Infrastructure
CLS raises £160 million capital from shareholders
Hefty capital raise completed last week to enable CLS to meet demanding new capital requirements and support future growth
HKEx soft launches clearing for interdealer NDFs
Hong Kong Exchanges and Clearing becomes the latest entity to launch clearing services for FX non-deliverable forwards
FX Week Europe: Low volatility blurs distinctions in e-FX
Only the return of volatility will determine which new and incumbent platforms have gained or lost market share, says SEB's Alastair Crane
FX Week Europe: Fix reform must address risk-reward imbalance
Banks should be better compensated for the risk they take when executing trades at benchmark rates, say panellists at London conference
Regulators clash on Mifid waivers
Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees
CCPs face $161 billion liquidity shortfall to clear FX options, GFXD finds
Results of an industry study reveal the scale of the liquidity burden that would fall on CCPs clearing physically delivered FX options – but a net settlement mechanism could reduce the number by 73%
Traiana opens Singapore office
New office comes in addition to sales offices in Tokyo and Hong Kong as the vendor looks to ramp up its presence in Asia
FXSpotStream adds precious metals
Spot aggregation service adds precious metals, with prices streamed from liquidity providers through the same single connection
EBS Direct launch could reverse volume decline, say participants
The full launch of EBS Direct opens up a new market segment that could be an opportunity to claw back market share lost in recent years
ADS Securities rolls out multi-asset platform
New platform Orex Optim has now fully launched after two years of development and six months of testing at the Abu Dhabi-based firm
Sefs face major delays in operating outside the US
Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions
Dialogue needed on Sef confirmations - GFXD
Following a further CFTC extension for Sef confirmation requirements until November 29, the global FX division stresses the need for dialogue and co-operation with regulators over the next month if the deadline is to be met
ForexClear launches client clearing for NDFs
LCH.Clearnet has launched buy-side clearing of NDFs on its ForexClear platform, a year after it gained approval from the UK Financial Services Authority
SGX closes in on FX futures launch
Singapore Exchange plans to launch FX futures in six currency pairs on November 11 as it looks to gain an edge on rival exchanges that have been delayed in launching the product
Economies of scale create two tiers in FXPB
The high cost of operating in prime brokerage is the biggest challenge for less-established players looking to gain market share
Footnote 88 prompts BlackRock to abandon NDF platforms
Asset manager returns to phone trading for non-deliverable forwards after controversial footnote in Sef rules makes trading on Sefs an unattractive option for users
FX platforms divided on management of costs and speed
Officials at EBS, LMAX Exchange and State Street Global Exchange debate key issues facing new and incumbent platforms during a live webinar
Internalisation to blame for EBS volume decline
Low volatility in major currency pairs has created an environment in which many banks prefer to internalise trades rather than trading on anonymous platforms such as EBS
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
Banks eye new protocol to streamline platform connectivity
A working group backed by seven banks is looking to create an automated protocol to streamline the process by which clients connect to FX trading platforms
Portware to launch automated FX hedging tools
Trading software vendor launches new FX capabilities as it expands into increasingly electronic marketplace
Eurex delays launch of FX derivatives
Eurex has joined CME Europe in delaying the launch of FX derivatives, with no new dates set for launch by either exchange
CFTC shutdown leaves Sefs lacking clarity
Sefs and their clients question scope of no-action letters, but US government shutdown means no-one is able to provide guidance
UBS aims for full FX launch on Neo in Q1
Following the recent launch of the UBS Neo cross-asset platform, FX e-trading head Chris Purves talks to Miriam Siers about the bank’s electronic strategy, both on its own platform and other venues