Articles by Joel Clark
Global margin standards face further delays
Proposals to collateralise non-centrally cleared derivatives could now be subject to further consultation and impact assessment, having missed the original end-of-2012 deadline
FX options clearing analysis in final stages
The GFMA's global forex division is understood to be close to completion of its analysis of five years of options trading data - a project that is intended to lead to a solution for options clearing
Margin for longer-dated uncleared FX would be unpopular, FSA official admits
While the idea behind a maturity threshold for forex collateral requirements makes sense to regulators, FSA speaker at FX Week Europe recognises the industry's opposition
Confirmation of US Treasury FX exemption brings relief to FX dealers
After two years of consideration, the US Treasury confirmed its decision to exempt forex swaps and forwards from mandatory clearing and exchange trading on Friday evening
OTC Derivatives Clearing Summit Europe: No need to panic about collateral supply, says Bank of England
Isda estimates that mandatory clearing and margin could require the posting of up to $30 trillion of initial margin have been inflated, not least because of a likely exemption for forex swaps and forwards, according to a senior BoE official
Basel proposal to capitalise settlement risk ‘unnecessary’
In comment letters published last week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
FX Week Asia: Exemptions offer little solace for corporates
Corporate treasurers remain concerned about increased hedging costs as a result of new regulation, and expect banks to pass the costs on – despite exemptions for corporate hedging
Concerns raised over Basel settlement risk guidance as consultation closes
The revised guidance on managing settlement risk could distort the forex market if implemented inconsistently, but should ultimately lead to greater use of CLS, say market participants
Loh Boon Chye joins BAML to head Asia global markets
Ex-head of corporate and investment banking at Deutsche Bank Asia-Pacific switches to Bank of America Merrill Lynch
Trade reporting pressure increases as CFTC deadlines loom
DTCC data repository has received provisional CFTC approval, just three weeks ahead of mandatory reporting for credit and rates, with forex reporting due to begin in January
Deutsche creates cross-asset platforms business under Amrolia
Deutsche Bank's Zar Amrolia runs a new business focused on electronic platforms across fixed income, while Kevin Rodgers has stepped up to become global head of FX
Basel settlement risk guidance puts new demands on forex market
Governance, replacement cost risk, liquidity risk, operational risk and legal risk are among the issues forex dealers must address, according to newly released Basel Committee guidance
LCH readies launch of new NDF pairs and client clearing
Five months after launch, ForexClear is ready to start offering client clearing and to add five new currencies to the service, pending the approval of the FSA and the CFTC
CLS hires JP Morgan veteran as chief executive
David Puth will become the next chief executive of CLS, starting next week, the settlement risk utility announced today
Pressure mounts on Esma over clearing exemption
Responses to Esma's draft technical standard on Emir call for the agency to clarify its position on forex clearing - with some suggestion NDFs could be exempt
FX platform proliferation branded unsustainable
A recent flurry of FX trading platform launches will undoubtedly lead to a round of consolidation, with less successful players squeezed out of the market, argue FX Week USA speakers
FX Week China: CNH/CNY forward divergence threat has stabilised
A reversal of the spread between offshore deliverable forwards and onshore NDFs that caused pain for speculators last year is unlikely to recur, say economists
HFT adds value to the forex market, says Bank of England
The effects of high-frequency trading activity should continue to be monitored, but the practice adds value to the forex market, argues a senior Bank of England official
Coutte leaves SG CIB
Flow fixed-income and currencies co-head is latest in a series of senior sales and trading figures to leave the bank
US Treasury’s FX exemption hangs in the balance
A year after the US Treasury's proposed regulatory exemption for FX swaps and forwards, the position has never been confirmed - and some believe it may be reconsidered
UK financial chiefs throw weight behind London’s RMB initiative
London will become the next offshore centre for RMB trading, vows UK chancellor George Osborne, supported by banking heads from Bank of China, Barclays, Deutsche Bank, HSBC and Standard Chartered
Currency floor breach raises questions over SNB policy
The Swiss National Bank should consider enlisting the help of top-tier banks to keep EUR/CHF above 1.20, forex traders suggest
Esma must mirror US Treasury’s FX exemption, says EC official
Patrick Pearson, head of the European Commission unit that drafted Emir, says forex swaps and forwards must be exempt from clearing under Esma standards
Ice to compete with CME and LCH.Clearnet on FX clearing
Competition in forex clearing intensifies as LCH.Clearnet receives regulatory approval and Ice explains how its rival offering will differentiate itself