Regulation
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
FX Invest Europe: Banks are retreating from market-making, managers warn
FX investment has become more challenging, as market-making banks facing new regulation have become less willing to take risk
FX Invest Europe: Investors back away from complex trades to avoid regulation
Some buy-side participants are moving away from complex FX options due to the uncertainty of forthcoming clearing and exchange trading regulations in the US and Europe, according to conference speakers
Margin rules for uncleared FX rest with regulatory working groups
Regulators must adopt a calibrated approach to mandated collateral so that short-dated FX swaps and forwards are not caught up in the rules unnecessarily, argue market participants
Singapore’s FX exemption welcomed as a sign of global consistency
A proposal by the Monetary Authority of Singapore to exempt FX swaps and forwards from mandatory clearing is seen as a positive move to harmonise treatment of FX with the US
Emir clearing rules agreed, but calls grow for extension to Esma deadlines
Delays in the adoption of Europe's new clearing rules have eaten into the time Esma has to meet its June 30 rule-writing deadline
Afme liquidity conference: Buy side urged to stand up and be counted on regulation
Speakers at Afme conference call on buy-side firms to join the sell side in lobbying regulators and ensuring the future market structure is appropriately calibrated
Afme liquidity conference: Costs of FX clearing will be punitive for all
The cost of implementing FX clearing and reporting services will be too high for more than a handful of top-tier banks to do it effectively, creating the possibility that demand might not be matched by supply, FX bankers warn
Afme liquidity conference: Buy side pushes for greater control of FX execution
Tools such as transaction cost analysis and execution management systems, traditionally deployed in trading equities, are becoming more important for buy-side FX traders, says Axa IM’s FX trading head
Greatest risk of regulatory arbitrage is for non-cleared FX, says Esma's chair
Bilateral collateralisation might not be applied to FX swaps and forwards under the Dodd-Frank Act, but will be applied in the European Union, says Steven Maijoor
Corporate backlash on costs of regulation continues
Banks will not be able to avoid passing on the hefty costs of regulatory reform to their buy-side clients, argued participants at the ACI UK’s annual square mile debate
Basel guidance on settlement risk delayed until June
Updated guidance on FX settlement risk from Basel Committee and CPSS was originally due by end of 2011, but now has an expanded remit
Icap's Spencer: 'not a prayer' of UK agreeing to FTT
Proposed EU trading tax would be vetoed by UK, says Icap's Spencer - if not, the broker will move its London HQ to New York
Emir set for Q2 completion, Barnier insists
Trialogue negotiations between the European Parliament and Council on derivatives reform are due to complete next week, with a view to finalising the text by April, says Michel Barnier
Exemption for FX swaps and forwards should hold, says GFMA’s Kemp
James Kemp, managing director of the global FX division, talks to FX Week about the biggest regulatory challenges of 2012
FX Week meets James Kemp, GFMA
The managing director of the GFMA's global FX division talks about the biggest regulatory challenges for the FX industry in 2012
FX swap cost could rise from €279 to €2,779 under EU tax, warns Oliver Wyman
Research published today on behalf of the GFMA global FX division highlights the potentially punitive impact of the financial transaction tax on the FX industry
Identifiers will place significant technology demands on industry, say dealers
Progress to create a new set of industry standard codes to identify institutions, products and transactions is moving forward as regulatory reporting deadlines loom, but it remains one of the biggest market structure challenges of 2012 for FX banks,…
LCH.Clearnet hires options technology head from BAML
Emanur Rahman will report to CIO Tom Zschach, who also joined from BAML last year
ING moves US-based FX trading desks to Europe
The reorganisation will affect roughly 40 employees and is part of the bank’s preparation for new capital requirements
The secret weapons of e-commerce
Banks don't have long left to finalise and implement changes to their single-dealer FX platforms
Review of 2011
As 2011 draws to a close, FX Week looks back on a year in which the decisions of politicians increasingly came to define the direction of major currencies, while the progress of regulatory reform was stunted by missed deadlines and challenging technical…
Corporates fear move to platform trading for FX options
Despite being exempt from clearing and exchange trading requirements in the US and Europe, some corporate treasurers fear they might have little choice but to execute FX options on electronic platforms
Global FX division kicks off outreach programme on trade reporting
Industry outreach sessions focus on preparing institutions to meet reporting requirements for FX contracts, as final CFTC reporting rules expected next week