Opinion/Regulation
Need for surveillance accelerates amid scandals
Scandals in various asset classes highlighted the need for greater surveillance on trading systems, says David Hesketh, chief operating officer of the Financial Skills Division of Markit
Currency derivatives - regulating with consistency
The chief executive and chairman of the Wholesale Markets Brokers' Association (WMBA) say regulatory complexities have left market participants in the dark on derivatives
Euro-denominated FX reserves rise again
After several quarters of declining central bank holdings in euro, recent data from the IMF suggests reserve managers have started to increase holdings in the currency again, albeit by a very small amount, says Thomas Stolper
Reserve managers seek alternatives to USD and EUR
Following the IMF’s publication of its FX reserves data for the second quarter, Steven Saywell assesses why reserve growth has slowed and central banks are looking to diversify
Deconstructing the Sef ‘car crash'
With days to go until approved swap execution facilities are set to open for business, the CFTC would do well to heed some of the warnings it is hearing from the industry
The hidden challenges of Mifid II in the FX market
The implementation of Mifid II might be several years away, but market participants face challenges in properly implementing the regulation while also realising the benefits of liquidity, transparency and flexibility, warns law firm Jones Day
Chasing missed deadlines
As missed deadlines recede further into regulatory history, the FX industry faces new challenges and has fresh battles to fight
Cometh the hour, cometh the Sef
Imminent rules are expected from the CFTC on the criteria required of electronic platforms seeking to become swap execution facilities under the Dodd-Frank Act
Avoiding collateral damage
While it is still not clear which way the WGMR will rule on margin for FX swaps and forwards, regulators face the recurring danger of unintended consequences if they go the wrong way
Collaboration needed on FX options clearing
Introducing central clearing into the foreign exchange market under new regulations has proven a thorny process, particularly for FX options. The priority for market participants should be to agree on appropriate processes for pricing, valuation and…
Saxo Bank on the yen's decline
John Hardy, global head of FX strategy at Saxo Bank shares his views on the G-3 currencies
Is FX execution changing its colours?
The proliferation of new trading tools and platforms in the foreign exchange market is a welcome development that should enhance the buy-side trading experience, writes Lisa Seim
Angling for the Asian frisbee
Regulation was top of the agenda at the FX Week Asia conference, with serious concerns voiced alongside some signs of positivity, writes Joel Clark
The 14-month determination
Now that the Treasury is expected to confirm its proposed exemption of FX swaps and forwards, will its original all-or-nothing mandate need to change?
CFTC steps back from controversial 85% rule
Following the recent revelation of further delays in the Dodd-Frank rulemaking process, an unpopular rule on centralised trading has been shelved. Felix Shipkevich believes it was the right decision
Credit where it's due
The launch of NDF clearing by LCH.Clearnet marks a major development for the FX market that will ultimately change the shape of the post-trade landscape
In the public interest?
British Virgin Islands-based foreign exchange brokerage InterForex received a permanent injunction from the CFTC last month for soliciting business from US clients as an unregistered dealer. But the injunction was not in the public interest of preventing…
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
The secret weapons of e-commerce
Banks don't have long left to finalise and implement changes to their single-dealer FX platforms
AUDIO: The Enronisation of Europe
Nick Beecroft, senior markets consultant at Saxo Bank, discusses the weaknesses in the EU bailout package, and the broader implications of a Greek referendum on the Eurozone
A tax too far?
The European Commission's recent proposal to impose a financial transaction tax from 2014 appears to ignore lessons learned in drafting other recent regulations
AUDIO: The US Debt Crisis and the Dollar
With only days to reach an agreement to increase the US sovereign debt ceiling, Nick Beecroft, senior markets consultant at Saxo Bank looks at the key risks for the US dollar.
The DTCC's repository monopoly
June in perspective: trade repositories take centre stage as FX participants prepare for a mandatory requirement to report trades to a central infrastructure