Settlement risk
Korean CLS utility opts for PAYplus
The utility through which Korean banks will use the continuous linked settlement (CLS) service for FX, has selected vendor Fundtech’s PAYplus as its core application, it said last week.
ABN Amro signs half CCIL’s members for CLS
MUMBAI – More than half of the 60+ members of Indian forex settlement service the Clearing Corporation of India (CCIL) will use ABN Amro as their provider for continuous linked settlement (CLS), the Dutch bank said last week.
Micex expands forex coverage
MOSCOW – The Moscow Interbank Currency Exchange (Micex) has launched new FX contracts in a step towards expanding the exchange-traded FX market in Russia.
ACI Congress debates future
LONDON – The European forex community gathered in London last week for the ACI European Congress hosted by ACI UK. Among the contentious issues discussed during the three-day event were operational risk, the future of the European Union and trading in…
CLS is 'changing the front-office'
LONDON – The continuous-linked settlement (CLS) service for FX trades has changed credit and trading practices among the majority of its users, reveals research from IT consultancy TowerGroup to be published this week.
BIS reports FX options surge
BASEL – FX options business increased by a massive 77% year-on-year in the second half of last year, according to Bank for International Settlements (BIS) statistics released last week.
Central counterparty clearing on the way
LONDON – LCH.Clearnet is planning to launch the first central counterparty clearing service for foreign exchange, in a move that could challenge the role of continuous-linked settlement (CLS).
Calyon names regional managers
PARIS -- Calyon, the group to be formed from the merger of Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) on April 30, has agreed the structure of its global spot FX business and appointed regional heads, a senior official said last week.
SSiSearch adds 10 more for system testing
LONDON -- SSiSearch, a vendor of authenticated FX settlements reference data, said last week that 10 new clients are set to start testing the system, bringing the total number of banks now in trial with its global directory to 275.
CLS processes first custodian trade
LONDON -- CLS Bank International, the repository bank for the continuous-linked settlement (CLS) service for FX, settled its first custodian trade on February 13.
CAI, CL chiefs share top posts
PARIS -- Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) executives will share the management of foreign exchange after the two banks’ merger on April 30, it emerged last week.
US holiday helps set record volumes on CLS and CME
NEW YORK/CHICAGO -- Record volumes were set on the continuous-linked settlement (CLS) service for foreign exchange, and on the Chicago Mercantile Exchange’s (CME) e-FX platform last Tuesday (January 20) after the US holiday the preceding day.
March - CLS technical glitch stalls trades
The first operational setback in the life of continuous linked settlement (CLS) came in March, when multiple technical faults stalled settlement in 20,000 Aussie dollar and yen trades.
September - Quote unquote
"We jointly decided that the best move would be to increase its FX expertise" -- Jim Brown , managing director of TH Lee Global Internet Managers, on the departure of Currenex chief executive Lori Mirek in January
July - Indian market opens up
The Reserve Bank of India lifted restrictions on trading currency options in July. The move was a major development for FX in one of the world’s fastest growing economies.
Reuters’ Chinese data deal
SHANGHAI -- Reuters has signed an agreement with the China Foreign Exchange Trade System (CFETS) to deliver enhanced financial market information to CFETS’s customers. CFETS, a subsidiary of the People’s Bank of China, offers yuan foreign exchange…
Options use soars, says BIS
BASEL -- FX options business increased by 34% year-on-year in H1, according to Bank for International Settlements statistics released last week.
Central banks need to clarify FX intervention
TOKYO -- Central banks should be encouraged to disclose information on their motives for intervening in foreign exchange markets, according to Priscilla Chiu from the London office of the Hong Kong Monetary Authority (HKMA). In a Bank for International…
New era dawns for FX data
NEW YORK -- A new era in FX data is on its way, as the continuous-linked settlement service (CLS) for forex prepares to sell its market data back to users early next year.
SuperDerivatives spices up Xerox Mexicana
MEXICO CITY -- US printing technology company Xerox Corporation has signed a deal with SuperDerivatives to use the UK-based forex technology firm’s FX option benchmark pricing system in Xerox Mexicana, its Mexican subsidiary.
New CLS currencies are adding 2,000 trades a day
SINGAPORE -- Continuous-linked settlement (CLS), the settlement service for foreign exchange, is now settling between 1,500 and 2,000 transactions a day in the four new currencies that went live at the beginning of September.
Nike, Refco make CLS choices
NEW YORK -- Top buy-side players Nike, the US training shoe manufacturer, and Refco, the Chicago-based futures broker have selected their partner banks for continuous-linked settlement.