Tag: FFX margin
FFX Margin- the far off sound of a fat lady singing
The will they-won’t they soap opera of European FFX margin regulation is likely drawing to a close. As promised in their 24 November announcement, the three European Supervisory Authorities (ESMA, EBA and EIOPA) published a draft amendment to the EMIR Margin RTS. The amendment does clarify matters by excising the announcement’s “most likely”, confirming that […]
FCA issues FFX outlook- fog confirmed
The FCA have today issued their response to the ESAs 24 November FFX announcement. It is brief and is worth reading in full as a masterclass in ironic prevarication and understatement. Highlights below (emboldening is ours): “The amendments to the RTS should become increasingly clear over time and we would expect firms to make their […]
EU FFX – fiasco saga
On 24 November the European Supervisory Authorities (ESAs) released their long (in context) awaited forbearance announcement with respect to the margining or not of forward foreign exchange. A short summary follows: Everyone else agreed to this but didn’t follow on Our hands are tied and we will need to change EU law Likely changes will […]
FFX Margin- all that is solid melts into air
A brief spotlight through the fog swirling around the upcoming obligation to exchange margin on forward foreign exchange. There was a widespread, if only whispered, expectation that a 7/8 November ESMA Board of Supervisors meeting would result in an official announcement of forbearance. While the EU has no equivalent mechanism to the CFTC’s enthusiastic use […]