Regulation
Benchmark criminalisation ‘irrelevant' to current enquiry
FCA to regulate seven additional financial benchmarks from today
China overlooks own foreign investment cap
Hong Kong firm granted $1.2bn QFII quota, above the $1bn cap set in 2009, as world's second-biggest economy takes symbolic step towards opening up capital account
PBoC governor hints at capital account liberalisation this year
Zhou Xiaochuan says it will be ‘more convenient not only for enterprises but also for individuals at home and abroad to invest' during panel discussion with IMF's Lagarde in Beijing
FX market reprieve as margin implementation delayed
Large FX institutions gain as BCBS-Iosco delay the starting gun for variation margin until 2016, following industry pushback
EU benchmark reform beset by delays
The EU parliament is still set to go it alone as it attempts to regulate those administrators responsible for critical financial benchmarks
Conference delegates blast SNB for Swiss move
The SNB's decision to remove its minimum exchange rate in the franc should have been done with more notice, conference delegates say
CFTC commissioner questions NDF mandate suitability
All eyes on US regulator after Esma puts clearing of non-deliverable forwards on hold
Esma puts NDF clearing on hold
The European regulator takes a step back from proposing a clearing obligation for NDFs in the wake of market feedback
Denmark cuts rate for third time in 11 days
Danish central bank cuts its deposit rate for the third time since the Swiss National Bank decided to abandon its exchange rate commitment; rate now sits at -0.5%
Legal opinion opens door for ECB bond-buying programme
Adviser to ECJ deems OMTs "compatible" with European law in a move described as an "overwhelming success" for the ECB; it could nonetheless restrict the central bank's role in Troika
Traiana warns of busy regulatory year ahead
Steve French, director of product strategy at Traiana, says fixing the Emir system and implementing Mifid II reporting will bring huge challenges in 2015
SNB negative rates to take effect on ECB day
The Swiss central bank's steps and timing are a good indication of the ECB's next actions
CFTC hears NDF workload fears
Some FX market participants are concerned by the potentially short timelines for preparing the industry fully for NDF clearing and possible liquidity implications
Draghi plans showdown ‘early next year’
Governing council to reassess monetary stimulus in 2015; Draghi says he does not need unanimity to launch quantitative easing
FCA warns of more fines if culture does not change – FX Week Europe
McDermott delivered a sobering address to FX Week Europe market participants
Timeline for NDF clearing still pending, says Massad
No end in sight for a NDF clearing mandate as the CFTC seeks feedback from its Global Market Committee Meeting, held last month
Agency desk growth will be slower than expected, traders say
The chance of 50% of the FX market going to agency execution within five years is viewed as highly unlikely, but some banks wager on agency being the future of FX trading
UK launches probe into banking sector competition
The investigation will assess whether the retail-banking market is too concentrated, with barriers to entry and opacity under scrutiny
Banks set aside more than $6 billion for FX fines
Large currency dealing banks prepare to draw a line under the global regulatory probe into currency markets as they brace themselves for fines
G-20 needs to arrest currency wars to stop Asian deflation
Callum Henderson, global head of FX research at Standard Chartered calls for leaders to put a stop to currency wars; says SGD is an ideal candidate for funding relative value carry trades in Asia
UK set to issue RMB-denominated sovereign bond
Bank of China, HSBC and Standard Chartered appointed to help in the issuance of the bond, which will help finance the UK's reserves
Bank of Russia sells $1.4 billion to prop up ruble
Central bank intervenes in foreign exchange market to support currency as it continues to slide against the US dollar; commentators split over prospect of rate hike
FCA investigation becomes systems and controls case
Banks and the FCA have reportedly entered into talks to settle allegations of benchmark manipulation, with the focus turning to systems and controls as regulators struggle to link senior management to complaints
FSB to recommend fix order separation
The recommendations, set to be published within days, will include widening the fixing window and code-of-conduct changes