European Securities and Markets Authority (Esma)
More disclosure touted to temper pre-hedging ills
Transparency could help investors choose a dealer, but will they use the disclosures?
Iosco takes aim at pre-hedging with new probe
Global standard-setter intends to release results of review in third quarter of 2024
Shall we compare thee to a multilateral trading venue?
As regulators confirm that perimeter guidance applies to tech firms, the focus shifts to enforcement
Review of 2022: the return of volatility
Russia and the Fed set markets ablaze, while SA-CCR shook up FX swaps
How requests for quotes could amount to ‘insider information’
Lawyers say Esma’s incoming pre-hedging guidance could make firms liable for multimillion-euro fines
Esma plan ‘won’t help’ fix Mifid swaps data problem
Dealers say proposal to force disclosure of all big-bank OTC derivatives trades won’t improve data
GFXC sees no changes to code on pre-hedging
Committee rejects calls to set more strict boundaries to controversial practice
EC looks to GFXC on potential regulation of spot FX
GFXC to meet this week about revising global FX code, which may influence European legislator stance
AFM seeks ‘level playing field’ for venues and aggregators
Dutch regulator suggests some liquidity services should be classified as OTFs
Scrutiny and frictions follow EMS vendors into fixed income
Aggregators are facing resistance from venues and attracting the attention of regulators
Spot FX could be dragged into Mifid II
EC tells FX Markets it is studying Australian-style approach to regulating currency trading
Trading venues decry disruptors as MTF battle heats up
Unregulated tech vendors accused of operating as de facto venues; claim dismissed as “entirely outrageous”
Expanding European market abuse regime to FX spot considered problematic
Lawyers and industry group say move would overlap with Global FX Code and create costly record-keeping and reporting burdens
Esma investigates whether middleware providers are venues
Aggregated FX liquidity offerings accused of masquerading as multilateral trading facilities
Esma warns retail brokers over ‘pro’ push
Regulator warns brokers not to promote professional status to unqualified investors
Regulators plan to delay IM ‘big bang’ – market sources
Most see final phase of initial margin rules coming a year later, in September 2021
Austria imposes permanent restrictions on CFDs, bans binary options
In making Esma’s curbs on CFDs lasting, the regulation follows action by the Netherlands and others
Data reveals Emir swaps report matching rates at 40%
Figure is better than some feared, but still calls into question the value of dual-sided reporting
How Brexit gives FCA a tech mountain to climb
FCA international head says regulator faces huge reporting and data-sharing challenges
FCA slaps permanent ban on binary options
Post-Brexit, the regulator’s ban on the sale, marketing and distribution of binary options to retail investors in the UK will replace Esma’s rules
EU lawmakers fail to deliver on single-sided reporting
But there is still hope for EU swaps users in future Emir reviews