Regulation
Interview with Udi Sela of SuperDerivatives
FX Week's Farah Khalique asks Udi Sela about the impact of increased regulation on foreign exchange traders
Credit Suisse gets green light in India
MUMBAI - Credit Suisse has received a licence from the Reserve Bank of India (RBI) to establish a bank branch in Mumbai, it said last week.
FXall adds head of global trade support
NEW YORK - Quito Zuba joins FXall as senior director and global head of trade support, as of today (August 16), in New York.
China beefs up derivatives master agreements; possible Isda friction?
Efforts by Nafmii to bolster the definitions of China’s over-the-counter derivatives master agreements should help market development. But there are concerns about potential copyright infringement related to Isda master agreements.
Dodd-Frank prop desk carve-out creates potential restructuring risks
Intellectual property and internal talent could get caught up in bank prop desk divorce
End-users support central clearing
NEW YORK - The push for central clearing is increasingly being driven by end-users seeking operational efficiencies, rather than regulators, according to Jason Vitale, global head of dbClear FX at Deutsche Bank in New York.
Dodd-Frank passes but leaves questions unanswered
Financial reform legislation passes in the US Senate, as focus turns to the complex issue of implementation
FX central clearing: A work in progress
No-one’s the wiser about the implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act on forex options. And perhaps it won’t even matter by the time the legislation becomes fully scripted.
Europe hikes capital rules, slashes banker bonuses
Legislation adopted by European Parliament requires banks hold up to four times more capital to protect against trading risk; half of bankers’ bonuses to be paid in contingent capital
Klaus Regling to head euro bailout vehicle
German economist and former director-general Klaus Regling to head European Financial Stability Facility set up to bail out troubled eurozone states
The challenge of re-setting precedents
As if there weren’t enough inconsistencies between regulators, the Bank for International Settlements' head of monetary and economic policy, Stephen Cecchetti, has said corporates should not be exempt from clearing over-the-counter derivatives through…
Korea moves to restrict FX derivatives leverage
Bank of Korea and Ministry of Strategy and Finance cut back leverage caps and limit corporate hedging of currency risks to 100% from 125% of exposure
EC derivatives consultation stops short of detail on corporate exemptions
BRUSSELS - A consultation paper on derivatives markets infrastructure published on June 14 by the European Commission gives extensive detail on requirements for central counterparties (CCPs) that clear over-the-counter derivatives, but has stopped short…
Confusion over regulations continues
The new foreign exchange committee could not have come at a better time, with much confusion over the status of currency derivatives in Germany, following its government’s decision to backtrack on a proposed ban earlier last week.
Germany backtracks on currency derivatives ban
BONN – The German government has reversed on a proposed ban on currency derivatives and equity derivatives.
German short-sell ban snares long euro FX derivatives
Long euro derivatives positions caught up in proposed legislation, while doubts remain over the exemption of market-makers
Naked euro currency swaps face same fate as CDSs in Germany
Germany broadens shorting ban scope
Controversial swaps legislation survives as US Senate passes bill
WASHINGTON, DC - Foreign exchange swaps and forwards counterparties are being included in new rules blocking swaps dealers and major swap participants from federal government support.
Venezuela cracks down on 'parallel' currency market
Venezuelan government stops trading in foreign government bonds in bid to stifle unofficial currency markets; plans for central bank to provide central platform
Coalition team takes over at UK Treasury
The UK's new Conservative-Liberal Democrat coalition government has named its joint treasury team.
Industry disappointed by lack of clout in CCP standards
Dealers complain a long-awaited draft of standards for derivatives clearing platforms fails to address key issues.
CBRC plugs derivatives
BEIJING - Innovators of derivatives technology have found a backer in Yin Long, deputy director-general in the supervisory co-operation department of banking innovation at the China Banking Regulatory Commission (CBRC).
China draws on Japan experience
The message was clear at the FX Week China congress in Beijing last Tuesday, China will move on its currency, but at it’s own pace.
In Brief, May 3, 2010
What's going on in the FX technology sector.