Foreign Exchange Working Group Targets May 2016 for Update

The Foreign Exchange Working Group (FXWG), which was established by the Financial Stability Board says that it expects to release a substantial amount of information on the new global code of conduct by May 2016 with a final target date for the completion of the new code expected by May 2017. At a meeting at […]
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FEMR – Another Brick in the Wall?

The UK’s Fair and Effective Markets Review was eagerly awaited and generally well received, but, Colin Lambert asks, has it actually changed anything? If the level of fanfare was directly correlated to the impact of a release, then the UK’s Fair and Effective Markets Review (FEMR) could be thought of as a ground-breaking document. Given […]
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FXPA Meets with Regulators, Policymakers in Washington

Members of the Foreign Exchange Professionals Association (FXPA) spent two days in Washington DC at the end of June meeting with senior members of the Federal Reserve, US Treasury and Commodity Futures Trading Commission (CFTC), as well as held a series of educational briefings for Congressional staffers on such key committees as the House Financial Services […]
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BIS Establishes FX Working Group to Strengthen Code of Conduct Principles

A Foreign Exchange Working Group (FXWG), announced by the Bank for International Settlements (BIS) governors in May to strengthen code of conduct standards and principles in foreign exchange markets, has now been established. The group operates under the auspices of the BIS’ Markets Committee, and is headed by Guy Debelle, assistant governor (financial markets) at the […]
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CFTC Approves New Rules for Retail FX Dealers

The US Commodity Futures Trading Commission (CFTC) has approved a number of rule amendments filed by the National Futures Association (NFA) regarding retail FX trading. The rule amendments will impose additional capital requirements on Forex Dealing Members (FDMs) and require them to collect security deposits for off-exchange FX transactions from eligible contract participant counterparties in […]
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CFTC Staff Propose Amendments to Swaps Reporting Rules

Commissioners at the Commodity Futures Trading Commission (CFTC) have voted in favour of proposals to amend existing swap reporting rules. The changes are designed to provide additional clarity for swap counterparties regarding their reporting obligations for cleared swaps transactions and to improve the efficiency of data collection and maintenance associated with the reporting of the […]
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FX Committees Release Global Preamble

At their recent joint meeting in Tokyo, the global FX committees agreed and released new guidance for market participants, as Colin Lambert reports.  With conduct so high on the FX industry’s agenda, representatives of the eight global FX committees met in Tokyo in late March to agree upon a combined global code of conduct for […]
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FEMR and the Mounting Calls for Time-Stamping FX Trades

Proponents of time-stamping have long highlighted the potential benefits of the practice in helping to en- sure best execution, creating a secure audit trail and potentially countering claims of malpractice in the market. But how practical would it be for banks and the buy side if time stamps were made mandatory for all FX trades […]
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MAT Rules Causing Further Fragmentation: Report

The Made Available to Trade (MAT) rules being introduced by the Commodity Futures Trading Commission (CFTC) are causing further fragmentation of liquidity in the swaps market, according to a new report. The research, published by the International Swaps and Derivatives Association (ISDA), shows that since the MAT rules were introduced on 15 February “USD MAT swap volume increased […]
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UBS First in Line for EU Immunity?

UBS is understood to be in line to receive immunity from any fines imposed by the European Commission as a result of its investigation into alleged manipulation of the FX markets. It was the first of the banks implicated in the probe to approach regulators to offer its cooperation, according to sources cited by Bloomberg. UBS […]
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