Feature
Volcker fights back as prop-trading ban comes under attack
Former Fed chair tells Risk.net that calls for total overhaul of eponymous rule are misplaced
Spread-betting groups look east amid regulatory crackdown
As regulators toughen up on spread-betting firms, the race is on to replicate the Japanese model
FX swap margin treatment uncertain ahead of VM deadline
With one month to go, market participants are still unsure how to treat foreign exchange derivatives
China M&A boom presents unique hedging headaches
Crackdown on ‘fake’ deals boosts risk in contingent hedges
European bail-in buffers may stretch market-making capacity
New Basel capital exemptions could be too small if all EU banks have to issue bail-in bonds
China turns to boosting domestic banks on international stage
Country strives to retain control of price discovery after renminbi's inclusion into SDR basket
Ruble emerges as biggest loser in BIS rankings
Offshore trading is slowly picking up, but remains half as much as pre-Crimea levels
Plea bargain may be an option for the HSBC two
But the maximum prison sentence for Johnson and Scott, if they are found guilty, could be 30 years
75% of buy side to use algos in a couple of years, participants say
Best execution requirements and liquidity conditions will drive adoption, according to a survey by Greenwich Associates
Banks fear early rollout of EU margin rules for FX forwards
Industry calls on the European Commission to clarify when FX forwards will be subject to a variation margin requirement
Global Code must acknowledge inherent conflict in FX
Critics say the FX market is essentially full of contention and a prescriptive approach is needed
Market participants expect BIS survey to show FX slowdown
The bank’s 11th triennial survey is under way, with the results due in September
Algo experts caution against too prescriptive regulation
Such laws can do more harm than good, they say, and prevention of market impact is too high a standard
Mifid delay downgrades workload from unrealistic to challenging
But the task facing firms working to comply with the regulation is still daunting
Negative rates held for too long could lead to a bank run
Panellists say negative rates could have detrimental effects on banking sector
Possibility of global crisis has resurfaced, panellists say
Attention turns from policy normalisation to the threat of global slowdown
The new FX equation
Firms are scrutinising expenses more than ever, but despite hard times, one market participant believes innovation will drive down costs and "our best days as a market are ahead of us"
Comparing apples and apples
With clients expecting more transparency, it is vital for firms to be in control of costs. The key is determining the true all-in price of execution
Breaking down the barriers
With parts of the over-the-counter FX market acquiring exchange-style characteristics, the exchanges themselves are becoming more customised
Price and perfect execution
Firms are trying to give clients visibility on measuring whether the price they are receiving is a good one, but the cost of execution is variable and hard to pinpoint – and it’s not just about price
Dealer-run platforms face hard choices under Mifid II
MTF, OTF or SI? Three options, but none that banks like
Dodgy discounts: DVA claims fly in cross-currency market
Derided pricing adjustment is being used to undercut competition, traders claim
For a few dollars more: Japan banks tackle dollar/yen basis jump
Soaring cross-currency swap prices force dollar funding rethink
Grand redesign
Non-bank market-makers are increasingly being viewed as serious players as they set about building customer franchises amid a wide-scale bank pull-back