Regulation
Mifid obstructing cloud computing at European banks
Vendor contracts may not be flexible enough to satisfy outsourcing rules
Options clearing pushed to 2014 as solution search begins
As the search for a viable clearing mechanism for FX options begins, market participants suggest clearing won't begin before 2014
Mifid transparency rules must be properly calibrated, warns ECB board member
Central banks will have to deal with liquidity shocks in financial markets, so must ensure post-trade transparency rules are well calibrated, says Peter Praet
‘Near-final’ margin rules to be issued within days, says Iosco chief
Secretary general of Iosco confirms that further work is needed to assess the economic impact of margin requirements for uncleared derivatives
MarkitServ partners with Misys to boost FX clearing
Users of the Misys Confirmation Matching Service will be able to use MarkitServ's clearing connectivity to route FX derivatives to clearing houses
US National Futures Association adopts recommendations from an independent analysis of NFA's Peregrine Financial Group audits
Futures industry regulator to roll out new procedures to tighten scrutiny of futures brokers following report
Avoiding collateral damage
While it is still not clear which way the WGMR will rule on margin for FX swaps and forwards, regulators face the recurring danger of unintended consequences if they go the wrong way
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
Could FX volumes bounce back in 2013?
As the central bank FX committees prepare to publish their semi-annual turnover surveys today, trading volumes are expected to have remained depressed in October 2012, but many now expect a recovery in volumes this year
Global margin standards face further delays
Proposals to collateralise non-centrally cleared derivatives could now be subject to further consultation and impact assessment, having missed the original end-of-2012 deadline
Collaboration needed on FX options clearing
Introducing central clearing into the foreign exchange market under new regulations has proven a thorny process, particularly for FX options. The priority for market participants should be to agree on appropriate processes for pricing, valuation and…
Management changes announced at Oanda, Gain Capital and speculated at CMC Markets
Retail-focused trading companies shift strategies to new market and regulatory environment, while Cruddas tipped to return to chief executive post at CMC Markets
DTCC threatens lawsuit over CME SDR plan
The Depository Trust & Clearing Corporation could take legal action to stop a proposed rule that would force CME clearing customers to report to its own SDR
GFI Fenics repositions FX options platform as it targets Sef licence
Two years after it was launched, Fenics Trader is to be renamed GFI Direct and operated directly as a GFI subsidiary – a move intended to support its bid for Sef status
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
US CFTC fines Chicago-based RJ O'Brien & Associates $300,000 for supervision failures
Futures broker pulled up for failing to uncover fraudulent activities of introducing broker, marking the extension of accountability
Banks told they will not benefit from Basel LCR delay
National supervisors tell banks not to lower liquidity buffers, with market forces also pushing banks towards 100% compliance with measure
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
SNB to open Singapore branch to support FX activity
Swiss central bank has diversified its reserves into a number of Asian currencies in recent years and will open an office in Singapore by mid-year
Asian currency hedgers to be hit by ‘fatal flaw’ in new accounting rules
A major change is needed to correct new hedge accounting rules that could restrict derivatives use by Asian firms hedging their foreign currency exposures
Mifid delays cause frustration in OTC markets
Delays from the Council of the European Union in finalising its stance on the Mifid review mean the crucial trialogue negotiations are unlikely to commence before the second quarter, much to the frustration of market participants
Spotlight on: Mark Spanbroek, European Principal Traders Association
The EPTA’s vice-chairman and secretary-general talks to Robert Mackenzie Smith about the association’s mission to represent the interests of high-frequency traders to regulators, legislators and the market in general
Aussie dollar remains strong after RBA rate cut
The Australian dollar rallied after the RBA rate cut on Tuesday and strategists expect interest rates to remain at 3% for the next six months, supporting further strength
Emir clearing deadlines remain a challenge, industry warns
Preparing the necessary documentation for client clearing can take many months and could delay clearing under Emir, warn banks and clearing houses