Derivs - FX

A proposed rule by the U.S. Commodity Futures Trading Commission that would require trades to be confirmed in a short period of time will create hardships for end users, according to panelists at the Markit Evolving OTC Market Landscape conference in London yesterday.

Wells Fargo has announced that it will acquire substantially all the U.S.-based operating assets of Foreign Currency Exchange Corp., a unit of Bank of Ireland.

NEW YORK - The recent exemption of ‘fx swaps and forwards’ from clearing under Dodd-Frank by the U.S. Treasury has left derivatives players scratching their heads.

London fund manager Metric Capital Partners is launching a corporate loan fund that will hedge via currency and interest rate derivatives.

The Australian Securities and Investments Commission is recommending new laws that would require retail over-the-counter derivatives players to report 12-month cash flow projections and also increase their capital requirements, according to a proposal paper issued today.

BNY Mellon is developing support for swap execution facilities and the ability to report to trade repositories in anticipation of the finalization of derivatives regulations.

The South Korea National Assembly has approved a tax on non-deposit foreign currency liabilities, that could capture foreign currency collateral held against derivatives transactions, beginning Aug. 1.

Credit Suisse says it has been finding takers for its CSAVI-FX tail risk hedging strategy. Since its rollout five months ago, insurance companies, hedge funds and private high net-worth individuals have bought into the strategy.

Derivatives trading books of dealers globally fell sharply in the fourth quarter, according to the Bank for International Settlements.

Banks have lashed out at the Financial Accounting Standard Board over its proposal to eliminate an exemption for derivatives regarding the reporting of gross assets and liabilities.

The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission appeared to still be divided on their definitions of key derivatives terms and related matters despite issuing a joint proposal without specific language on Wednesday.

Hedge funds have been taking short-term bullish positions on the Canadian dollar versus the yen through vanilla calls over the last few weeks, according to strategists at Société Générale.