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Regulation

Industry Bodies Stress Pre-Trade Risk Controls, Slam Source Code Plans Under Reg AT Four industry bodies - FIA, ISDA, MFA and SIFMA - have submitted a joint letter to the US Commodity Futures Trading Commission (CFTC) urging the regulator to take a principle’s based approach to its proposed rule on regulation automated ...
What Are the Legal Ramifications of a Brexit Vote? One of the big questions following the UK’s referendum result in favour of leaving the European Union is how this will impact the legal and regulatory framework that financial services firms operating there will be expected to adhere in ...
ASIC Warns on “Significant Failures” in Retail OTC Derivatives Industry The Australian Securities and Investments Commission (ASIC) has issued a stark warning following a recent surveillance program that identifying “serious and widespread” compliance failures in the Australian retail OTC derivatives industry. ASIC says it has observed a “material increase” in ...
CFTC, ESMA Relations Thaw with New MoU The US Commodity Futures Trading Commission (CFTC) and the European Securities and Markets Authority (Esma) have signed a Memorandum of Understanding (MoU) to co-operate when regulating Central Clearing Counterparties (CCPs). The MoU establishes co-operation arrangements, including the exchange of information ...
SEC Uncovers FX Ponzi

12:48 June 3rd 2016 in News, Regulation

SEC Uncovers FX Ponzi

The US Securities and Exchange Commission (SEC) has announced it has charged a New York City-based trader for what looks like a case of dodgy dealing. The SEC claims that Harvard-educated Haena Park defrauded investors out of millions of dollars ...
Global Code: It Will Have Teeth Before unveiling the Global Code of Conduct (Phase One)  for the FX Market at a press conference in New York, Reserve Bank of Australia Deputy Governor Guy Debelle made it clear why the new guidelines are necessary. “Let me remind ...
Update on Implementing the Code You do not have to look at too many participants in the FX market to find a cynic. So it is not that surprising that there has been a fair amount of scepticism expressed about how effective the new Global ...
The Wait is Over: Code of Conduct (Stage One) Unveiled The FX Working Group (FXWG), put together by the Bank for International Settlements, has today released the first stage of the new Global Code of Conduct. The Code comprises a set of global principles of good practice. The intention is ...
CFTC Divided on Cross-Border Margin Rule The US Commodity Futures Trading Commission (CFTC) has adopted a new rule for implementing cross-border margin requirements for uncleared swaps (Final Rule), despite being divided on the rule. Originally published in January, the CFTC’s margin rule applies to CFTC-registered ...
Will the Global Code of Conduct Benefit China’s FX Market? Guy Debelle, assistant governor (financial markets) at the Reserve Bank of Australia, has expressed his hope that the forthcoming Global Code of Conduct will serve as a benchmark for FX industry standards in China. Speaking via video link at the ...