CCP
FX Invest: EIB signs Citi for collateral management
Citi gains key client for third-party collateral management service
FX Invest: Deeper markets, broader opportunities
The foreign exchange industry could be set for a shake-up. But with all things new come great opportunities.
FX Invest: Implications for collateralisation under new CCP model
Saima Farooqi looks at the wave of upcoming regulations relating to central counterparty clearing, and what it means for collateral management
FX Invest: Rise of the super-Sefs
The Dodd-Frank Act created a multitude of would-be swap execution facilities (Sefs) – trading platforms that will aggregate dealer liquidity. Now, dealers want to hoover up the Sefs by building their own aggregation services, but it’s a strategy that…
Deutsche Börse targets FX options after taking stake in Digital Vega
German exchange’s acquisition of a minority stake, announced on July 5, gives it a new-found foothold in foreign exchange options, according to Deutsche Börse official
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
Buy side urged to avoid stampede to CCPs
Panel participants encourage buy-side firms to engage with CCPs early to avoid a last-minute rush
Deutsche promotes Hitchon to run Markets Clearing
Roger Naylor to succeed Hitchon as co-head of global prime finance
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
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
Trading platforms prepare for Sef arms race
As the CFTC prepares to close the consultation period on its Sef rulemaking next week, it is still unclear exactly what changes FX trading platforms might need to make to comply with the Sef criteria. How are the potential Sefs preparing? Chiara Albanese…
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
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
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
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
Spotlight on: Joe Norena and Jacqueline Liau, HSBC
Joe Norena, chief operating officer for FX and metals at HSBC, and Jacqueline Liau, global head of product and services for FX Prime, talk to Farah Khalique about the bank’s plans to offer clearing services for FX products
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
FX swaps and forwards headed for exemption, argues former bank clearing head
John Wilson, who left RBS earlier this year, expects FX to be exempted from clearing but expresses concern about outstanding issues in US and EU derivatives legislation