Exchanges
FX Invest: Rise of the super-Sefs
The Dodd-Frank Act created a multitude of would-be swap execution facilities (Sefs) – trading platforms that will aggregate dealer liquidity. Now, dealers want to hoover up the Sefs by building their own aggregation services, but it’s a strategy that…
European Parliament rejects Swinburne’s forex exemption
Crucial plenary vote on Emir on July 5 retains suggested amendments to recognise unique nature of FX derivatives, but stripped out explicit calls for an exemption
JP Morgan’s Choussy prepares bank for FX clearing
Newly appointed global head of FX clearing explains how he is preparing for the advent of mandatory central clearing requirements for some FX contracts
Three CCPs per asset class optimal, say market structure experts
IntercontinentalExchange representative declines to comment on the possibility it will compete with CME and LCH.Clearnet in FX clearing
Let us decide our own collateral requirements, CCPs plead
IDX delegates insist CCPs should be able to determine for themselves what collateral requirements they impose on members
Buy side urged to avoid stampede to CCPs
Panel participants encourage buy-side firms to engage with CCPs early to avoid a last-minute rush
Deutsche merges OTC and listed derivatives clearing
Markets Clearing will combine the bank's existing clearing capabilities across FX, rates, credit, commodities and equities
JSE to launch exotic can-do currency options
Move follows the successful launch of any-day expiry options in February
CME plans to clear all FX products, despite probable exemption
Swaps and forwards will be part of the exchange group's FX clearing initiative as banks will need to clear them if used to hedge an option
ICICI clears and settles first gold contract on SMX
Singapore Mercantile Exchange (SMX) said the Singapore branch of India’s ICICI Bank began clearing and settling trade activities for SMX with its first trade cleared on December 30, 2010 for the SMX Singapore-deliverable gold futures contract.
HKEx moves to introduce margins for cash clearing members
HKEx plans to beef up its risk management following the bankruptcy of Lehman Brothers in September 2008 by introducing margin rules and seeking more funds from cash clearing members. The move would bring cash clearing more in line with existing…
CFTC proposal sparks scrap over CCP membership
CFTC proposes a $50 million cap on minimum capital requirements set by CCPs for clearing membership
HKEx to launch NDF clearing facility by 2012-end
Hong Kong Exchange and Clearing (HKEx) plans to launch a central clearing facility for the local over-the-counter market, beginning with interest rate derivatives and non-deliverable forwards, by 2012-end.
LCH.Clearnet beats CME in FX clearing race
LCH.Clearnet has signed 13 banks up to a new foreign exchange options clearing venture - ForexClear - due to open for business in late 2011, according to a statement.
CCP turf war simmers as OTC regulations head to the European Parliament
LCH.Clearnet could be prevented from clearing euro swaps under central bank liquidity proposals being pushed by some European regulators
Asia Risk Congress 2010: Asian banks prepare for national clearing houses
Several Asian nations could compel their banks to clear swaps in-country - others seek to join foreign CCPs on special terms
Concern over scarcity of high-quality assets forces CCPs to broaden eligible collateral
Ice Clear Europe accepts gold for margin, while LCH.Clearnet is also working on extending eligible collateral
Cash variation margin requirements worry pension funds
Having to post cash as variation margin to central counterparties (CCPs) will cause substantial yield losses for pension funds that conduct liability-driven investment (LDI) strategies, according to fund managers.
Deutsche first client on Traiana Harmony for ETD
Deutsche Bank is the first bank to go live with Traiana’s new Harmony network to manage exchange-traded derivatives (ETD), it announces today (November 1).
ECB's Constâncio: grant CCPs access to central bank liquidity
WASHINGTON, DC – Central counterparties for derivatives trades should have access to central bank liquidity, Vítor Constâncio, the vice-president of the European Central Bank, has said.
CME chief says central clearing house removes 'black swan' threat
Chicago Merchantile Exchange's (CME) Asia energy and metals chief says the group’s central counterparty clearing (CCP) house removes the possibility of a ‘black swan’ incident
Let CCPs compete, Isda conference told
Competing for business will not fatally undermine derivatives clearing – as long as the system is well regulated, speakers claim
SGX AsiaClear aims to be Asia's CCP for rates and FX swaps
SGX president Muthukrishnan Ramaswami says the new interbank OTC clearing service for Singapore and US dollar interest rate swaps will target Asian banks as a start, and soon global investment banks that trade with Asian counterparties. Asian local…