Regulation
MEPs win on powers for new European supervisory bodies
Pan-European authorities will have the power to impose emergency measures and intervene with financial institutions, after parliamentarians gained ground in a compromise agreement
Retail brokers win US leverage battle
The US Commodity Futures Trading Commission (CFTC) buckled to pressure from retail traders by abandoning a proposal to reduce leverage to 10:1 from 100:1, in new rules published last night (August 30).
UK FSA revisits trading regulation in comprehensive review
Financial Services Authority identifies valuation, capital framework coherence and risk management as key problem areas; issues 15 recommendations to revitalise standards
Basel Committee to rethink CVA capital charge
Regulators may adapt the bond-equivalent approach amid claims the methodology will lead to perverse incentives
Malaysia liberalisation sparks ringgit rise
KUALA LUMPUR - The Malaysian ringgit reached 13-year highs against the dollar last Thursday, as officials relaxed currency controls on corporate hedging and international trade settlement on August 18.
Regulators tout new impact studies as proof of Basel III’s viability
Basel Committee and FSB studies play down the economic impact of Basel III - proof, regulators say, that the reforms are fit for purpose.
Sizeable portion of banks not planning to become clearing members
Battle for client clearing business set to heat up, reveals Risk interdealer poll
Interview with Jon Levy on Wall Street regulation
FX Week reporter Farah Khalique talks to Eurasia's Jon Levy about the risks change creates within the global regulatory framework
Interview with Erik Lehtis on prime brokerage
Erik Lehtis speaks to FX Week reporter Farah Khalique about the advent of new regulations in the prime-brokerage arena
Interview with Udi Sela of SuperDerivatives
FX Week's Farah Khalique asks Udi Sela about the impact of increased regulation on foreign exchange traders
Credit Suisse gets green light in India
MUMBAI - Credit Suisse has received a licence from the Reserve Bank of India (RBI) to establish a bank branch in Mumbai, it said last week.
FXall adds head of global trade support
NEW YORK - Quito Zuba joins FXall as senior director and global head of trade support, as of today (August 16), in New York.
China beefs up derivatives master agreements; possible Isda friction?
Efforts by Nafmii to bolster the definitions of China’s over-the-counter derivatives master agreements should help market development. But there are concerns about potential copyright infringement related to Isda master agreements.
Dodd-Frank prop desk carve-out creates potential restructuring risks
Intellectual property and internal talent could get caught up in bank prop desk divorce
Thomson Reuters: Eurodollar rise will 'run out of steam'
Thomson Reuters - IFR topped the one-month currency forecast poll this week with expectations that the euro would bounce back from the European sovereign debt crisis.
Emeap: Cross-border collateral may alleviate dollar funding strains
Executives’ Meeting of East Asia-Pacific Central Banks says crisis revealed shortcomings in regional money markets; swaps deals, cross-border collateral could alleviate some problems
Banks scramble to offer renminbi products as Hong Kong gains offshore interbank status
Banks and financial institutions are ramping up efforts to launch new products to tap the growing appeal of investment opportunities in the mainland China market. The trend intensified last week in the renminbi offshore centre of Hong Kong, after China…
End-users support central clearing
NEW YORK - The push for central clearing is increasingly being driven by end-users seeking operational efficiencies, rather than regulators, according to Jason Vitale, global head of dbClear FX at Deutsche Bank in New York.
Dodd-Frank passes but leaves questions unanswered
Financial reform legislation passes in the US Senate, as focus turns to the complex issue of implementation
FX central clearing: A work in progress
No-one’s the wiser about the implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act on forex options. And perhaps it won’t even matter by the time the legislation becomes fully scripted.
BIS: Output loss not due to currency collapse
BASEL – Amid speculation from some corners of the market that the euro could collapse, the Bank for International Settlements (BIS) published its most recent paper, 'Chronicle of currency collapse: Re-examining the effects on output' on July 6. The paper…
Europe hikes capital rules, slashes banker bonuses
Legislation adopted by European Parliament requires banks hold up to four times more capital to protect against trading risk; half of bankers’ bonuses to be paid in contingent capital
Gold should form an essential part of central banks’ liquidity portfolio
The credit crisis has highlighted that in times of turmoil, gold is one of the few assets that remains liquid, says Natalie Dempster, director of government affairs at the World Gold Council
Klaus Regling to head euro bailout vehicle
German economist and former director-general Klaus Regling to head European Financial Stability Facility set up to bail out troubled eurozone states