Feature/Regulation
Iosco pre-hedging review: more RFQs than answers
Latest proposals leave observers weighing new clampdown on pre-hedging
Bloating CCP default funds. New margin models. Are the two linked?
Dealers grumble that greater guaranty fund payments could undermine the ‘defaulter pays’ principle of clearing
Clearing members combing rule books after LME lawsuit win
Industry debates whether other CCPs and exchanges would cancel trades if faced with similar crisis
We need to talk about pre-hedging
Dealers claim it’s a vital tool for managing risk. Clients say it’s open to abuse. How should regulators treat the problem child of financial markets?
Shall we compare thee to a multilateral trading venue?
As regulators confirm that perimeter guidance applies to tech firms, the focus shifts to enforcement
Regulated UK crypto firms fear authorisation Groundhog Day
Industry wants grandfathering in new Treasury framework to avoid business continuity risk
Renminbi and the special drawing rights
What impact does the renminbi’s increased weight and the $650 billion increase in the International Monetary Fund (IMF) special drawing rights (SDR) have for the role of the Chinese currency in reserve management?
How requests for quotes could amount to ‘insider information’
Lawyers say Esma’s incoming pre-hedging guidance could make firms liable for multimillion-euro fines
Duck! Buy side plan to dodge IM rules could backfire
Three-quarters of phase five firms do not expect to exchange margin for at least six months
Stablecoins’ would-be lawgivers don’t know what they’re missing
Bills in US Congress focus on run risk, but more detail needed on operational challenges
Debate erupts over bitcoin’s US reg status
Commodity, currency or security? Experts question cryptocurrency’s asset class after El Salvador move
Phase five margin queues spur calls for custody revamp
Custodians urged to update “antiquated technology” ahead of threefold jump in phase six initial margin onboarding
Currenex case may herald focus on e-FX’s ‘Wild West’ days
FX sources say “uncomfortable secrets” could emerge as attention turns to platform relationships
Esma plan ‘won’t help’ fix Mifid swaps data problem
Dealers say proposal to force disclosure of all big-bank OTC derivatives trades won’t improve data
Investors eager for next round of China financial reforms
Bond futures and credit default swaps the missing pieces
Joe Biden’s slow road to remaking US financial regulation
Moves on climate risk could come early; other changes may have to wait until the end of 2021, or later
Spot FX shies away from regulatory yoke
As Europe weighs Aussie-style rules for spot trading, some see benefits – but many fear the burden
Seeing red over blue-chip swap in Argentina’s NDF fiasco
Emta protocol salve aside, peso settlement rate snafu is a warning for emerging market FX derivatives
Rise of the algo wheel
How the buy side is embracing algorithm wheels and where challenges still remain
Data reveals Emir swaps report matching rates at 40%
Figure is better than some feared, but still calls into question the value of dual-sided reporting
Where prosecutors stumbled in Bogucki and Cartel cases
Courtroom losses suggest failure to read the FX industry correctly before jumping into action