Regulation
ECB signals tougher stance on FX settlement risk
Trader penalties and client exposure limits suggested in new central bank guidance
BNPP, BofA and Nomura ditch last look add-on
Majority of top 25 LPs have now removed hold times as regulators step up scrutiny of controversial practice
Hedge funds’ use of barrier options comes under spotlight
Former traders say Glen Point CEO’s arrest highlights compliance gulf between funds and dealers
Indonesia readies close-out netting after passing P2SK Law
Bankruptcy law changes remove close-out netting obstacles
Reflecting on market demand: what CMC's expansion in Asia-Pacific means for the region
CMC's Peter Foster discusses the company's multi-asset offerings towards its institutional clients
Regulated UK crypto firms fear authorisation Groundhog Day
Industry wants grandfathering in new Treasury framework to avoid business continuity risk
Foreign banks set to boost onshore Korean won trading
Plans for longer trading hours and more open interbank FX market will stoke KRW hedging demand
Disclosed FX venues could be next to demand code compliance
Pressure mounts on trading houses to follow anonymous platforms and make compliance mandatory
Regulation shifts focus to listed FX
Jens Quiram, global co-head of FIC derivatives and repo sales at Eurex, assesses the state of the regulatory landscape in the FX market and outlines how listed markets offer a viable alternative to increasingly costly over‑the-counter instruments
GFXC to entice buy-side code adoption with ESG tie-ups
Rating agency partnerships would link FX code adoption to ESG scores
PBoC deposit requirement hits FX hedging, again
Reinstated rule hikes forwards costs and dents volumes, but volatility sees corporate demand persist
Renminbi and the special drawing rights
What impact does the renminbi’s increased weight and the $650 billion increase in the International Monetary Fund (IMF) special drawing rights (SDR) have for the role of the Chinese currency in reserve management?
PBoC eases rules to lure foreign bond investors
New rules include allowing foreign investors to conduct FX trades with more financial institutions
BoE’s Cunliffe details ‘familiar’ failings at FTX
Deputy governor says crypto assets need to be regulated
SA-CCR hit on US banks could hinder year-end dollar funding
Potential lighter presence of US banks in swaps market may affect buy side’s ability to roll hedges
How requests for quotes could amount to ‘insider information’
Lawyers say Esma’s incoming pre-hedging guidance could make firms liable for multimillion-euro fines
Margin costs leap on Simm rejig and rates hikes
Acadia finds roughly one-third jump in exposure following Simm recalibration, with higher funding costs adding to burden
EU Parliament creates multiverse of SA-CCR outcomes
Some MEPs want to ease rules further than EC draft; others want return to undiluted Basel text
360T is second venue to demand FX code compliance
GFXC urges other platforms to follow suit, potentially making code adoption an entry ticket to FX markets
Is stochastic cross-currency basis a better way to model IM?
Using Monte Carlo model extension for forward IM calculation avoids excessive outputs for MVA
Currenex pushes back in fight to dismiss class-action lawsuit
Defence lawyers mount stubborn defence in civil suit brought by XTX and two other financial firms
Phase six margin cohort may exceed estimates as vol bites
Acadia sees numbers around a third higher than initial count, with fewer set to rely on relief
UK offers six-month margin reprieve for China netting sweep
Transition period falls short of Isda’s 18-month request, Hong Kong mulls similar relief
Will last look disclosures come to FX derivatives?
JPM and NatWest have published their swaps and options last look windows – will others follow suit?