European Parliament
Mifid amendments lift barrier to brokers owning OTFs
Tweaks to Mifid text would allow owners of OTFs to engage in matched principal trading
Euro sentiment turns upbeat after Greek deal
Politicians and strategists are cautiously optimistic on the euro, despite the considerable challenges that might lie ahead
Emir clearing rules agreed, but calls grow for extension to Esma deadlines
Delays in the adoption of Europe's new clearing rules have eaten into the time Esma has to meet its June 30 rule-writing deadline
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
Econ in favour of FX exemption
European committee favours US plans to exempt currency derivatives from clearing requirement
Industry welcomes European Parliament recognition of FX
Amendments in Econ version of regulation stress the importance of settlement risk and existing market infrastructure
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
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
EU Council leans towards special treatment for FX
Industry's concerns starting to be reflected in legislation proposals
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…
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.
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.
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.
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.