CCP
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
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
LCH.Clearnet confirms FX options clearing for 2011
Annual results confirm significant investment in developing clearing services for FX options
EU Council leans towards special treatment for FX
Industry's concerns starting to be reflected in legislation proposals
Traiana rolls out forex clearing connectivity service
Citi and CME Clearing become the first to join the network as the market prepares for the advent of FX clearing
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
SGX to clear FX forwards despite possible Treasury exemption
SGX to add new currencies and asset classes, including FX forwards, to OTC clearing service
CPSS-Iosco proposes risk standards for CCPs
Central counterparties should be ready for failure of one or two largest customers, regulators suggest
Spotlight on: the buy side
At the FXInvest Europe conference in Zurich on March 8, foreign exchange investors and fund managers met to discuss key issues driving the FX market in 2011 and the possible impact of new regulations. Farah Khalique caught up with three of them
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.
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
Spotlight on: Lee Sanders, Axa Investment Managers
Axa Investment Managers’ head of FX and fixed-income execution talks to Joel Clark about the firm’s increasing FX activities and the changing nature of the market
European Parliament has neglected FX exemption question, says UK MEP
Kay Swinburne criticises colleagues in the European Parliament for failing to tackle the question of whether forex contracts need to be subjected to new clearing and reporting requirements
HMT's Hoban: Beware of sweeping forex into EU derivatives reform
Advocates of an exemption from mandatory central clearing requirements for foreign exchange swaps and forwards have won the support of the UK government, as a senior treasury official admits to the risks inherent in regulating FX in the same way as other…
No market left untouched by regulatory clampdown
Few participants in the FX market seem to dispute the evolution of new regulations will be one of the biggest themes of 2011, but attention has tended to focus predominantly on Washington, DC and Brussels over the past year.
Spotlight on: Jeremy Hill, Royal Bank of Scotland
FX Week speaks to Jeremy Hill, head of FX and money market operations at RBS in London
Bayer warns EC: Don’t force us to slash jobs in EU
Christian Held, head of corporate treasury at pharmaceutical giant Bayer, threatened to move jobs abroad unless the European Commission “lets common sense prevail” over FX derivatives regulation.
UBS: FX CCPs will be “too big to fail”
Foreign exchange central counterparties (CCPs) will automatically be “too big to fail” because the consequences of failure are too terrible, according to Huw Evans, managing director and chief operating officer of FX at UBS.
ICICI clears and settles first gold contract on SMX
Singapore Mercantile Exchange (SMX) said the Singapore branch of India’s ICICI Bank began clearing and settling trade activities for SMX with its first trade cleared on December 30, 2010 for the SMX Singapore-deliverable gold futures contract.
Isda pushes back on CCP ownership caps
US derivatives industry lobbyists are pushing back at proposals by the US government to resurrect and expand the Lynch amendment, which would have imposed limits on dealer ownership of derivatives clearing houses.
HKEx moves to introduce margins for cash clearing members
HKEx plans to beef up its risk management following the bankruptcy of Lehman Brothers in September 2008 by introducing margin rules and seeking more funds from cash clearing members. The move would bring cash clearing more in line with existing…
Basel Committee tweaks counterparty risk rules
Basel Committee changes CVA methodology and releases consultation paper on CCP default fund charges
CFTC proposal sparks scrap over CCP membership
CFTC proposes a $50 million cap on minimum capital requirements set by CCPs for clearing membership