Derivatives
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
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
SGX to clear FX forwards despite possible Treasury exemption
SGX to add new currencies and asset classes, including FX forwards, to OTC clearing service
Alpari launches FX options platform
Platform launched on March 9 to execute vanilla options trading strategies
FXall hires CIO as Asia sales head departs
Kevin Lupowitz has joined electronic foreign exchange platform FXall and will take the role of chief information officer (CIO), starting today (March 14).
European Parliament committee accelerates on derivatives reform
Committee members will discuss draft report today and have until March 15 to suggest amendments
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…
FX options clearing will be challenging, Afme panellists warn
Conference speakers discuss the investment needed to meet requirements for central clearing of FX options.
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.
SuperDerivatives moves to improve options pricing transparency
Client push for more transparency in pricing methodology drives vendor to add new models and publish secret source code.
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.
Israel clamps down on forex derivatives
The Bank of Israel (BoI) has joined the growing number of emerging market central banks to introduce tougher regulations on forex to battle the rise in speculative trading.
New CFTC documentation rules could force Isda master modifications
Proposed US rules might require changes to standardised global derivatives agreement
EC: Prepare for FX clearing in US and EU
Senior figures from the European Commission (EC) and European Parliament signalled that an outright clearing exemption for forex was unlikely, at an Association for Financial Markets in Europe conference in Brussels held on January 12.
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.
Subterranean euro-sick blues
The sovereign debt crisis is not going away, and will drive much of the action in the first quarter at least, writes Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York
Asia to follow US on CCPs amid fears about hedging costs for exporters
Banks in Asia say there is no easy formula to decide whether moving over-the-counter foreign exchange instruments onto central counterparty (CCP) clearing would represent a lower-cost solution for their corporate clients, or whether they are better off…
South Korean regulators caution Barclays and JP Morgan on currency derivatives sales
South Korean financial regulator has issued an institutional warning to Barclays and a caution to an individual at JP Morgan for breaking local banking rules by selling inappropriate currency derivatives that are used in exporter hedging programmes
Deutsche targets Russian corporates with Autobahn FX
Deutsche Bank will roll out its electronic trading platform Autobahn FX in Russia in 2011 as part of efforts to generate more flow from local corporates, according to a senior official at the bank in Moscow.
LCH.Clearnet beats CME in FX clearing race
LCH.Clearnet has signed 13 banks up to a new foreign exchange options clearing venture - ForexClear - due to open for business in late 2011, according to a statement.
Banks look to securitisation of counterparty credit risk
A number of banks are considering securitisations of their counterparty credit exposures, as they look to get their balance sheets in shape ahead of new Basel capital charges.
First offshore renminbi swaption accomplished in Hong Kong
The first offshore renminbi OTC swap option was carried out this week between BNP Paribas and HSBC in Hong Kong, brokered by Icap.