European Commission (EC)
A tax too far?
The European Commission's recent proposal to impose a financial transaction tax from 2014 appears to ignore lessons learned in drafting other recent regulations
Industry lobbying against EU transaction tax intensifies
The European Commission’s recent proposal to tax financial transactions by up to 0.1% has sparked a frenzied wave of lobbying from industry bodies concerned it could drive FX trading outside the EU and diminish London’s standing as an FX centre. Chiara…
Industry calls for further clarity on Mifid II
The European Commission tabled proposals to revise the Markets in Financial Instruments Directive on October 20. But traders remain concerned about the implications of a one-size-fits-all approach to foreign exchange
Deconstructing Emir
The European Parliament is putting the finishing touches to its version of the European market infrastructure regulation, but a loophole in the rules could allow derivatives users to escape the clearing requirement, warns MEP Kay Swinburne. Matt Cameron…
Trade associations lobby for clarity on extraterritoriality
Eight trade associations lobby Geithner and Barnier to address extraterritorial concerns
European Parliament rejects Swinburne’s forex exemption
Crucial plenary vote on Emir on July 5 retains suggested amendments to recognise unique nature of FX derivatives, but stripped out explicit calls for an exemption
Esma inclined to follow US FX exemption, says FSA’s Justham
Senior UK regulator emphasises importance of aligning European regulation of FX with US, but says it is not top of Esma's agenda
Industry welcomes European Parliament recognition of FX
Amendments in Econ version of regulation stress the importance of settlement risk and existing market infrastructure
European Commission ‘unhappy’ with Dodd-Frank extraterritoriality
EC official voices concern at London conference over the long arm of US swaps regulations
Treasury exemption decision leaves Europe divided
Representatives of the Commission, Parliament and Council voice different opinions about whether the US determination warrants a rethink on European rules
Mifid proposals on organised trading need a rethink, insists FSA official
Regulator argues the EC should create a derivatives trading venue category to allow European institutions to meet G-20 commitment on organised trading
Clearing discussion still in flux, says Esma chair
In his first public speech since becoming head of key regulatory body, Steven Maijoor gives no hint as to whether FX swaps and forwards might be exempted from mandatory clearing
EU Council disputes Esma’s power to determine clearing eligibility
Legal precedent suggests European Commission might have to determine which contracts should be cleared under new derivatives rules, rather than Esma as originally planned
Velentza to head EC’s new financial stability unit
Ugo Bassi to take over as head of securities markets and Mifid review
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
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
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
Crédit Agricole to launch two-year forwards by Q2
Crédit Agricole Corporate & Investment Banking will launch two-year outright forwards on its Jetstream platform by the end of March, according to Vincent Leclercq, global head of foreign exchange and commodities at the bank in London.
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…
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.
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.