James Kemp
GFMA sees Mifid II as an opportunity for dealers
Dealers will review their strategic decisions in 2018
CFTC relief welcomed but concerns remain as Sef rules begin
A string of no-action relief letters issued ahead of today's deadline have been welcomed, but some participants believe they still don't go far enough
Industry forced to rethink reporting after Esma rejects GFMA proposal
FX participants must reconsider their approach to dual reporting under Emir, possibly at considerable cost to those already building towards the proposed model
FX swaps and forwards off initial margin hook
Working Group on Margining Requirements has confirmed the exemption of FX swaps and forwards from initial margin, as well as a more restricted exemption for cross-currency swaps
GFXD beefs up with senior European hire
Andrew Harvey joins global FX division from Morgan Stanley, tasked to focus particularly on Mifid, Emir and the FTT
FTT would ‘drain financial resources’, GFXD research claims
The global FX division is upping its lobbying efforts to have FX derivatives carved out of the financial transaction tax with new research that shows the potential impact of the tax on transaction costs
‘Sef-lite’ environment remains confusing for platforms
Market participants still unclear on the implications of the requirement for multibank platforms trading non-cleared swaps to register as swap execution facilities
FX clearing driven by capital and collateral costs rather than mandate
As mandatory NDF clearing has been delayed, the likely increase in capital and collateral requirements for FX trades is forcing some to consider clearing ahead of the mandate, say webinar participants
Esma under pressure to approve FX dual-reporting solution
FX market participants are pressing the regulator to support a proposed solution to the challenge of dual trade reporting without a central infrastructure to issue trade identifiers
Industry disappointed by Basel persistence on margin
Lobbyists express concern that regulators appear intent on requiring variation margin to be posted against FX swaps and forwards, despite the costs involved
Regulators divided over collateral exemption for FX
Delays to the WGMR’s final standards on margin are due in part to disagreements over the treatment of FX, while the Financial Stability Board has called for variation margin to be tackled by a separate standard-setting body
FX options clearing analysis in final stages
The GFMA's global FX division is understood to be close to completion of its analysis of five years of options trading data - a project that is intended to lead to a solution for options clearing
DTCC forex repository hits launch deadline, despite bank delays
The DTCC has today launched its global trade repository for FX in line with CFTC deadlines, although dealers now have until February 28 to begin reporting
Confirmation of US Treasury FX exemption brings relief to dealers
After two years of consideration, the US Treasury confirmed its decision to exempt FX swaps and forwards from mandatory clearing and exchange trading on Friday evening
Basel proposal to capitalise settlement risk ‘unnecessary’
In comment letters published this week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
FX Week Asia: Sefs and OTFs may be unworkable for NDF market
Speakers at Asia conference warn of the unintended consequences mandatory platform trading could have for non-deliverable forwards
Pressure mounts on Esma over clearing exemption
Responses to Esma's draft technical standard on Emir call for the agency to clarify its position on FX clearing - with some suggestion NDFs could be exempt
Global FX division hires Asia-Pacific MD
David Ngai joined the division in Hong Kong on August 1, reporting locally to Mark Austen and globally to James Kemp
US Treasury poised to finalise FX exemption
A decision to proceed with the exemption of FX swaps and forwards from clearing and exchange trading is understood to have been made, pending final CFTC product definitions expected this week
FX repository moves to production ahead of October launch
The DTCC began user testing of its new trade repository on May 1, and plans to have full regulatory and public reporting up and running by the fourth quarter to meet CFTC deadlines
US Treasury’s FX exemption hangs in the balance
A year after the US Treasury's proposed regulatory exemption for FX swaps and forwards, the position has never been confirmed - and some believe it may be reconsidered