Regulation
Mifid rules could force FX swaps onto OTFs
Trialogue negotiations on Mifid II are expected to conclude by February, but traders fear they could include a mandate for FX swaps to be traded on organised trading facilities
FX market participants express concern and confusion over Sef trading
Trading on swap execution facilities in the US was introduced in a cloud of confusion and uncertainty. The market seems to have recovered from the initial shock, but there are concerns that Europe’s take on Sef trading will do longer-lasting damage. By…
Regulators clash on Mifid waivers
Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees
Corporates and investors need confidence to tap offshore RMB, say banks
As the internationalisation of renminbi continues to gain traction, buy-side engagement in the currency varies significantly across geographies and sectors
Swiss franc floor will remain in place, says UBS FX chief
George Athanasopoulos shares currency predictions for 2014, including an expectation the Swiss National Bank will maintain the 1.20 floor on EUR/CHF
Esma repository approvals fire starting gun for EU trade reporting
Mandatory trade reporting for all asset classes will begin on February 12, but the FX industry is still grappling with the challenges of dual reporting
Dialogue needed on Sef confirmations - GFXD
Following a further CFTC extension for Sef confirmation requirements until November 29, the global FX division stresses the need for dialogue and co-operation with regulators over the next month if the deadline is to be met
TriOptima unveils UTI pairing service for Emir reporting
Icap-owned technology provider seeks to tackle the dual reporting challenge for paper-confirmed trades and FX trades without a common ID
FX benchmark probe gathers pace as chief dealers placed on leave
Senior spot traders at JP Morgan, Citi and Standard Chartered have all been placed on leave, while Barclays, Deutsche Bank and UBS confirm they are conducting internal reviews in connection with alleged manipulation of FX benchmarks
EU bonus cap threatens the future of London FX
The UK last month launched a legal challenge against the EU's planned bonus cap - it will need to be successful if London is to retain the best FX sales and trading personnel
Expiry of Sef confirmation relief causes unrest among dealers
Swap execution facilities have only until October 30 before they have to issue legal confirmations for trades, but dealers remain uneasy about their ability to do so
Standardisation needed in Sef reporting conventions
Sefs agree a lack of clarity on reporting requirements has created an inconsistent and fragmented view of trading activity
Footnote 88 prompts BlackRock to abandon NDF platforms
Asset manager returns to phone trading for non-deliverable forwards after controversial footnote in Sef rules makes trading on Sefs an unattractive option for users
Clearing of physical FX in China and India a concern, says GFXD’s Ngai
Global FX division managing director David Ngai warns of the challenges associated with centrally clearing physically delivered FX products
Euro-denominated FX reserves rise again
After several quarters of declining central bank holdings in euro, recent data from the IMF suggests reserve managers have started to increase holdings in the currency again, albeit by a very small amount, says Thomas Stolper
RBI's shift in monetary policy welcome, say traders
The central bank’s reduction in its marginal standing facility is positive for India’s growth, but the rupee is still exposed to external risks
Progress of RMB internationalisation ‘spectacular’, says SFC official
Speaking at the FX Week Asia conference, deputy chief executive of Hong Kong regulator highlights the importance of continuing to internationalise China's currency
FX Week Forum: Central banks and FX reserves
In the latest in the FX Week Forum series, Joel Clark talks to Steven Saywell, global head of FX strategy at BNP Paribas, about trends in central bank reserve management and the IMF's latest set of reserves data
Reserve managers seek alternatives to USD and EUR
Following the IMF’s publication of its FX reserves data for the second quarter, Steven Saywell assesses why reserve growth has slowed and central banks are looking to diversify
Lack of Esma clarity delays progress on FX trade reporting
Questions raised by Isda concerning trade reporting workflows have not yet been answered, delaying preparations for the start of mandatory trade reporting early next year
CFTC shutdown leaves Sefs lacking clarity
Sefs and their clients question scope of no-action letters, but US government shutdown means no-one is able to provide guidance
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
Deconstructing the Sef ‘car crash'
With days to go until approved swap execution facilities are set to open for business, the CFTC would do well to heed some of the warnings it is hearing from the industry
Sefs struggle with CFTC reporting rules
A lack of clarity over reporting obligations has left would-be Sefs struggling to adapt processes and workflows