Key players in the global foreign-exchange community are lobbying the European Commission to widen the definition of spot FX and free up companies from onerous reporting requirements, before a vital consultation on the subject closes for comments in a fortnight.

Lloyds’ liability management exercise (LME) highlights the potential risks to investors of early calls.

Overwhelming demand for a string of bank AT1 deals shows the extent of investors’ desperation for yield as much as their faith in the restored health of the banking sector. As more new investors accept these deals, hopes grow that a €150 billion AT1 market might emerge quickly now. But terms have tightened far and fast and AT1 can be volatile.

Dismayed by the media coverage of the FX fixing controversy as the new Li[e]bor, which suggests the fixing practice of FX dealers, exposed to principal risk for large orders, constitutes an open-and-shut case of outright manipulation and is a new controversy? Well, continue reading.

ESMA has had frequent discussions over the definition of liquidity during the past three years and is mindful of the need to monitor the impact regulations such as Mifid II could have on liquidity on the FX markets, its executive-director tells the Association for Financial Markets in Europe.

Europe’s securities market regulator is seeking clarification from the European Commission on what constitutes a derivative under the European Market Infrastructure Regulation (EMIR), in an effort to address inconsistencies in the definition, particularly around FX forwards.

As more financial scandals continue to emerge, regulators and banks are hoping technology and new internal controls will allow them to get to grips with the rogues. Trading floors might never be the same again.

The recent loosening of rules regarding leverage ratios and collateral by the Basel Committee on Banking Supervision might boost banks’ available trading resources, but FX is not out of the regulatory woods.

€31 billion AT1 needs to be issued by end-2014; Benchmark inclusion key to future appetite

A new Isda report reveals how the fight for currency liquidity is on as foreign exchange trading venues struggle to adapt to the new regulatory landscape

The Basel Committee’s proposal fails to capture asset correlations and volatility adequately and will have a perverse impact on exposure incentives, argues SunGard, a processing house for the broker-dealer community.

Five years on from the financial crisis, high-frequency trading remains under an intense spotlight, with regulators on both sides of the Atlantic determined to crack down on alleged manipulation of markets, triggering an inevitable backlash from market players that claim illiquidity, price distortions and regulatory arbitrage will come to the fore if regulators make good on draconian threats.

While the contentious proposed EU cap on banks’ card fees has drawn much attention, the Payment Services Directive is also courting controversy, with respect to the ability of third-party providers to offer payment initiation services and refund obligations for Sepa direct debits.

In an exclusive interview, Benoît Coeuré, member of the executive board of the European Central Bank, discusses the challenges that Europe faces in stimulating financing to small and medium-sized enterprises, including the creation of a truly pan-European and cross-border capital market in the region and how securitization can be used to re-establish funding to these firms.

In an exclusive interview with Euromoney, Benoît Cœuré, member of the executive board of the European Central Bank, discusses the challenges that the region faces in stimulating financing to small and medium-sized enterprises and says non-bank investors are a useful spare tyre.

Banks need to be better regulated. But a financial transactions tax is more than wrongheaded. As currently formulated, it would be hugely damaging.

Three years on from the infamous flash crash of 2010, there is relief for some that speed limits do not feature in new European rules on high-frequency trading, but others now see a gap in the market for a slow lane.

European authorities hope their repeated assurances that Cyprus is a special case will curb contagion and ensure the fiasco there does not set a precedent for future bank crises.

A large proportion of corporate treasurers have missed the deadline for the implementation of new rules for derivatives reporting and are falling behind on preparations for more requirements later this year, according to the UK’s Association of Corporate Treasurers (ACT).

The two main pieces of regulation about to hit European financial markets and the derivatives market, in particular – Mifid and EMIR – have sparked fears over their unintended consequences to collateral velocity, liquidity and transparency. But some industry participants believe these regulatory shifts will yield benefits.

As the US moves toward mandatory over-the-counter trading on swap execution facilities this year, European derivatives dealers are still waiting for European authorities to clarify the regulatory pipeline as fears over market liquidity grow.

The country’s entrepreneurs are increasingly drawing on private bankers’ skills as they seek out new sources of income and ways to pass on wealth to younger family members.

A central securities depository, liberalization of the local bond market, movement to T+2 settlement and a stock exchange merger – it’s all very welcome in Russia’s capital markets. But work remains to be done if its infrastructure is to catch up with its peers.

The IMF/World Bank meetings in Tokyo produced nothing of note in terms of concerted action to counter the global financial and economic crisis.

Restrictions and outright bans on short-selling shares, government bonds and credit derivatives were applied across Europe on November 1.

The FX market should expect the cost of high-frequency trading (HFT) to increase if an EU parliament committee vote on a key piece of markets legislation on Wednesday eventually becomes law, say participants at an FX industry conference in London.

As bankers pack their bags and head to Tokyo for the annual IMF/World Bank meetings, the outlook for many is growing gloomier.

Bank targets benefits from greater scale; Merges corporate and investment banks

The country has the potential to cement its position as the world’s leading centre for Islamic finance, but a lack of standardization is causing problems, particularly for international expansion.

The clock has begun ticking on granting the US an exemption from clearing and trading rules for FX swaps and forwards, after the release of the CFTC's product definitions on over-the-counter (OTC) derivatives last week. EU regulators have said they need to look at what this means for an EU exemption.