Regulation
Spotlight on: Tod Van Name, Bloomberg
Bloomberg’s global head of foreign exchange talks to Chiara Albanese about the company’s progress since it entered the FX market in 2000, and how it is preparing for regulatory change and the advent of Sefs
Lack of liquidity could hinder offshore RMB centres
Former US Treasury official cautious on prospects for offshore renminbi
Australian regulators suggest clearing exemption for FX
Reserve Bank of Australia discussion paper commits to harmonising rules with US and Europe
E-platforms must expand product range or lose out, say banks
Webinar participants from banks and technology vendors discuss the implications of regulation for single-dealer electronic platforms
Yuan set for reserve currency status, Bloomberg finds
Respondents to a foreign exchange market survey cite quantitative easing, reserve currencies and regulation as their top priorities
Spotlight on: Steven Maijoor, Esma
The European Securities and Markets Authority is set to hold considerable influence over the implementation of the EU’s forthcoming derivatives regulation, and will decide whether foreign exchange swaps and forwards should be subject to mandatory central…
Anticipation builds for final Treasury decision
US Treasury reviewing comments on its proposed exemption as market participants expect the decision to be confirmed early next month
Deutsche merges OTC and listed derivatives clearing
Markets Clearing will combine the bank's existing clearing capabilities across FX, rates, credit, commodities and equities
Esma inclined to follow US FX exemption, says FSA’s Justham
Senior UK regulator emphasises importance of aligning European regulation of FX with US, but says it is not top of Esma's agenda
Econ in favour of FX exemption
European committee favours US plans to exempt currency derivatives from clearing requirement
Two sides to every argument
May in perspective: participants hope the US Treasury will hold by its proposed exemption, despite several calls for further independent analysis of the FX market
Central banks in 'uncharted waters', Lamfalussy tells ACI Congress
Former BIS chief recognises challenges facing central banks, but praises the ECB for its performance during the financial crisis
Industry welcomes European Parliament recognition of FX
Amendments in Econ version of regulation stress the importance of settlement risk and existing market infrastructure
CCPs should become direct members of CLS, poll suggests
72% of poll respondents call for CCPs to join CLS to ensure settlement risk continues to be effectively managed when mandatory clearing is introduced
CFTC rulemaking narrows field in repository race
CLS decides not to pitch to become FX repository provider after CFTC rulemaking demands extra granularity and timeliness in data reporting
Against the Treasury’s proposed exemption
Systemically significant foreign exchange markets need transparency and regulation, argue Dennis Kelleher and David Frenk
In favour of the Treasury’s proposed exemption
Darrell Duffie's opposition to the US Treasury's paper misses crucial points, argues Justyn Trenner
CME plans to clear all FX products, despite probable exemption
Swaps and forwards will be part of the exchange group's FX clearing initiative as banks will need to clear them if used to hedge an option
Duffie paper sparks debate over credit risk in FX swaps and forwards
Market participants respond to calls from academic Darrell Duffie for more analysis before finalising exemption of FX swaps and forwards from clearing requirements
State Street admits to SEC pricing probe
SEC is investigating State Street over its FX pricing as part of ongoing regulatory probe into overcharging by major custodians
European Commission ‘unhappy’ with Dodd-Frank extraterritoriality
EC official voices concern at London conference over the long arm of US swaps regulations
Exemption clarity allows market participants to prepare for new regime
Banks, market infrastructures and industry associations prepare to move forward with regulatory preparation, now that swaps and forwards are set to be exempt
Industry hails US Treasury exemption for FX swaps and forwards
FX exemption clarity in the US puts pressure on Europe to take a similar position, argue senior industry officials
Treasury exemption decision leaves Europe divided
Representatives of the Commission, Parliament and Council voice different opinions about whether the US determination warrants a rethink on European rules