Currency forward
The perils of one-size-fits-all
Regulators need to come up with a calibrated approach to calculating collateral requirements for uncleared derivatives, writes Joel Clark
SocGen’s ex-FX trading head calls for apology over unfair dismissal
Didier Meyer, who along with Eric Leandri was cleared of allegations of unauthorised trading earlier this week, is disappointed by SG’s failure to apologise for unfair dismissal
Spotlight on: Damian Glendinning, Lenovo
The Chinese PC manufacturer’s group treasurer talks to Joel Clark about his role in setting up a global treasury function when Lenovo bought IBM’s PC business in 2005, and explains his belief that FX risk management should be kept as simple and…
Battle for clearing supremacy
Singapore Exchange (SGX) became the first of the major clearers to launch an OTC Asian FX forwards clearing business in October. But with bank-backed LCH.Clearnet and the CME hot on its heels with a non-deliverable forwards offering, can SGX maintain its…
The renminbi's road to success
The renminbi is on the up, but is it climbing fast enough? Farah Khalique talks to currency strategists and a global head of FX structuring about the performance of the currency and future trends
LCH.Clearnet eyes November launch for NDF clearing
London-based CCP is set to launch clearing for NDFs in six currencies in mid-November, having shelved plans for options clearing while banks discuss settlement-related issues with regulators
Prepare for further black swan events in FX, corporates urged
Corporate treasurers should make sure their forex counterparties are properly prepared for the possibility of further black swan events in the FX markets, senior Lloyds banker tells ACT conference delegates in Manchester
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
Australian regulators suggest clearing exemption for FX
Reserve Bank of Australia discussion paper commits to harmonising rules with US and Europe
Deutsche merges OTC and listed derivatives clearing
Markets Clearing will combine the bank's existing clearing capabilities across FX, rates, credit, commodities and equities
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
FX derivatives volume grew by 9% in H2 2010, says BIS
Total notional OTC volume across asset classes rose by 3%, having contracted by 4% in the first half of the year
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
Basel III already raising costs for long-dated FX, argue corporates
Panellists at ACT annual conference express concerns about the knock-on effects of Basel III and OTC clearing rules
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
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
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
Crédit Agricole to launch two-year forwards by Q2
Crédit Agricole Corporate & Investment Banking will launch two-year outright forwards on its Jetstream platform by the end of March, according to Vincent Leclercq, global head of foreign exchange and commodities at the bank in London.
European Parliament and Council on collision course over FX exemption
The top European Union institutions in Brussels have found themselves at odds over the crucial question of whether foreign exchange contracts should be subject to new rules for mandatory clearing and reporting of over-the-counter derivatives in the…
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…
Eight pilot SurfaceExchange FX derivatives platform
SurfaceExchange is piloting its anonymous FX derivatives trading platform with eight traders and plans to go live at the end of the first quarter.
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.