Foreign Exchanges

News & Analysis as of

Forex Probe Results in Fines, but Investigation Not Over Yet

The American Commodity Futures Trading Commission (CFTC), British Financial Conduct Authority (FCA), and Swiss Financial Market Supervisory Authority (FINMA) announced fines of $3.4 billion against five global banks on...more

Stock Connect is Open for Business: Funds and Managers Will Soon Be Able to Trade Shanghai-Listed Equities

Regulators in Hong Kong and China recently announced the imminent launch of “Stock Connect” on next Monday, November 17, 2014. Stock Connect gives a wide array of fund managers, private investors, and other market...more

Launch Date Announced for the Shanghai-Hong Kong Stock Connect

The Shanghai-Hong Kong Stock Connect (Stock Connect Scheme) is a pilot programme for establishing mutual stock market access between Mainland China and Hong Kong. According to an announcement made jointly by the Hong Kong and...more

UK Regulators Launch Review of Fixed Income, Foreign Exchange and Commodities Markets

The UK Treasury, the Bank of England and the UK Financial Conduct Authority have jointly launched a Fair and Effective Markets Review (FEMR) of the fixed income, foreign exchange and commodities (FICC) markets in the UK....more

Corporate and Financial Weekly Digest - Volume IX, Issue 43

In this issue: - ISS Announces Launch of QuickScore 3.0 - SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements - CFTC Extends Relief to FCMs from Certain Commingling Requirements -...more

ESMA Clearing Obligations for FX NDF and IRS

On October 1 the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) for the mandatory clearing of certain foreign-exchange non-deliverable forwards...more

China’s New Foreign Exchange Control Rule on Outbound and Round-Trip Investment

Replacing Circular 75, Circular 37 simplifies the SAFE registration process for Chinese residents seeking offshore investments and financings, and it liberalizes cross-border capital outflow by Chinese residents. In addition,...more

An Overview of the Shanghai-Hong Kong Stock Connect

The Shanghai-Hong Kong Stock Connect (Stock Connect Scheme), a pilot programme for establishing mutual stock market access between Mainland China and Hong Kong, was announced in April 2014 by the China Securities Regulatory...more

OFAC Fines Commodity Trading Advisor For Apparent Sanctions Violations

On September 9, OFAC released an enforcement action against a CFTC-registered Introducing Broker and Commodity Trading Advisor that operates an electronic trading platform that allows customers to automatically place currency...more

The Tail Won’t Wag the Dog: Ontario Court of Appeal Declines Jurisdiction Over Securites Misrepresentation Case Outside Canada

The Ontario Court of Appeal has called on judges to show restraint in assuming jurisdiction over securities trading on foreign exchanges, in its recent decision Kaynes v BP, PLC, 2014 ONCA 580. While the plaintiffs in this...more

China Business Series: Repatriation of Funds out of China

China imposes controls on the inflow and outflow of foreign exchange. Given the involvement of State Administration of Foreign Exchange and various other governmental agencies in the process, repatriating funds from China can...more

A Guide to Listing in Australia

FOREWORD BY AUSTRALIAN SECURITIES EXCHANGE - As at 30 June 2014, the aggregate market capitalisation of the Australian Securities Exchange (“ASX”) was about AUD$1.5 trillion. 1,948 domestic companies accounted for...more

Slick Transition: ICE Clear Europe’s Paul Swann Talks NYSE Integration [Video]

ICE Clear Europe is at the center of the Intercontinental Exchange’s effort to expand across Europe, as well as integrate NYSE Liffe products into its market. The clearing house has been busy trying to adjust to new...more

Impact of the New PRC Cross-Border Security Regulations on Debt Financing

On May 12, 2014, the State Administration of Foreign Exchange (“SAFE”) of the People’s Republic of China (the “PRC”) issued a notice on the Issuance of Administration Rules of Foreign Exchange on Cross-border Security (the...more

SAFE to Relax Foreign Exchange Control over Cross-border Guarantee

On May 19, 2014, the State Administration of Foreign Exchange (“SAFE”) released Notice on the Promulgation of Foreign Exchange Administration Rules on Cross-border Guarantee(“Circular 29”) with a view to promoting...more

Second Circuit Applies “Morrison” to Reject “Listing Theory”

On May 5, 2014, the U.S. Court of Appeals for the Second Circuit decided City of Pontiac v. UBS AG, affirming the dismissal of a securities fraud complaint against UBS and holding that the Supreme Court's decision in Morrison...more

SAFE Significantly Eases Restrictions On Cross-Border Security and Guarantees

China's foreign exchange authority has significantly eased restrictions on cross-border security and guarantees, a much-anticipated and game-changing development that opens the door to many previously prohibited or otherwise...more

Joining AIM: A Field Guide For Applicants To AIM, A Market Of The London Stock Exchange

1. What is the process for admission to trading on AIM? Publication of either a prospectus or an admission document. A prospectus is required where a company is offering shares to the public under the Financial...more

Second Circuit Limits Extraterritorial Application of Federal Securities Laws

On May 6, 2014, the U.S. Court of Appeals for the Second Circuit issued its opinion in City of Pontiac Policemen’s and Firemen’s Retirement System v. UBS AG, No 12-4355, slip op. (2d Cir. May 6, 2014) (“City of Pontiac”), a...more

SAFE Relaxes Control over Provision of Cross Border Security

On 19 May 2014, the State Administration of Foreign Exchange (SAFE) released the long awaited Foreign Exchange Administrative Provisions on Cross-Border Security and its implementation guidelines (collectively the New SAFE...more

Second Circuit Rejects 'Listing Theory,' Finds That Cross-Listing on a U.S. Exchange Is Insufficient to Justify an Exception Under...

In a case of first impression, the U.S. Court of Appeals for the Second Circuit recently held in a published opinion that the Supreme Court’s decision in Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010),...more

Second Circuit Rejects the “Listing Theory” Under Morrison

At the end of last month the Second Circuit clarified its position on the application of Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010) to RICO. Now the Circuit Court had resolved an open question regarding...more

Second Circuit Narrows Reach of Federal Securities Laws as to Foreign Securities Transactions

On May 6, 2014, the U.S. Court of Appeals for the Second Circuit issued a decision clarifying the applicability of the anti-fraud provisions of the Securities Exchange Act of 1934 to transactions in foreign securities. The...more

Credit Crunch Digest -- April 2014

This issue of the Credit Crunch Digest focuses on Barclays’ settlement of two important U.K. Libor lawsuits; the reversal of a Libor-related securities action dismissal by the Second Circuit Court of Appeals; a former Tullett...more

Corporate and Financial Weekly Digest - Volume IX, Issue 17

In this issue: - Proposed Amendments to Delaware General Corporation Law and Courts and Judicial Procedure Law - SEC Division of Corporation Finance Issues New C&DIs Relating to Social Media Use - FINRA...more

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