News & Analysis as of

Exchange Rates

What to Expect From NAFTA Renegotiations

On July 17, 2017, the office of the U.S. Trade Representative (USTR) released a report on U.S. goals to modify the current North American Free Trade Agreement (NAFTA). The report provides insight into the issues that will be...more

SEC Disclosure Trends Related to Brexit and the Trump Administration

The Brexit vote and President Donald Trump’s election and proposed regulatory and other reforms have led to worldwide geopolitical uncertainty. We expect reporting companies will continue to disclose risk factors relating to...more

Grappling with severe exchange rate fluctuations in assessing the costs of litigation

by Allen & Overy LLP on

The English High Court has recently provided guidance on a novel but practical point, allowing a party benefiting from a costs order to recover additional sums to account for expenditure incurred as a result of exchange rate...more

China Strengthens Supervision on Offshore Chinese Yuan (RMB) Lending

In 2016 stabilizing the exchange rate of Chinese yuan (also known as RMB, the legal currency of China) was a critical challenge for Chinese government. Due to the recent staggering devaluation of RMB, the People’s Bank of...more

Jean Coutu: SCC Revises Test for Rectification under the Civil Code

by Dentons on

On December 9, 2016, the Supreme Court of Canada rendered its judgment in Jean Coutu Group (PJC) Inc. v Attorney General of Canada (2016 SCC 55) along with its companion case Canada (Attorney General) v Fairmont Hotels Inc....more

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Torture Victims Protection Act (TVPA)/Anti-Terrorism Act (ATA) - District Court Dismisses ATS Claim Where Alleged Conduct in US Was Not Directly Linked to Injuries Claimed in Other Countries...more

Fashion Retailer Zara Hit With Pricing Disclosure Lawsuit

by Dorsey & Whitney LLP on

Zara USA, Inc., the affiliate of the Spanish fashion retailer, has been hit with a class action lawsuit in federal court in California advancing a relatively simple and novel set of theories. Rose v. Zara USA, Inc....more

Currency fluctuations and Part 36 offers to settle

by Allen & Overy LLP on

Novus Aviation Ltd v Alubaf Arab International Bank BSC(c) [2016] EWHC 1937 (Comm) is relevant when unforeseen fluctuations in the currency exchange rate between the time of a Part 36 offer and the time of judgment affect...more

Bennett Jones Spring 2016 Economic Outlook

by Bennett Jones LLP on

This Spring Outlook has three sections. The first section sets out our view of the economic outlook commencing with a very short summary of recent world economy dynamics, followed by a review of the outlook for global growth...more

U.S. Manufacturing Continues as World Leader

by Foley & Lardner LLP on

The latest Research Briefing from Oxford Economics claims that the U.S. manufacturing sector is “the most competitive worldwide.” Pretty strong statement there. Reading the news, one would find it hard to believe, so let’s...more

Ruble depreciation held to be sufficient ground for lease amendment

On February 1, 2016, the State Commercial Court for Moscow determined case No. A40-83845/15 involving a complaint filed by public joint stock company Vimpel-Communications ("VimpelCom") against public joint stock company...more

FMLC updates on benchmark reform

by Dentons on

FMLC has written to the Commission on non-deliverable forward (NDF) rate sources under the proposal for a Benchmark Regulation proposal. FMLC considers legal uncertainties that may arise in relation to foreign exchange rate...more

Kruger: FX Derivatives Gains/Losses Taxed Only When Realized

by Dentons on

In Kruger Incorporated v. The Queen (2015 TCC 119), the Tax Court held that the taxpayer could not value its foreign exchange options contracts on a mark-to-market basis, with the result that certain losses were not...more

Trade Promotion Authority Update: It's Halftime and Still Anyone's Ballgame

by King & Spalding on

Like a football team scoring a touchdown in the closing seconds of the first half, the Senate passed the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (the Trade Act of 2015) at 8:51 p.m. on Friday,...more

Bridging the Week - January 2015 #4

Swiss Franc-Euro Decoupling Spurs Worldwide Legal and Regulatory Fallout - Following the unexpected decoupling by the Swiss National Bank (SNB) of the Swiss franc-Euro exchange rate on January 15; the subsequent...more

CFPB Subjects Large International Money Transmitters to Supervision

by Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau (CFPB) finalized its rulemaking defining larger participants in the international money transfer market. Companies that engage in at least one million international money transfers...more

CFPB Extends Comment Deadline for Proposed Temporary Exemption to Remittance Rule

by Goodwin on

The CFPB extended the comment period on proposed revisions to its remittance transfer rule that were previously issued in April 2014. The comment period was set to expire on May 27, 2014, and will instead now end on June 6,...more

Global Investigation of Manipulation of Benchmark Foreign Exchange Rates Focuses on Chat Group of Top Bank Traders

by Robins Kaplan LLP on

Competition authorities around the world are investigating whether banks manipulated WM/Reuters rates, which are used as a benchmark for foreign exchange (“FX”) rates for trillions of dollars of investment transactions. ...more

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