Market Makers Need to Review Last Look Practices – FXPA Webinar

FX market makers need to review their existing practices around “last look” in order to protect themselves from regulatory investigations, according to legal experts that participated in a webinar on the “Implications of the Recent Last Look Settlements on Your Business”, hosted by the Foreign Exchange Professionals Association (FXPA) yesterday. Opening with an overview of […]
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…As China Names New SAFE Chief

Pan Gongsheng, a deputy governor of the People’s Bank of China (PBC), has been appointed the new head of China’s State Administration for Foreign Exchange (SAFE), according to a statement of the Chinese government’s website. At SAFE, Pan will manage the country’s currency reserves and steer yuan reforms as the new head of China’s FX […]
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Core Basel III Element Gets Central Bankers’ Approval

The Basel Committee’s oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), has endorsed the committee’s recommendation for a new market risk framework. The fundamental review of the market risk standard is a core component of the Basel III reform package. Notable improvements in the new risk framework, which takes effect […]
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FXPA Publishes Last Look Paper; Plans Webinar

The Foreign Exchange Professionals Association (FXPA) has released the third in a series of educational papers it is producing to explain the many nuances of the FX industry. FXPA’s “Focus on Last Look” explains the origins and evolution of the practice, and its unique role in global currency markets. “Focus on Last Look” addresses the […]
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Hayes Sees Jail Term Reduced

Tom Hayes, the former City trader convicted of manipulating Libor, has had his conviction upheld but his jail sentence reduced to 11 years from an original 14 year term. The Court of Appeal in London said they considered mitigating factors including Hayes’ diagnosis for Asperger’s Syndrome in reducing his jail term. “However, this court must […]
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FINMA Issues Industry Bans Against FX Traders

The Swiss Financial Market Supervisory Authority (FINMA) has issued industry bans against six former UBS staff involved in the bank’s FX and precious metals business. The regulator concluded that the six managers and traders in question were directly responsible for the serious breaches of regulation at UBS in these business lines, as communicated in 2014. […]
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CFTC Passes Final Uncleared Swaps Margin Rule – With Reservations

The Commodity Futures Trading Commission has passed the final rule on margin requirements for uncleared swaps, however one commissioner has dissented over the move and another noted the rule “reflects a disingenuous reading of the Dodd-Frank Act to favour cleared derivatives over uncleared swaps”. CFTC says that margin requirements will protect the safety and soundness […]
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DTCC Applauds US Changes to Information Sharing

The Depository Trust & Clearing Corporation (DTCC) has issued a statement commending the US government’s action in strengthening global information sharing. The US Administration, Senate and House of Representatives have signed into law legislation that removes Dodd-Frank’s indemnification provisions. DTCC says that eliminating these barriers to data sharing marks an important step in ensuring regulators […]
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Trade Repositories Lagging in Development of Financial Market Infrastructure

The Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) have highlighted the slow progress of trade repositories (TRs) in their latest review of the implementation of the Principles for Financial Market Infrastructures (PFMI). “Cooperation regarding TRs is less widespread, as TRs are a new type of FMI,” the […]
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CFTC Approves New Rules on Automated Trading

The US Commodity Futures Trading Commission (CFTC) has unanimously approved proposed rules in response to the evolution of automated trading on US designated contract markets (DCMs).  The proposed rules, known collectively as Regulation Automated Trading or Regulation AT, represent a series of risk controls, transparency measures, and other safeguards related to automated trading. Regulation AT […]
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