FX

  • EU moves fast on clearing resolution, knocks out open access

    EU moves fast on clearing resolution, knocks out open access

    The European Parliament reached a quicker than expected agreement on central counterparty clearing house recovery and resolution on Tuesday night, settling on a framework for second skin in the game requirements and also pushing open-access rules out for another year.

  • Citi clearing chief retires

    Citi clearing chief retires

    Jerome Kemp, global head of futures, clearing and collateral at Citi, and a leading figure in the derivatives clearing market, has retired after 36 years in the industry.

  • CCP resolution talks stumble over second skin

    CCP resolution talks stumble over second skin

    European Union institutions failed on Friday to reach a deal on a clearing resolution scheme, due to disagreements on whether the second skin in the game should be prefunded or not. The EU Commission is now suggesting a middle way that will be debated on Tuesday evening.

  • Cineworld cancels Cineplex acquisition to lenders’ benefit

    Cineworld cancels Cineplex acquisition to lenders’ benefit

    Cineworld has withdrawn from its proposed acquisition of Canada’s Cineplex, which had been funded by a $1.9bn term loan syndicated in February. With lenders to the transaction sitting on a paper loss of around 30 points, the collapse of the agreement will prove a boon, but break fees, swap costs and litigation could chip away at the chain’s stretched cash resources.

  • Crisis Talk — with Christopher Giancarlo, former CFTC chairman

    Crisis Talk — with Christopher Giancarlo, former CFTC chairman

    Chris Giancarlo was the 13th chairman of the Commodity Futures Trading Commission, the US’s top derivatives regulator, until last year. Before his five years at the helm of the CFTC he enjoyed a successful career on Wall Street, which included a 13-year stint as executive vice-president of GFI Group. Since leaving the commission he has focused on digital asset technology, in particular the development of a digital dollar. GlobalCapital caught up with Giancarlo to discuss regulation during the coronavirus crisis and the future of cryptocurrencies.

  • More flex likely on IM as CFTC committee votes for new waiver

    More flex likely on IM as CFTC committee votes for new waiver

    The US Commodity Futures Trading Commission’s global markets advisory committee, a steering group made up of market participants, has recommended that the regulator provide a further six month grace period for compliance with initial margin requirements.

  • Turkey bids for time with boosted swap line

    Turkey bids for time with boosted swap line

    After a week of speculation over which central banks would provide Turkey with a currency swap line, its central bank has announced an increase to an existing arrangement.

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