Tag: Regulation

Regulation

Trade Associations Urge UMR Implementation Delay

In response to the COVID-19 pandemic, 21 financial industry associations have submitted a letter on behalf of their members requesting BCBS (Basel Committee on Bank Supervision), IOSCO (International Organization of Securities Commissions), and other global regulators to suspend the current timeline for the initial margin phase-in. The letter says this will to allow market participants […]

CFTC Praised for Relief to Market Participants

The Commodity Futures Trading Commission (CFTC) has issued a raft of no-action letters granting market participants relief from several regulatory requirements. The CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued the letters providing temporary, targeted relief to futures commission merchants (FCMs), introducing brokers, swap dealers, retail foreign exchange dealers, floor brokers, and other […]

Digital Assets Body Adds Four

Global Digital Finance (GDF), the industry body advocating and accelerating the adoption of digital assets, has announced a partnership with Washington-based advisory and advocacy firm FS Vector, as well as four new senior appointments to its global policy and regulatory affairs teams. John Beccia of FS Vector will lead US regulatory affairs for GDF, while European public […]

In the FICC of It

On this week’s podcast Colin Lambert casts his eye over the week’s news, before he is joined by Matthew Kulkin, partner at US law firm Steptoe, and former director of the CFTC’s Division of Swap Dealer and Intermediary Oversight, to discuss all matters regulatory. Lambert is pleased to find out that one of his observations […]

And Another Thing…

The second – and penultimate – Irrational of 2019 is the Event of the Year and obviously this had to be held back to ensure that the Great British public did not don their subversive hats again and surprise at last week’s election. They did not to any great degree (although I don’t recall a […]

Basel Committee Consults on Crypto Regulation

The Basel Committee on Banking Supervision has started a consultation process on the regulatory treatment of crypto assets by publishing a discussion paper on the design of a prudential treatment of these assets. The committee says the past few years have seen rapid growth in crypto-assets, and that while the market is still small relative to […]

How Soon Will Instant FX Settlement Be Possible?

By Brian Charlick, Risk & Regulation Financial Services, CGI During the past decade we have witnessed a significant shift in the payments and banking landscape. A drive to mobile banking, fintechs, younger tech-savvy demographics and new global financial instruments have driven up payments volumes. This pattern of increased volumes has coincided with ever increasing demands […]

FIA Voices Concern Over Proposed Swaps Clearing Rules

The Futures Industry Association (FIA) has issued a letter expressing concern that proposed cross-border clearing house rules do not create a comprehensive framework to facilitate access to foreign cleared markets by US customers. FIA’s comments were in response to two separate, but similar, rule proposals by the Commodity Futures Trading Commission (CFTC). The first, Exemption […]

Citi Launches Calculation Tool for UMR Requirements

Citi has launched a new tool to help buy side firms cope with the Uncleared Margin Rules (UMR) that are due to come into effect over the next two years. Financial institutions such as asset managers, pension funds and insurance companies are scheduled to come into scope of the regulations based on volume thresholds that […]

Is It Time to Change the Credit Model in FX?

In a new video interview with Profit & Loss Rick Schonberg, global head of ForexClear product development at LCH, is unequivocal in expressing his view that the current credit model in the FX industry is due for a change. “The model definitely needs to change,” he says. “What’s interesting is that the BIS numbers —  […]