Tag: International Organisation of Securities Commissions (Iosco)

  • Iosco pre-hedging review: more RFQs than answers

    Iosco pre-hedging review: more RFQs than answers


    Consultation papers are like tea leaves or runes: observers study them for clues to future actions or events.

    Such is the case with Iosco’s latest consultation paper on the controversial practice of pre-hedging. The document, released last November, has raised niggling concerns among market participants that the global standard-setter may be weighing tighter rules on pre-hedging, particularly for trades conducted using request-for-quotes, or RFQs.

    Dealers have warned that such restrictions could

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  • Iosco mimics industry codes to tackle pre-hedging dilemma

    Iosco mimics industry codes to tackle pre-hedging dilemma


    Draft recommendations proposed by international regulators to address controversy over the practice of dealers pre-hedging client orders have largely copied guidance already set out in industry codes.

    That’s good news for advocates of pre-hedging who may have feared stricter guidance, but has left its critics wanting more.

    “When it comes to the competitive request-for-quote scenario, we don’t feel that they’ve gone far enough with it,” says a regulatory expert at a non-bank market-maker, who

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