives lawyers smoking gun evidence of attempts to tamper with benchmark rates
Banks hope for CCP capital concessions at Basel meeting
Banks and CCPs are pressing for changes to method of calculating default fund capital
Global FX division moves forward on options clearing
The data-collection stage of a major project to enable clearing of forex options is close to completion, according to the GFMA's Mandy Lam
Spotlight on: Mandy Lam, global FX division
The managing director for North America of the Global Financial Markets Association’s global FX division talks to Melanie White about the key regulatory challenges facing the FX market and FX options clearing and settlement project, which she is heading…
Volcker rule could hurt liquidity in FX spot market, participants warn
Foreign exchange swaps and forwards should be exempted from the Dodd-Frank ban on prop trading, or else liquidity in the spot market could suffer
Mifid amendments lift barrier to brokers owning OTFs
Tweaks to Mifid text would allow owners of OTFs to engage in matched principal trading
FX advisory tops the agenda for SocGen's new management team
Société Générale Corporate and Investment Banking has completely reshuffled the management of its FX business this year as part of a broader restructuring of its fixed-income and currencies division. Gian-Luca Fetta, newly appointed head of FX, talks to…
Spotlight on: James Watson, FXall
FXall’s newly appointed head of Europe, the Middle East and Africa talks to FX Week about his recent move from an equity sales role at Morgan Stanley into the FX market, and his aspirations for the platform’s European business
Spotlight on: Ron Levi, GFI Group
The interdealer broker’s chief operating officer talks to Joel Clark about the growth of GFI Group during its 25-year history, its strengths in foreign exchange, and why he expects to be among the first wave of brokers to register as a Sef under the US…
DealHub rolls out reporting and clearing platform
FX technology vendor is this week launching its so-called Smart Trade Reporting platform to help clients meet new regulatory requirements
DTCC expands repository footprint into Asia
The DTCC this week unveiled a data centre in Asia to support global reporting but the October launch of its FX repository may slip as a result of CFTC delays, the firm has warned
Global inconsistency remains a challenge for would-be Sefs
An ongoing lack of clarity and the potential for extraterritoriality in swap execution facility rules is creating a bumpy ride towards registration, according to three putative Sefs
CFTC steps back from controversial 85% rule
Following the recent revelation of further delays in the Dodd-Frank rulemaking process, an unpopular rule on centralised trading has been shelved. Felix Shipkevich believes it was the right decision
EU regulators prepare for frenetic countdown to Emir deadline
Senior officials expressed concern yesterday about the volume of work on derivatives reform that must be completed in a very short timeframe
Dodd-Frank rule-making will drag to Q4, says CFTC's O’Malia
CFTC commissioner raises doubt over time line for Dodd-Frank Act – despite a proposed five-month delay
Taiwan’s trade repository setting up reporting agreement with DTCC
Taiwan's new trade repository for over-the-counter derivatives is looking to ink a reporting agreement with DTCC
No need for Sef Clarification Act, says CFTC's Gensler
Dodd-Frank requires transparency for derivatives trading, CFTC chair says - and final Sef rules will reflect that
CME to launch portfolio margining on interest rate swaps and futures
Dealers will be able to cross-margin interest rate swaps, and eurodollar and Treasury futures, from May
Solvency II highlights need for currency risk management
Solvency II is expected to impose a specific capital charge on currency mismatches between assets and liabilities for European insurers and re-insurers, bringing currency risk under the regulatory spotlight for the first time. Although FX managers are…
Single-dealer platforms win out in electronic FX options trading
Forex option volumes and liquidity are increasing on electronic trading platforms, as providers push through the operational and competitive challenges of delivering streaming, executable prices to a diverse customer base. Despite apparent regulatory…
FX repository moves to production ahead of October launch
The DTCC began user testing of its new trade repository on May 1, and plans to have full regulatory and public reporting up and running by the fourth quarter to meet CFTC deadlines
US Treasury’s FX exemption hangs in the balance
A year after the US Treasury's proposed regulatory exemption for FX swaps and forwards, the position has never been confirmed - and some believe it may be reconsidered