Foreign Exchanges

News & Analysis as of

Foreign Listed Stock Index Futures and Options Approval Chart April 16, 2014

Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of April 16, 2014. All prior versions are superseded and should be discarded. Please note the following developments...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on recent developments in Libor and the Foreign Exchange market litigation; Credit Suisse’s $885 million mortgage settlement with the Federal Housing Finance Agency; Irving...more

Allegations Of Collusion Among Financial Institutions—Where We’ve Been, Where We Are, What We’ve Learned

Over the last 15 years, financial institutions have paid billions of dollars to settle claims that they colluded with each other. Below, we discuss four separate matters, beginning with the Nasdaq spread cases in the late...more

Fourth Update: Dodd-Frank Rules Impact End-Users of Foreign Exchange Derivatives - Key Recent Developments

This March 2014 update is a summary of certain recent developments under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) that impact corporate end-users of over-the-counter foreign exchange (FX)...more

Bank of America Foreign Exchange and Mortgage Practices Under Investigation

On Tuesday, Bank of America disclosed in its annual report with the US Securities and Exchange Commission (SEC) that “government regulators” in North America, Europe and Asia are investigating its foreign exchange and...more

The Financial Report - Volume 3, No. 2 • January 23, 2014 (Global)

IN THIS ISSUE: • Discussion and Analysis • News from the Americas • News from Asia and the Pacific • News from Europe • Global Regulators • US Securities and Exchange Commission...more

"Will 2014 Be the ‘Year of the Foreign Private Issuer’?"

Experience in 2013 has shown that U.S. securities exchanges are once again becoming increasingly popular venues for listings by non-U.S. companies. The number of non-U.S. companies that conducted initial listings in the U.S....more

"Hong Kong Exchange Looks to Attract Overseas Companies"

Bolstered by a solid fourth quarter, 2013 was a stronger year than 2012 for Hong Kong in terms of new listings. In 2013, the Stock Exchange of Hong Kong Limited (the HKEx) reported 110 new listings raising $21.5 billion,...more

Striking Oil?: Court allows secondary market securities class action for shares purchased on a foreign stock exchange

In Kaynes v. BP, 2013 ONSC 5802, Justice Conway determined that a statutory claim for secondary market misrepresentation under the Ontario Securities Act (“OSA”) is a “statutory tort” over which the Ontario Superior Court of...more

Shanghai’s Free Trade Zone – empty gestures or meaningful reforms?

The China (Shanghai) Free Trade Pilot Zone (FTZ), approved by the State Council at the beginning of July 2013, was launched with much fanfare at the end of September. The launch and the publicity surrounding it gave rise to...more

New Reforms Impact Business Interests in Venezuela

On November 21, 2013, Venezuela’s president, Nicolás Maduro, sought and obtained an expansion of Executive power allowing for control of the Venezuelan economy by decree. As a result, two groundbreaking new laws have been...more

PBOC Pledges Financial Support for China (Shanghai) Pilot Free Trade Zone

On December 2, 2013, the People’s Bank of China (“PBOC”) has issued the Opinions on the Financial Support for the Building of the China (Shanghai) Pilot Free Trade Zone....more

2013 ISDA Arbitration Guide Published

On 9 September 2013, the International Swaps and Derivatives Association, Inc. (ISDA) published its 2013 ISDA Arbitration Guide. The decision to introduce optional arbitration clauses for the 1992 and 2002 ISDA Master...more

CFTC Extends Time-Limited Relief for Foreign Exchange Swaps

The Commodity Futures Trading Commission’s Division of Market Oversight issued No-Action Letter No. 13-68, which extends to November 29 the deadline set forth in CFTC No-Action Letters 13-55, 13-56 and 13-58 for swap...more

Corporate and Financial Weekly Digest - November 8, 2013

In this issue: - CFTC Adopts Rules for Segregation of Initial Margin for Uncleared Swaps - CFTC Extends Time-Limited Relief for Foreign Exchange Swaps - CFTC Approves Position Limits Proposals -...more

China Simplifies Cross-Border Funds Transfers Made as Part of Intellectual Property Transactions

Synopsis: Historically, to complete a foreign exchange payment at a Chinese bank as part of a technology or intellectual property agreement, various registrations (with local Ministry of Commerce (“MOFCOM”), the Patent Office...more

"Hong Kong Stock Exchange and SFC Release New Joint Policy Statement on Listing of Overseas Companies in Hong Kong"

Introduction - In March 2007, The Stock Exchange of Hong Kong Limited (the HKEx) and the Securities and Futures Commission of Hong Kong (the SFC) issued a joint policy statement on the listing of overseas companies in...more

International Tax News - September 2013

FRANCE ANNOUNCES DRAFT 2014 BUDGET – LIGHTER TAX BURDEN FOR BUSINESSES - France’s draft budget law for 2014 was presented to Parliament on September 25 and is now under discussion in the National Assembly and...more

Asia: Corporate Newsletter - September 2013

Disclosure requirements regarding the application for IPO shares - As part of its Simplification Series to improve disclosures in IPO cases, the Hong Kong Stock Exchange (SEHK) has issued a new guidance letter...more

China to further simplify foreign exchange administration on outbound payments under service trade items

On 9 July 2013, the State Administration of Taxation ("SAT") and State Administration of Foreign Exchange ("SAFE") jointly promulgated Announcement on Issues Concerning Tax Recordal for Outbound Payments under Service Trade...more

Shanghai Free Trade Zone: A Test Ground for the New Economic Reform Policies in China

Shanghai mayor Yang Xiong unveiled new plans to develop mainland China’s first free trade zone in Shanghai last January....more

SEC Adopts Retail Foreign Exchange Rule in Order to Prevent Dodd-Frank Amendment from Disrupting the Retail Forex Markets

The U.S. Securities and Exchange Commission (“SEC”) on July 11, 2013 adopted Rule 15b12-1 (“Final Rule”) under the Securities Exchange Act of 1934 as amended (“Exchange Act”) in order to allow market participants to continue...more

European Commission Updates MiFID Q&A Website

On July 22, the European Commission answered the question on whether a rolling spot Foreign Exchange on margin takes the form of a derivative contract or a contract for difference to be considered a financial instrument under...more

SEC Extends Interim Final Temporary Rule for Broker-Dealers Engaging in a Retail Forex Business

As reported in Corporate & Financial Weekly Digest edition of July 15, 2011, the Securities and Exchange Commission adopted interim final temporary Rule 15b12-1T to allow a registered broker-dealer to engage in a retail forex...more

The Financial Report - Volume 2, No. 13 • July 18, 2013

Discussion and Analysis - The other day, I happened to see a television commercial for a casino based in Hammond, Indiana. The casino boasts about having the most slot machines in Chicagoland. My curiosity piqued, I...more

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