News/Regulation
Turkey bans dealers from trading with BNP, Citi and UBS
Lira rallied after action, but respite for the currency may be brief
Delay to IM calculation window leaves some exasperated
“Hasty” decision by global rule-makers frustrates firms that had already started initial margin prep
FSB outlines 10-point plan for stablecoin risks
Some powers already exist but stablecoins may cut across regulatory boundaries, report says
Applying Mifid to spot FX could backfire, warns MEP
EC would need to make "very compelling case" to draw spot market into wider regime, says Ferber
Covid-19 could spur central bank digital currencies – BIS
Fear could promote use of CBDCs but data is yet to point to whether cash demand has changed
Is there a dollar funding squeeze in China?
China could benefit from joining the Fed’s dollar swaps network but political obstacles bar the way
Fed extends dollar funding to more central banks
New repo facility aims to ease strains caused by global flight to the safety of dollars
Debelle: regulation could be ‘helpful’ to FX code
As EU weighs regulation of spot market, GFXC chair dismisses key industry argument
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime; says “trust” is key to avoiding “beggar-thy-neighbour” policies
More NDF changes could follow Argentine chaos
LatAm contracts may be tweaked to avoid repeat of contentious peso freeze
Spot FX could be dragged into Mifid II
EC tells FX Markets it is studying Australian-style approach to regulating currency trading
India preps margin regime as parliament debates netting law
Lawmakers thrash out bill on close-out netting; margin rules likely to follow in H1
GFXC eyes trading platform tagging practices
Group may look to standardise language around unique identifiers
FX aggregators flirt with scrutiny over brokerage charges
Making dealers pay for trades raises ‘payment for order flow’ questions
Rival FX class claimants urge court to resolve dispute early
Judge says he won’t favour haste over quality and will consider claimants’ funding arrangements as well as the merits of competing cases
Stablecoin threat to monetary sovereignty – WEF panel
Panellists discuss delicate balance needed between private and public sector regarding digital money
Trading venues decry disruptors as MTF battle heats up
Unregulated tech vendors accused of operating as de facto venues; claim dismissed as “entirely outrageous”
FCA takes over crypto asset supervision
UK firms must register with regulator to comply with anti-money laundering rules
Economists call for action on risk of dollar liquidity crunch
Credit to non-banks and currency mismatches have grown while oversight is “fragmented”, report warns
Lagarde promises wide-ranging review of ECB monetary policy
ECB to form digital currency task force as Lagarde calls for EU action on green finance
Banks step up stress-testing of Hong Kong dollar peg risk
Flurry of FX options trades make banks re-evaluate exposures
Price changes expected as uncleared margin rules bite
Panellists urge buy side to install lifecycle management tools to calculate margin and reconcile payments with brokers
Labour’s tax on UK FX trades lambasted
Opposition party’s pledge to tax FX “50% of transactions costs” will hit jobs and investment, claim trade-cost experts
ECB: Libra a “black hole” of legal certainty
But current global standards fit for purpose to underpin digital assets