News/Regulation
EU eases non-cleared margin rules for smaller players
New proposals aim to cut compliance and reporting requirements for phase five and six firms
Europe ‘lagging behind’ US in crypto markets
Mica made Europe first mover, but rapid US adoption leaves the region trailing, market participants say
Doubts swirl over future of FX cartel case
Group of banks accused of manipulation have filed for the class action to be dismissed
Korea’s leveraged ETF expansion aims to stem overseas outflows
Retail flows to US and Hong Kong listings may have exacerbated FX fragility
US policies eroding dollar’s position, say Knot and Obstfeld
Euro and renminbi unlikely to supplant greenback, but “more multipolar” system could arise
PBoC reserve ratio cut spurs short-term FX hedging
Removal of 20% forex risk rule drives exporters toward options and onshore forwards
China acts to slow yuan gains by scrapping FX forward hedge cost
PBoC to remove 20% reserve ratio as it aims for ‘reasonable and balanced’ renminbi
Will lifer exodus kill Taiwan’s NDF market?
Traders split over whether insurers’ retreat from FX hedging is help or hindrance
XTX alleges Currenex entered own trades ahead of users
Market-maker claims venue used triangular arb tool to trade before users
CFTC sprints to approve spot crypto trading by year-end
Acting chair Pham also expects tokenised collateral to be up and running by then or early 2026
Fed official dismisses de-dollarisation talk
Speakers at IIF conference believe dollar selloff is cyclical rather than a structural decline
Court ruling challenges ‘fiduciary’ role for pre-hedging
Lawyers suggest overturning of Mark Johnson’s conviction questions dealer-client fiduciary relationship
Crackdown on FX vendors could raise costs for dealers
MTF designation could cost aggregators and EMSs $3m to set up and $1m in annual maintenance
DRW’s Wilson: regulatory confusion hinders euro stablecoins
Conflicting interpretations of EU rules will divert more capital to USD coins and away from euro assets, says Don Wilson
Emir rule delay leaves Simm paperwork gathering dust
Mid-year refresh triggers Emir 3.0 authorisation process despite unfinished regulatory standards
Tariff volatility pushes banks to tighten close-outs
Lawyers say dealers are looking to update playbooks for terminating derivatives trades
Indonesian CCP seeks thumbs-up from US, UK and Japan
Growing foreign bank interest pushes IDClear to pursue regulatory approval overseas
FX defs look to calculation agents for close-out rates
New Isda rule book also set to streamline ‘impossibility’ standard for disruption events
Isda to finalise drafting updated FX definitions this year
New definitions on disruption events and fallbacks are core focus
Iosco mimics industry codes to tackle pre-hedging dilemma
Advocates breathe sigh of relief, but Iosco release carries suggested restrictions
Doubts raised over new FX platform disclosures
New disclosure sheet template will require platforms to outline how they charge for data