Month: June 2015

…RMB Main Currency for Payments Between China and Asia-Pacific: Swift

The Chinese renminbi has become the most used currency in Asia-Pacific for cross-border payments made with China and Hong Kong, global transaction services organisation Swift says. In 2012, the renminbi ranked fifth. On average, 31% of payments in Asia-Pacific with China and Hong are now made in RMB, up from 7% in April 2012, according […]

G7 Agree RMB Should Be an IMF Reserve Currency…

Finance ministers and central bankers from the seven leading industrialised countries have welcomed the possible inclusion of China’s currency in the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) currency basket. “There was an agreement that we would welcome such an addition in principle as long as it is in line with the existing criteria. […]

ASIC Launches Consultation on Central Clearing for OTC Derivatives

The Australian Securities and Investments Commission (ASIC) has launched a consultation over proposed rules to implement mandatory central clearing requirements for certain over-the-counter (OTC) derivatives. The draft rules are the next stage in Australia meeting its G20 commitments to reform OTC derivatives markets following the global financial crisis. ASIC’s proposals, which includes the mandatory clearing […]

FX E-Trading Increasingly Widespread Amongst Asia-Pacific Corporates

Electronic dealing in FX is experiencing a surge in popularity amongst corporate treasurers in the Asia-Pacific region, according to the second Asia-Pacific Treasury Management Barometer Survey. While telephone dealing (39%) remains the most common means of transacting FX, Asia-Pacific treasurers are increasingly using single-bank platforms (36%) and independent, multi-bank portals (16%). Faisal Ameen, head of […]

CFEC Lays Out Conduct Framework

The Canadian Foreign Exchange Committee (CFEC) has explained its new code of conduct structure following the decision to broaden the number of codes it relies upon. Last year, the CFEC said that, given the evolution of the global foreign exchange market, the regulatory environment and the general application of market conduct standards within each organisation, […]

NFA Proposes Higher Broker Standards in Wake of 15 Jan

The National Futures Association (NFA) has released proposals intended to strengthen the retail brokerage industry following the events of 15 January and in particular the troubles at FXCM. The proposed new rules for forex dealer members (FDMs) are outlined in a letter sent by the NFA to the Commodity Futures Trading Commission (CFTC), which is […]