Foreign exchange
Foreign exchange house of the year – HSBC
Foreign exchange house of the year
Lack of Esma clarity delays progress on FX trade reporting
Questions raised by Isda concerning trade reporting workflows have not yet been answered, delaying preparations for the start of mandatory trade reporting early next year
Industry forced to rethink reporting after Esma rejects GFMA proposal
Forex participants must reconsider their approach to dual reporting under Emir, after Esma rejects industry proposal
FX options clearing a 'big challenge', warns NY Fed official
Speaking at the FX Invest West Coast conference, the New York Fed's Jeanmarie Davis addressed the challenges associated with clearing and settlement of forex options
FX prime brokers continue to shun four-way agreements
Four-way agreements too difficult under Dodd-Frank external business conduct standards, say prime brokers
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May
WGMR exemption for FX swaps and forwards expected imminently
Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for forex swaps and forwards
Forex Sefs worry clients could be driven to non-Sef rivals
Multi-dealer platforms have to register as Sefs - but clients could choose to use other venues and avoid extra legal work
Yen volatility drives record turnover, central bank surveys reveal
Volume was up across forex products in the UK and US in April 2013, with nearly $1 trillion traded daily in the US and more than $2.5 trillion in the UK
Libor scandal makes it tougher to hire forex traders
Banks are staffing up for a livelier foreign exchange forwards market, but taint of Libor rigging is limiting pool of new traders
Forex hedge funds could stage comeback in 2013
After three years of challenging market conditions, FX Concepts says 2013 will mark a significant turning point in forex markets and the ability of hedge funds to generate performance from currencies
‘Sef-lite’ environment remains confusing for platforms
Market participants still unclear on the implications of the requirement for multibank platforms trading non-cleared swaps to register as swap execution facilities
FTT would ‘drain financial resources’, GFXD research claims
The global FX division is upping its lobbying efforts to have forex derivatives carved out of the financial transaction tax with new research that shows the potential impact of the tax on transaction costs
CFTC bows to agency desk concerns with further relief letter
In a time-limited relief letter issued last week, the CFTC recognises concerns expressed by agency firms over the implications of the external business conduct rules
Agency brokers ‘encouraged’ by CFTC response to concerns
Lobbyists are hopeful a resolution will be reached to their concerns over external business conduct rules that have forced agencies to retreat from FX derivatives
Indian accounting rules shield corporates from forex losses
Despite sharp falls in the value of the rupee and large dollar-denominated loan exposures, Indian corporates are not feeling the effect on their balance sheets
Outflow of Chinese cash will transform world economy
As Chinese exchange controls are relaxed and removed over the next several years, $4.4 trillion of money will flow into the world economy, causing a major transformation
Prime brokers shun forex agency desks over CFTC rules
Agency desks warn they could be driven out of the market as a result of business conduct rules
Global Emerging Markets & Macro Fund (Gemm): BTG Pactual Global Asset Management
13th Annual European Single Manager Awards 2013
FX prime brokers forced to terminate double give-up trades
Prime brokers have had to cancel four-way agreements for trades involving two buy-side firms, on the basis that a no-action letter issued by the CFTC on April 30 did not cover this type of business
Sef rules continue to raise questions
Market surprised by change to swap execution facility rules, after final requirements were approved on May 16