Regulation
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
FXall looks to Sef licence to boost liquidity
Chief executive Phil Weisberg suggests banks might choose to outsource some elements of their single-dealer business to multibank platforms such as FXall, when Dodd-Frank Sef rules become binding
Audio: To QE or not to QE, is the only question?
Markets could be sleepwalking into global crisis 2.0 as a third round of quantitative easing becomes increasingly likely, cautions Nick Beecroft, senior markets consultant at Saxo Bank in London.
US Treasury will exempt FX swaps and forwards from Dodd-Frank
Afme's global FX division welcomes the decision, announced on April 29, and calls on European rule-makers to follow suit
Splits emerge in CFTC and SEC swap product definition rules
Agencies largely aligned, but conflicts remain after 10-month negotiation
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…