Opinion/Regulation
Two sides to every argument
May in perspective: participants hope the US Treasury will hold by its proposed exemption, despite several calls for further independent analysis of the FX market
Against the Treasury’s proposed exemption
Systemically significant foreign exchange markets need transparency and regulation, argue Dennis Kelleher and David Frenk
In favour of the Treasury’s proposed exemption
Darrell Duffie's opposition to the US Treasury's paper misses crucial points, argues Justyn Trenner
Audio: To QE or not to QE, is the only question?
Markets could be sleepwalking into global crisis 2.0 as a third round of quantitative easing becomes increasingly likely, cautions Nick Beecroft, senior markets consultant at Saxo Bank in London.
Audio: ECB and BOJ face crisis
Nick Beecroft, senior markets consultant at Saxo Bank, discusses the challenges facing the European Central Bank and the Bank of Japan
A month of ongoing regulatory uncertainty
A new monthly column by FX Week editor Joel Clark, reviewing the key trends and developments in the month gone by
A call for closure
Indications of the multiplicity of challenges that central clearing will introduce to the forex markets came thick and fast at the FX Week Europe congress in London last Tuesday (November 16).
Regulation: The great unknown
The biggest risk going into the New Year is the impact of regulations on the forex industry.
China inflation suggests more rate hikes likely
Brian Jackson, senior strategist at RBC Capital Markets in Hong Kong, looks at China's policy reaction to worsening inflation
Battle of the currencies
Authorities around the globe remain vigilant against hot money
Larger brokers hit by retail regulations
It turns out that the sweeping regulations hitting the retail forex market are singling out not only the smaller shops, but also the larger players, such as Swiss broker Advanced Currency Markets (ACM).
Emerging markets will fight the flow of capital
Bhanu Baweja, emerging markets strategist at UBS in London, looks at which emerging markets are heading towards capital controls
Regulation, Fragmentation and Execution Where to Next for High Frequency FX Trading?
Regulation established in the wake of the financial crisis to promote market integration, together with new norms being considered for high-frequency trading in equity markets, may unnecessarily complicate the FX market, says Chip Lowry, chief operating…
FX central clearing: A work in progress
No-one’s the wiser about the implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act on forex options. And perhaps it won’t even matter by the time the legislation becomes fully scripted.
Gold should form an essential part of central banks’ liquidity portfolio
The credit crisis has highlighted that in times of turmoil, gold is one of the few assets that remains liquid, says Natalie Dempster, director of government affairs at the World Gold Council
The challenge of re-setting precedents
As if there weren’t enough inconsistencies between regulators, the Bank for International Settlements' head of monetary and economic policy, Stephen Cecchetti, has said corporates should not be exempt from clearing over-the-counter derivatives through…
New rules for new markets
It’s all about the emerging markets managing their exposure to the eurozone. Last week, Hong Kong and Malaysia also moved to offer a common bond-settlement system.
On your marks...
One of the foreign exchange market mega-trends in 2010-2020 will be the use of the Swiss franc as a proxy for the old German mark, says Mansoor Mohi-uddin, global FX strategist at UBS in Singapore
Confusion over regulations continues
The new foreign exchange committee could not have come at a better time, with much confusion over the status of currency derivatives in Germany, following its government’s decision to backtrack on a proposed ban earlier last week.
China draws on Japan experience
The message was clear at the FX Week China congress in Beijing last Tuesday, China will move on its currency, but at it’s own pace.
Brazil raises intervention stakes
Nick Chamie of Royal Bank of Canada in Toronto reports on Brazil’s stance on intervention, as relayed by its finance minster at the Brazil Summit in April, and predicts how this will affect the real
Clearing exemption too close to call
Exempting commercial hedgers from mandatory clearing could create a loophole for the institutional investors often blamed for driving up commodity prices, according to the chief lawyer for the Commodity Futures Trading Commission (CFTC), reports Risk.net.
A response to Obama's reform plan
Details are being eagerly awaited for US President Barack Obama's banking reform plans announced last week – chiefly, what they mean for the new prop desks that have set up, and for prime brokerage relationships.
The many faces of regulatory arbitrage
Happy new year (belated)! As we enter the new year the regulatory environment remains a key issue driving development, most recently in the form of the CFTC attempting to assert its authority on the US off-exchange retail forex market.