Justin Slaughter, former counsel to a CFTC Commissioner and current counsel to the Foreign Exchange Professionals Association (FXPA), will provide a detailed breakdown of the CFTC’s new regulatory proposal to fully overhaul SEFs. Justin will provide a summary of the major changes contemplated, including changes to the made-available-to-trade process, SEF accessibility, and pre-execution communication requirements. Justin will also discuss the timeline for the rule, the motivations underlying it within the CFTC, and its prospects for finalization in its current form.
The outcome is a serious setback for the US Commodity Futures Trading Commission, the federal agency that polices derivatives markets worth tens of trillions of dollars. The futures industry viewed the case as a test of the CFTC’s definition of manipulation.
As more non-bank liquidity providers become active in the FX space, firms need to find ways to differentiate themselves to their counterparties, says Giovanni Pillitteri, portfolio manager at HC Technologies.
The data from the first set of FX platforms to report volumes suggests that any changes in trading activity were fairly minimal in November.
Growing concern over how a no-deal Brexit could unbalance the British economy has sparked a record-breaking surge in demand for derivatives contracts betting that the UK faces volatility in interest rates
EU finance ministers have agreed on steps to bolster the
There may be 28 signatures on the Withdrawal Agreement, but swaps market participants are being warned to continue preparing for legal obstacles in trades between European Union and UK counterparties in the event of a no-deal Brexit. That’s despite moves from EU
- FCA’s Bailey Denies Political Pressure over Brexit Letters – Financial News (subscription)
- UK Can Revoke Brexit, Says Top EU Legal Official – Financial News (subscription)
With the addition of four MTFs – ICE’s Creditex MTF for credit default swaps, State Street’s Currenex and FX Connect MTFs, as well as the Thomson Reuters MTF – the CFTC’s list of EU-based venues exempt from SEF registration now totals 20.
The US government continues to study the best way to publicly release data on Treasuries trading, according to Craig Phillips, counselor to Treasury Secretary Steven Mnuchin.
- High Speed Trading Still a Concern for Treasury Market, Says Fed’s Brainard – Financial Times (subscription)
UK banks’ rosy performance in the Bank of England’s stress tests was helped along by lower stressed misconduct charges, which were nearly half in the 2018 round what they were the year prior. Actual misconduct charges reported by six of the seven participating firms at end-2017were also half their prior year level and have continued to trend lower in 2018.
The world’s most famous cryptocurrency is falling below its cost of mining, and could be close to a death spiral.
Some view cryptocurrency solely as a tool of the rich, as a way for the privileged few to keep their property away from the prying hands of the state. If I eventually discover that they’re right, that that’s all it can be, I’ll quit.
Acquiring the backing of a bank with a sizeable balance is more important than custodial services at this stage, says cryptocurrency market maker.
London-listed Argo Blockchain on Tuesday said crypto enthusiasts are still
The London Stock Exchange Group’s clearinghouse LCH has set a new record for its over-the-counter interest rate swaps clearing service after surpassing the $1 quadrillion mark.
ABN AMRO Clearing today has started clearing Eurex FX futures and options for its clients. The group now provides immediate support for the “classic FX” derivative contracts with attributes including monthly and quarterly expiries, as well as the rolling spot futures product that is now live.
Bloomberg says that it and its global affiliates will, in the coming weeks, finalize plans to offer qualified investors access to China’s interbank bond market via the Bloomberg Terminal.
Eurex plans to appeal against the loss of a 15-year old lawsuit it brought against CME Group alleging the Chicago exchange had violated US antitrust laws to stop a rival venture from getting off the ground.
A pickup in volumes on higher volatility in 2018 has been a boon to exchanges and market makers.
Sterling jumped on Tuesday after the European Court of Justice’s advocate general said Britain has the right to unilaterally withdraw its notice that it is leaving the European Union.
The euro rallied above $1.14 on Tuesday as a fall in US Treasury yields encouraged further selling of the dollar, with the yen and trade-linked currencies such as the Chinese yuan also racking up strong gains.
China’s renminbi hit its highest level in more than two months on Tuesday as the currency built on previous gains made on the back of a Beijing-Washington trade truce while the dollar also weakened further against a number of its international peers.
The dollar’s struggles may bleed into the new year as USPresident Donald Trump and Chinese leader Xi Jinping’s tariff cease-firee stokes a relief rally in risk assets and fuels optimism that global economic growth may pick up.