Clearing and settlement
Clearing of physical FX in China and India a concern, says GFXD’s Ngai
Global FX division managing director David Ngai warns of the challenges associated with centrally clearing physically delivered FX products
FX options clearing a 'big challenge', warns NY Fed official
Speaking at the FX Invest West Coast conference, the New York Fed's Jeanmarie Davis addressed the challenges associated with clearing and settlement of FX options
Nasdaq OMX awaits regulatory approval for FX clearing
The exchange's Nordic central counterparty has connected to MarkitServ and is awaiting the green light from regulators to clear G-10 and EM non-deliverable forwards and options
WGMR exemption for FX swaps and forwards expected imminently
Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for FX swaps and forwards
Traiana delivers first NDF trade to LCH's ForexClear
Interbank trade in USD/KRW between HSBC and an undisclosed counterparty is the first Traiana-processed trade to be cleared through ForexClear
Traiana and MarkitServ in turf war over pre-trade screening
Competition between the two vendors increases as they both seek to gain market support for their respective credit screening and clearing certainty products
FX could move to financial settlement under clearing pressure – GFXD’s Lam
Addressing the challenges of clearing deliverable FX products, Mandy Lam of the global FX division suggests more products could become financially settled in the future
‘Sef-lite’ environment remains confusing for platforms
Market participants still unclear on the implications of the requirement for multibank platforms trading non-cleared swaps to register as swap execution facilities
FX clearing driven by capital and collateral costs rather than mandate
As mandatory NDF clearing has been delayed, the likely increase in capital and collateral requirements for FX trades is forcing some to consider clearing ahead of the mandate, say webinar participants
Traiana pitches for LCH’s FX clearing flow
Vendor adds ForexClear to Harmony CCP Connect, more than two years after it first launched the clearing network with CME Group as the first clearer
Traiana announces first futures commission merchant live on CreditLink
Traiana completes production testing with futures commission merchant on pre-trade hub that aims to provide clearing certainty
Japan's Mizuho joins CLS Aggregation Services
CLS and Traiana-backed aggregation engine extends global reach with addition of Japanese bank
Client clearing not a priority for buy side
Clearing houses LCH.Clearnet and CME are extending their interbank FX clearing services to clients, but firms are showing little interest in clearing before they have to
Ice shelves plans to launch FX clearing
Ice pulls out of the OTC FX clearing race, citing regulatory delays in finalising rules for mandatory clearing of OTC FX products
Nasdaq OMX to launch FX clearing in November
Stockholm-based clearing house becomes the latest to announce its intention to enter the FX space
MarkitServ upgrades CCP interfaces to enable FX reporting
Middleware provider has revamped the FX clearing interface with LCH.Clearnet and CME Group, to meet CFTC rules requiring CCPs to report
Complexity and costs of clearing continue to cause concern
Mandatory clearing of OTC derivatives could lead buy-side firms to leave a greater portion of their risks unhedged, warn speakers at a buy-side conference in London
MAS warns on fragmented clearing and reporting
Asian financial markets have made progress in setting up CCPs and trade repositories, but greater harmonisation is needed across borders, Singaporean regulator warns
Spotlight on: Max Smith, Newedge
In a world where market participants are seeking to reduce risk in trading and ensure efficient clearing, Newedge's global head of FX, Max Smith, believes the firm is uniquely positioned
Options clearing pushed to 2014 as solution search begins
As the search for a viable clearing mechanism for FX options begins, market participants suggest clearing won't begin before 2014
MarkitServ partners with Misys to boost FX clearing
Users of the Misys Confirmation Matching Service will be able to use MarkitServ's clearing connectivity to route FX derivatives to clearing houses
LCH approved for client clearing on ForexClear
The clearing house expects to begin client clearing for FX NDFs during the first quarter, and has now surpassed $500 billion in cleared volume for interbank NDFs
FX options clearing analysis in final stages
The GFMA's global FX division is understood to be close to completion of its analysis of five years of options trading data - a project that is intended to lead to a solution for options clearing
Questions remain on clearing and collateral
While confirmation of the US Treasury exemption came as a welcome development last month, further issues must be resolved in the coming months on the clearing of FX options and margin for uncleared trades