Opinion/Regulation
An imbalanced proposition
At the time of going to press, decisions on the future of the foreign exchange markets was still hanging in the balance, as regulators in the US debated the inclusion of forex swaps and forwards into the over-the-counter derivatives reforms.
Strong words from the SNB
Neil Mellor, currency strategist at Bank of New York Mellon in London, warns against reading too much into the Swiss National Bank's latest policy statement.
Verbal intervention won’t stop US dollar losses
Adam Cole, global head of foreign exchange strategy at RBC Capital Markets in London, believes US dollar weakness is a reflection of conventional monetary policy
Economics should drive change
The decision to include foreign exchange swaps and forwards in the US over-the-counter derivatives reform bills run counter to research conducted by central bank-backed foreign exchange committees.
The central clearing backlash continues
As the foreign exchange industry continues to get its house in order to prevent any undue regulatory scrutiny, cracks persist in the arguments extolling the virtues of central clearing facilities.
Central banks walk the 'not buying dollar' walk
Central banks are increasingly reluctant to accumulate US dollars, and are shifting out of the unit into other G-10 currencies, says Steven Englander, currency strategist at Barclays Capital in New York
ECB looks for the exit
Michael Woolfolk, an economist at Bank of New York Mellon in New York, evaluates the impact of last Thursday's European Central Bank decision
Regulatory arbitrage
Glenn Stevens, chief executive at Gain Capital in New York, looks at how tightening restrictions around the globe are creating unwelcome possibilities for regulatory arbitrage in retail FX
An emerging winner
Paul Fyda , emerging markets specialist at Brown Brothers Harriman in New York, looks at the regulatory pressures facing participants in Brazil's foreign exchange market
Time to dust off gold?
Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York, discusses gold as an anchor for currencies
SDR: a superficial dollar replacement
Pete Luxton, global markets adviser at Informa Global Markets in London, says reserve status is an unlikely route for the SDR
Lock, stock and all barrells
Pete Luxton, economic adviser at Informa Global Markets in London, looks at the effects of central bank quantitative easing worldwide in trade-weighted terms
Changes afoot for FX prime brokers
Discussions with dealers in recent weeks have identified significant changes for the industry in the coming year, in terms of pricing and infrastructure.
What the Reauthorisation Act means for retail FX
Felix Shipkevich, general counsel at online FX trading company CMS Forex in New York, provides an overview of the US regulatory environment for retail FX brokers
The murky side of retail forex
In these days of heightened regulatory scrutiny, Saxo Bank could take it upon itself as a pioneer of the retail foreign exchange market to more effectively monitor who is using its technology and how.
Solutions to rouble trouble
The rouble derivatives market developed in haste after further liberalisation of the currency in July 2006 and positive changes to the Russian Civil Code 1062, centring around the previous treatment of derivatives as gaming, in January 2007.
Internalising flow threatens brokers
As banks begin looking at ways to internalise flow, the big question is what it will mean for electronic brokers such as EBS and Thomson Reuters.
Why you should know your customers
If market rumours are anything to go by, Currenex, Fixi and an FX prime broker could be locked in bitter recriminations after an algorithmic trading client of London-based investment house Fixi blew up last month.
Watching the market in 3D
Chip Lowry, senior managing director of Currenex, and John Vause, managing director of State Street's Global Link business for Europe, the Middle East and Africa, evaluate the evolution of the FX market's structure
Small retail FX firms face extinction
Felix Shipkevich, general counsel, and Anna Vidiaev, staff attorney, at online foreign exchange trading company Capital Market Services in New York say a proposed rise in capital requirements for retail brokers will result in an anticompetitive market