European Commission (EC)
Trading Places, January 24, 2011
Read this week's Trading Places to catch up on people moves across the FX world.
Bayer warns EC: Don’t force us to slash jobs in EU
Christian Held, head of corporate treasury at pharmaceutical giant Bayer, threatened to move jobs abroad unless the European Commission “lets common sense prevail” over FX derivatives regulation.
Pension funds need exclusion from clearing, says Record
Mandatory clearing of FX forwards will seriously disrupt the investment strategies of pension funds, according to Neil Record, chairman at Record Currency Management.
Trading Places, January 17, 2011
Read this week's Trading Places to catch up on people moves across the FX world.
EC: Prepare for FX clearing in US and EU
Senior figures from the European Commission (EC) and European Parliament signalled that an outright clearing exemption for forex was unlikely, at an Association for Financial Markets in Europe conference in Brussels held on January 12.
CCP turf war simmers as OTC regulations head to the European Parliament
LCH.Clearnet could be prevented from clearing euro swaps under central bank liquidity proposals being pushed by some European regulators
BoE: High-frequency traders raise risks of liquidity event
The foreign exchange market needs to address the increasing role of high-frequency traders as market-makers to insure against a liquidity event, says Michael Cross, head of the foreign exchange division at the Bank of England (BoE).
Clearing saga threatens structured products
Citi has usurped Barclays Capital as best bank for structured products, a category that could be in the spotlight as regulations are clarified.
CCP costs keep creeping up
While US regulators consult the industry over the exemption of foreign exchange products, the systemic risks and increasing costs of using central counterparty (CCP) clearers continue to be highlighted.
Basel Committee considers capital charges on bank exposures to CCP default funds
A new capital charge on bank exposures to CCP default funds could be introduced in December, says Osfi's White.
EC likely to follow a US clearing exemption for FX swaps and forwards
The European Commission (EC) is likely to exempt foreign exchange swaps and forwards from a mandatory clearing requirement if the US decides to do so, according to Patrick Pearson, head of the financial markets infrastructure unit at the EC.
EC finalises OTC rules, leaves key technical items to Esma
Corporate hedgers claim a victory, but details on clearing eligibility and thresholds to be tackled by new authority
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
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…
Concerns over euro remain despite rescue bid
Last week's news of a €750 billion international rescue package for struggling economies on the edge of the eurozone initially lifted the euro, but concerns persist about the indirect effects of the bailout, and the area's underlying economic prospects.
EU derivatives experts suggest threshold system for corporates
Legislators at the European Commission moved a step closer to determining whether non-financial users of over-the-counter derivatives should be forced to clear trades through central counterparties (CCPs) – a possibility corporates have vehemently…
European Commission undecided on FX treatment
The EU has not made up its mind about exempting foreign exchange swaps and forwards in its forthcoming legislation.
Europe excluded from CCP talks
The exclusion of European Union institutions from a technical working group set up to review risk management standards for central counterparties (CCPs) could make it difficult for the EU to reflect those standards in its forthcoming legislation on over…
Trial by Greek fire
Peter Luxton, global economic adviser at Informa Global Markets in London, assesses Greece's debt crisis and its impact on the euro.
Concerns raised over CCPs
NEW YORK - Various attendees raised concerns about central clearing at Risk USA in New York - with JP Morgan's chief risk officer even pointing to it as a possible source of the next financial crisis.