Press releases

Press releases, latest news and views from EVIA

Interview with David Clark discussing some of the key issues that are facing the UK and European FX markets in the run up to Brexit, including clearing, MiFID II and the Global Code of Conduct.

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Interview with William Porter, head of European credit strategy at Credit Suisse and a key player in the creation of Sonia, discussing how Sonia was formed and why it may be too complex to replace Libor as a measurement of overnight lending rates. Article mentions that EVIA, when it was known as WMBA, began publishing its observed average overnight rate roughly 20 years ago, which became known as Sonia and which is now managed by the BoE.

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Article reports that EU lawmakers have proposed a new equivalence framework for foreign trading venues with a single EU equivalence regime which will require third-country platforms to comply with certain Mifid II transparency requirements. However, there are concerns that foreign platforms may decide to stop servicing EU firms due to compliance costs. Article includes suggestions from Alex McDonald who argues that a tiered approach might work better if foreign venues were split by home country with in-built proportionality rather than an approach based on the importance of foreign trading venues.

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Article reports that the FX Global Code of Conduct was developed to improve good practices across FX markets and discusses the areas in which the code is currently falling short. Article includes comments from David Clark, remarking that the Code increases transparency in the FX market and brings back a sense of integrity both to financial markets and to the relationships between banks and their clients.

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