Regulation
Start preparing now for regulatory change in FX, warns research paper
Report shows banks have an understanding of global regulatory changes but are failing to grasp the implications for their business
EU Council leans towards special treatment for FX
Industry's concerns starting to be reflected in legislation proposals
Treasury timeline on FX exemption decision still unclear
Market participants divided on whether the agency is likely to exempt swaps and forwards from Dodd-Frank clearing requirements
CPSS-Iosco proposes risk standards for CCPs
Central counterparties should be ready for failure of one or two largest customers, regulators suggest
Afme global FX division calls for restraint on Sefs
Managing director James Kemp explains how Sef rules can be applied without putting the current liquidity and volumes of the FX market in danger
FX off the agenda at European Parliament meeting
The Economic and Monetary Affairs Committee (Econ) of the European Parliament has continued to ignore the treatment of foreign exchange in European derivatives legislation, according to Kay Swinburne, a British member of the European Parliament (MEP) in…
Spotlight on: James Kemp, Afme global FX division
The managing director of the FX market’s new industry body talks to Joel Clark about the challenges of lobbying politicians for appropriate and consistent treatment of FX contracts in US and European legislation
CLS considers membership category for CCPs
Foreign exchange central settlement provider CLS Bank is considering the creation of a new membership category for central counterparties (CCPs) developing clearing services for FX derivatives, the firm has told FX Week.
FSA’s Ross to become Esma’s first executive director
Verena Ross, director in the UK Financial Services Authority's (FSA) international division, is to move to the newly formed European Securities and Markets Authority (Esma) as executive director.
European Parliament committee accelerates on derivatives reform
Committee members will discuss draft report today and have until March 15 to suggest amendments
A month of ongoing regulatory uncertainty
A new monthly column by FX Week editor Joel Clark, reviewing the key trends and developments in the month gone by
US Fed’s Tarullo stresses importance of robust CCPs
Well-managed central counterparties (CCPs) are key to handling counterparty credit risk, according to Daniel Tarullo, a governor at the Federal Reserve Board in Washington, DC.
Securities regulators at odds over OTC shift to trading platforms
Iosco members fail to agree on whether organised trading platforms for derivatives should source liquidity from multiple institutions.
European Parliament and Council on collision course over FX exemption
The top European Union institutions in Brussels have found themselves at odds over the crucial question of whether foreign exchange contracts should be subject to new rules for mandatory clearing and reporting of over-the-counter derivatives in the…
European Parliament has neglected FX exemption question, says UK MEP
Kay Swinburne criticises colleagues in the European Parliament for failing to tackle the question of whether forex contracts need to be subjected to new clearing and reporting requirements
Spotlight on: Kay Swinburne, member of the European Parliament
The British MEP speaks exclusively to FX Week about the European Parliament's worrying lack of discussion of the treatment of foreign exchange in derivatives legislation.
HMT's Hoban: Beware of sweeping forex into EU derivatives reform
Advocates of an exemption from mandatory central clearing requirements for foreign exchange swaps and forwards have won the support of the UK government, as a senior treasury official admits to the risks inherent in regulating FX in the same way as other…
Commissioners voice mounting alarm over 'seriously strained' CFTC budget
Concerns over the ability of US federal regulators to enforce new financial reform legislation have intensified, with a senior regulator accusing the head of the Commodity Futures Trading Commission (CFTC) of playing "a game of budgetary chicken" with…
Spotlight on: Jeremy Hill, Royal Bank of Scotland
FX Week speaks to Jeremy Hill, head of FX and money market operations at RBS in London
LCH.Clearnet 'shocked' at Dodd-Frank capital requirement
CCP's chief executive speaks out against CFTC ruling at New York conference.
Capital rules for CCP exposures could make clearing costs punitive, dealers conclude
Clearing of over-the-counter derivatives could become punitively expensive if a proposal by the Basel Committee on Banking Supervision to increase capital held against exposures to central counterparties (CCPs) is not watered down, according to dealers.
Israel clamps down on forex derivatives
The Bank of Israel (BoI) has joined the growing number of emerging market central banks to introduce tougher regulations on forex to battle the rise in speculative trading.
Volcker rule could interfere with bank hedging
Dealers in the US could find their market-making and hedging freedom curtailed by a proposed ban on proprietary trading, if the final rules mirror an ambitious study published on Tuesday (January 18) by the Financial Stability Oversight Council (FSOC)…
Marex signs up to CME and Ice
Institutional broker Marex has joined exchanges CME and Ice as a full clearing member, it announced on January 18. Hunter Baldwin, managing director at Marex North America, said the move was in response to customer demand and Marex’s expansion into North…