Regulation
US Treasury to move 'expeditiously' on FX exemption
Assistant secretary to the Treasury Mary Miller recognises the need to clarify the regulatory regime for FX swaps and forwards sooner rather than later
Mifid proposals on organised trading need a rethink, insists FSA official
Regulator argues the EC should create a derivatives trading venue category to allow European institutions to meet G-20 commitment on organised trading
Reserve managers diversify away from traditional currencies, report finds
Non-traditional currencies play an increasingly important role in central bank holdings as a result of eurozone sovereign debt concerns and ongoing economic weakness in developed markets, according to Central Banking Publications report
Clearing discussion still in flux, says Esma chair
In his first public speech since becoming head of key regulatory body, Steven Maijoor gives no hint as to whether FX swaps and forwards might be exempted from mandatory clearing
FX dealers commit to greater standardisation in latest Fed letter
Voluntary OTC commitments touch on standardisation of FX products and the selection of a trade repository for the FX market by Q2 2012
Isda raises concerns over Russian netting laws
But despite the challenges involved, banks and brokers are excited by the progress being made to open up the Russian market
Asian legislators await international clarity on OTC and FX regulation
Market participants suggest authorities in Asian countries are unlikely to make decisions on OTC regulation and the treatment of FX contracts until the rules become clearer in the US and Europe
EU Council disputes Esma’s power to determine clearing eligibility
Legal precedent suggests European Commission might have to determine which contracts should be cleared under new derivatives rules, rather than Esma as originally planned
Velentza to head EC’s new financial stability unit
Ugo Bassi to take over as head of securities markets and Mifid review
Start preparing now for regulatory change in FX, warns research paper
Report shows banks have an understanding of global regulatory changes but are failing to grasp the implications for their business
Audio: ECB and BOJ face crisis
Nick Beecroft, senior markets consultant at Saxo Bank, discusses the challenges facing the European Central Bank and the Bank of Japan
EU Council leans towards special treatment for FX
Industry's concerns starting to be reflected in legislation proposals
Treasury timeline on FX exemption decision still unclear
Market participants divided on whether the agency is likely to exempt swaps and forwards from Dodd-Frank clearing requirements
CPSS-Iosco proposes risk standards for CCPs
Central counterparties should be ready for failure of one or two largest customers, regulators suggest
Afme global FX division calls for restraint on Sefs
Managing director James Kemp explains how Sef rules can be applied without putting the current liquidity and volumes of the FX market in danger
FX off the agenda at European Parliament meeting
The Economic and Monetary Affairs Committee (Econ) of the European Parliament has continued to ignore the treatment of foreign exchange in European derivatives legislation, according to Kay Swinburne, a British member of the European Parliament (MEP) in…
Spotlight on: James Kemp, Afme global FX division
The managing director of the FX market’s new industry body talks to Joel Clark about the challenges of lobbying politicians for appropriate and consistent treatment of FX contracts in US and European legislation
CLS considers membership category for CCPs
Foreign exchange central settlement provider CLS Bank is considering the creation of a new membership category for central counterparties (CCPs) developing clearing services for FX derivatives, the firm has told FX Week.
FSA’s Ross to become Esma’s first executive director
Verena Ross, director in the UK Financial Services Authority's (FSA) international division, is to move to the newly formed European Securities and Markets Authority (Esma) as executive director.
European Parliament committee accelerates on derivatives reform
Committee members will discuss draft report today and have until March 15 to suggest amendments
A month of ongoing regulatory uncertainty
A new monthly column by FX Week editor Joel Clark, reviewing the key trends and developments in the month gone by
US Fed’s Tarullo stresses importance of robust CCPs
Well-managed central counterparties (CCPs) are key to handling counterparty credit risk, according to Daniel Tarullo, a governor at the Federal Reserve Board in Washington, DC.
Securities regulators at odds over OTC shift to trading platforms
Iosco members fail to agree on whether organised trading platforms for derivatives should source liquidity from multiple institutions.
IMF should draft rules on foreign exchange intervention, says BoI's Fischer
Bank of Israel governor Stanley Fischer calls on IMF to draw up international rules on foreign exchange intervention