Regulation
MarkitServ squares up to Traiana over pre-trade hub
Most participants believe the market will centre on one provider for pre-trade credit checking and clearing certainty - but both MarkitServ and Traiana hope to win the race
FX agency model under threat from CFTC business conduct rules
Uncertainty around the scope of the relief granted by an April 30 no-action letter has led prime brokers to limit their executing brokers to principals for non-spot transactions, threatening the agency model in the US
Rolling spot is a swap in retail market, says CFTC’s Chilton
Bart Chilton confirms rolling spot transactions in the retail market renders the contract a swap under the Dodd-Frank Act, but definitions still unclear in institutional FX
Questions remain over finer details of Sef rules
The countdown to compliance with the Sef rules has begun following their entry in the Federal Register, but some platforms still have questions over the proposed model for a Sef
Year-end ‘congestion’ looms for European trade reporting
Buy-side must prepare to meet their FX reporting obligations in Europe, which will be more challenging than in the US, webinar participants warn
FX prime brokers forced to terminate double give-up trades
Prime brokers have had to cancel four-way agreements for trades involving two buy-side firms, on the basis that a no-action letter issued by the CFTC on April 30 did not cover this type of business
IMF gives its verdict on Abenomics
Article IV statement gives ringing endorsement to QQE in Japan; says ‘spillovers' may have adverse near-term effect on neighbours, but will be offset by benefits of economic strength in Japan
Volcker: Regulatory split creates ‘indecision and stalemate’
Division of financial supervision among US agencies is impeding Dodd-Frank reforms, says ex-Fed chairman
China's red tape reduction could lead to wider CNY trade band
Chinese regulator Safe's efforts to simplify investment into the country seen as a further sign of renminbi liberalisation
Banks struggling with European reporting rules
Reporting infrastructure built to fulfil Dodd-Frank requirements will need to be revamped to meet Emir standards, say banks
Final Sef rules raise more questions
Market surprised by change to swap execution facility rules, after final requirements were approved on May 16
Emir futures margin rules create 'regulatory arbitrage'
Clearing house and commodity traders voice concerns about European firms going to US due to Emir CCP standards
CFTC misusing Dodd-Frank to expand its role, says CME's Duffy
CME chief accuses regulator of overreaching, as line-up of industry figures attacks Dodd-Frank rules
Swap dealers struggle with Isda protocol compliance
Failure to meet deadline for earlier protocol puts banks on the back foot for compliance with next round of rules
Market relief as CFTC approves final Sef rules
Request-for-quote rules are watered down and voice broking allowed to continue under final Sef rules from the CFTC
Traders surprised by Australian rate cut
Reserve Bank of Australia's decision to cut interest rate to 2.75% came earlier than traders expected
CFTC issues reprieve on mid-market disclosure
CFTC issues no-action letters on certain external business conduct standards under Dodd-Frank, but some participants say the relief has come too late
Banks eye July 12 exemptive order deadline
A CFTC exemptive order expires in July, meaning new regulations could capture a broader range of clients as US persons
FX prime brokers welcome CFTC relief
CFTC provides last-minute relief for FX prime brokers, having listened to arguments that the market could be seriously impeded by business conduct rules
FXCM launches unregulated FXCM Markets
Margin foreign exchange broker targets traders outside of US, Canada, UK, France, Germany, Australia and Japan
France leads eurozone in Chinese renminbi payments
Aims to promote Paris as an international hub for the renminbi are paying off, as France sees a 249% increase in yuan-denominated transactions
US futures brokers to meet new capital requirements from June 30
Regulators push to prevent abuse of loophole in capital requirements between retail forex and futures brokers
Icap: Sefs could lead to ‘sub-optimal hedging’
Moving NDFs to trade on Sefs could mean less hedging at longer end of the curve, says senior executive at Icap
City Index Australia compliance failing investigated
Retail broker set to appoint adviser to resolve weaknesses in compliance with new rules