Infrastructure
Buy-side firms await regulatory clarity
Many buy-side firms are still holding back on introducing systems and processes for central clearing – but time might be running out
LCH.Clearnet eyes November launch for NDF clearing
London-based CCP is set to launch clearing for NDFs in six currencies in mid-November, having shelved plans for options clearing while banks discuss settlement-related issues with regulators
Spotlight on: Jon Hitchon, Deutsche Bank
The newly promoted head of Deutsche Bank Markets Clearing talks to Farah Khalique about the bank’s cross-asset clearing business and how it will compete with the derivatives clearing offerings of other top-tier banks
Regulation will reshape FX liquidity, says Rule Financial
Uncertainty about regulatory changes could hurt liquidity in the first instance, but the advent of Sefs might cause trade volumes to rise, according to consultants
Electronic FX trading in Asia may switch to multi-dealer platforms
The Asian FX derivatives business is expanding rapidly, driven by increased participation from financial institutions and hedge funds. While single-dealer platforms have increased market share over the past few years, incoming regulation could force FX…
Academic opposition to FX exemption debated at Isda’s Europe conference
Speaking in London on September 20, Craig Pirrong supports the unpopular position of fellow academic Darrell Duffie that FX swaps and forwards should not necessarily be exempt from the mandatory clearing requirements of the Dodd-Frank Act, as recommended…
Spotlight on: Stewart Macbeth, DTCC
Following the selection of the Depository Trust & Clearing Corporation and Swift to develop a trade repository for the FX market, the DTCC’s general manager for the global repository business talks to Chiara Albanese about its preparations to launch the…
Lloyds rolls out Arena to compete in FX e-commerce
Launch of Arena platform comes after more than a year of development, which started in mid-2010 with the formation of a client advisory board to determine the key elements of the e-trading platform
SwapClear may assist OIS development
London-based clearing house might consider helping to build OIS markets in minor currencies, as it continues to move its interest rate swap portfolio to OIS discounting
Oanda continues to boost global presence with Japan operation
Oanda chief executive Michael Stumm attributes the decision to open operation in Japan to regulatory changes
Taking stock of 2011: Regulation and clearing
The Group of 20 meeting in September 2009 laid out a set of requirements on clearing, trading and reporting of OTC derivatives. Two years on, plenty of progress has been made – but a number of outstanding issues remain. By Chiara Albanese, Farah Khalique…
CME Chilean peso clearing service awaits first trade
The CME says FCMs are the reason for the delay in offering its clearing service of non-deliverable forwards in USD/Chilean peso
LCH.Clearnet reiterates commitment to FX clearing
Clearing house reaffirms its intention to launch ForexClear, which will sit alongside SwapClear and a newly expanded CDSClear service
Knight Capital to launch Hotspot Private Label by end of the year
Private label offering includes administrative and risk management tools and full reporting capabilities
Thomson Reuters extends Elektron hosting to FX
Thomson Reuters Matching will be the first platform to be available through the Elektron proximity hosting service, but independent platforms will be added in due course, the vendor tells FX Week
Options clearing on the rocks
Could clearing of FX options be stymied by the CPSS-Iosco requirement that financial market infrastructures provide clear and certain final settlement?
FX Week USA: Prime brokers braced for change under mandatory clearing regime
FX prime-brokerage heads at BAML and UBS confirm their intention to ease operational challenges for clients under new regulations by offering a single point of entry both for cleared and non-cleared trades
DTCC, Swift reveal details of repository plans
Swift will provide its existing FX derivatives messaging traffic while DTCC will leverage its expertise in the provision of repository services, the two firms have told FX Week
EBS signs smartTrade for streaming liquidity
Icap will use LiquidityConnect platform to allow users to more efficiently stream prices into EBS
Forex options clearing complicated by guaranteed settlement requirements
CPSS-Iosco guaranteed settlement requirements make FX options clearing more difficult, say participants
FX Invest: New indexes trade volatility
Nikki Marmery reports on the emergence of indexes looking to trade event risk
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