Derivatives
Uncleared margin rules could hold back new CSA adoption
Proposals on the margining of uncleared derivatives trades could dampen take-up of the standard CSA
Tarns gain favour as investors seek to exploit range-bound pairs
Target accrual redemption notes have regained some popularity after losing favour during the crisis, but investors are keeping a firmer eye on the risks, say dealers
Corporates await final Dodd-Frank details as deadline approaches
As Dodd-Frank deadlines loom for corporate derivatives users, treasury desks with sophisticated FX hedging programs should be steadily adapting compliance systems. But with regulatory energy focused on swap dealers, corporates are still waiting for…
Renminbi hedging and Africa: the final frontier
Bond deals in Brazil and Mexico and initiatives to make London a centre for RMB trading have signalled the global status of China’s currency. A rapid expansion of Chinese trade with Africa has seen the yuan move into the final frontier in global…
Banks claim €300 billion hole in margin study
Banks call for Basel Committee and Iosco to re-run study on impact of uncleared margin rules after errors emerge
Let swap platforms trade futures – Icap’s Spencer
Icap's chief executive says proposed derivatives rules are reinforcing exchange monopolies
First OTC clearing wave to catch 77 fund managers
List reveals 77 managers have funds that will be required to start clearing on March 11 - and dealers say up to a third are not ready to start
Digital Vega to add spot to Medusa options platform
FX options platform to add spot trading functionality this week in response to client demand, assisted by State Street-owned Currenex platform
SurfacExchange in acquisition talks
Multibank FX options platform confirms it has seen an 'uptick' in conversations over a potential acquisition, as rivals make tweaks to their ownership structures ahead of Sef registration race
360T licenses GFI Fenics for options pricing on Tex platform
The Fenics ePricer engine will support options trading on 360T's Tex platform as GFI Fenics broadens out its client base to multibank platforms
Collaboration needed on FX options clearing
Introducing central clearing into the foreign exchange market under new regulations has proven a thorny process, particularly for FX options. The priority for market participants should be to agree on appropriate processes for pricing, valuation and…
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
Europe not obliged to follow US on FX exemption, warns senior MEP
The European Parliament's position on FX is that it should be included in the scope of organised trading rules under Mifid, vows Markus Ferber MEP
Bloomberg to offer FX options after six-month pilot
The vendor's FXGO platform is the latest in a long line of electronic platforms to add FX options ahead of forthcoming regulatory requirements for electronic platform trading
FXall gains ground in options with three new banks
Thomson Reuters' pre-trade capabilities compliment the new options offering, says FXall chief executive Phil Weisberg
SurfacExchange to move into emerging market currencies
The start-up currency derivatives platform will add the Brazilian real and the Mexican peso by the start of 2013 as it responds to investor demand for emerging market currencies
Dealers hope for replication of BoE move to two-way CSAs
As the Bank of England prepares to begin posting collateral to its counterparties when trading derivatives next year, FX traders hope other central banks will follow its lead
Offshore deliverable renminbi derivatives market grows despite fall in trade volumes
Despite a fall in offshore renminbi trade volumes, dealers say corporates are making increasing use of CNH forwards and options markets to hedge price exposure. Joti Mangat investigates
CME’s new swap future uses Goldman Sachs patent
Licensing agreement could be worth up to 20% of revenues from patented contract, and is seen as an attempt by Goldman Sachs to hedge its bets as new rules threaten OTC market profits
Errors in CFTC extraterritorial guidance to be amended
A CFTC source acknowledges inconsistencies in the proposed interpretative guidance on the cross-border application of Dodd-Frank will have to be ironed out
Central banks working on liquidity support for CCPs, says BoE’s Tucker
International regulators and central banks trying to avoid "nightmare" of fragmented clearing system
Relief for dealers as Basel reins in capital for cleared trades
Basel Committee addresses long-standing complaints over default fund exposures and client clearing
FX clearing clock ‘ticking’ following CFTC-SEC swap ruling
Speakers at FX Week USA expect this week's agreement on swap definitions by the CFTC and SEC will drive a rush to comply with FX clearing mandates
Lack of governance to blame for Libor scandal, says IMF official
A failure of bank governance is behind the recent Libor rate-fixing scandal – and these kinds of failings could pose systemic risks, says José Viñals