Regulation
Regulators leave door open for FX exemption from margin rules
A senior group of regulators has recognised the possible case for an exemption from margin rules for non-cleared FX swaps and forwards - but possibly not those of longer maturities
WGMR margin rules borrow heavily from US proposals
Working group publishes proposed margin rules for uncleared trades – bringing global rules in line with an earlier US proposal
The 14-month determination
Now that the Treasury is expected to confirm its proposed exemption of FX swaps and forwards, will its original all-or-nothing mandate need to change?
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
Reporting challenges remain as repositories move towards launch
Market participants continue to grapple with the challenges of reporting FX trades to a repository as regulatory deadlines begin to loom. Kathy Alys and Melanie White report
Markets recoil as major central banks ease policies
Chinese, European and UK central banks take monetary policy action; moves leave no doubt about gloomy global economic picture as eurozone stock markets fail to rally
FX Invest July-August edition now live
Managing currency risk in markets dominated by central bank monetary policy
Esma exemption provides corporate relief
Corporates relieved at Esma clearing exemption, but express concern about uncertainty over uncleared derivatives
Libor manipulation lawsuits could cost banks ‘tens of billions’
Barclays' $450m settlement gives lawyers smoking gun evidence of attempts to tamper with benchmark rates
Banks hope for CCP capital concessions at Basel meeting
Banks and CCPs are pressing for changes to method of calculating default fund capital
Global FX division moves forward on options clearing
The data-collection stage of a major project to enable clearing of forex options is close to completion, according to the GFMA's Mandy Lam
Spotlight on: Mandy Lam, global FX division
The managing director for North America of the Global Financial Markets Association’s global FX division talks to Melanie White about the key regulatory challenges facing the FX market and FX options clearing and settlement project, which she is heading…
Volcker rule could hurt liquidity in FX spot market, participants warn
Foreign exchange swaps and forwards should be exempted from the Dodd-Frank ban on prop trading, or else liquidity in the spot market could suffer
Mifid amendments lift barrier to brokers owning OTFs
Tweaks to Mifid text would allow owners of OTFs to engage in matched principal trading
FX advisory tops the agenda for SocGen's new management team
Société Générale Corporate and Investment Banking has completely reshuffled the management of its FX business this year as part of a broader restructuring of its fixed-income and currencies division. Gian-Luca Fetta, newly appointed head of FX, talks to…
Spotlight on: James Watson, FXall
FXall’s newly appointed head of Europe, the Middle East and Africa talks to FX Week about his recent move from an equity sales role at Morgan Stanley into the FX market, and his aspirations for the platform’s European business
Spotlight on: Ron Levi, GFI Group
The interdealer broker’s chief operating officer talks to Joel Clark about the growth of GFI Group during its 25-year history, its strengths in foreign exchange, and why he expects to be among the first wave of brokers to register as a Sef under the US…
DealHub rolls out reporting and clearing platform
FX technology vendor is this week launching its so-called Smart Trade Reporting platform to help clients meet new regulatory requirements
DTCC expands repository footprint into Asia
The DTCC this week unveiled a data centre in Asia to support global reporting but the October launch of its FX repository may slip as a result of CFTC delays, the firm has warned
Global inconsistency remains a challenge for would-be Sefs
An ongoing lack of clarity and the potential for extraterritoriality in swap execution facility rules is creating a bumpy ride towards registration, according to three putative Sefs
CFTC steps back from controversial 85% rule
Following the recent revelation of further delays in the Dodd-Frank rulemaking process, an unpopular rule on centralised trading has been shelved. Felix Shipkevich believes it was the right decision
HFT adds value to the forex market, says Bank of England
While the effects of high-frequency trading activity should continue to be monitored, the practice adds value to the FX market, a senior Bank of England official has argued
A man of standing: Michael Cross, BoE
During nine years in the markets division of the Bank of England, including three years as head of foreign exchange, Michael Cross has been at the forefront of the central bank’s response to the financial crisis. As chair of the FX Joint Standing…
EU regulators prepare for frenetic countdown to Emir deadline
Senior officials expressed concern yesterday about the volume of work on derivatives reform that must be completed in a very short timeframe