Settlement risk
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.
CLS impact ‘neutral’ for RTGS systems
LONDON -- The introduction of the continuous-linked settlement service (CLS) for FX has had little effect on flows and liquidity on real-time gross settlement systems (RTGS), according to the latest Bank of England (BoE) quarterly bulletin.
Portals see record FX volumes
LONDON -- Heightened volatility last Tuesday (September 30) created one of the busiest days in years for FX trading, senior officials told FX Week . Electronic portals proved their worth, with many managing record spot volumes.
CLS adds new data link
NEW YORK -- CLS Bank will announce the launch of a new settlements directory for users of the continuous-linked settlement service (CLS) today (September 29). The new data is designed to aid straight-through processing rates and reduce operational risk,…
ACI Beirut Congress: exhibition preview
BEIRUT -- Between the challenging seminar programme and the exhaustive social schedule planned by hosts of the 43rd ACI World Congress this week, the 600+ delegates will get a chance to sample product demonstrations and promotions at the exhibition.
Four new currencies on CLS
NEW YORK -- The continuous-linked settlement (CLS) service goes live with four new currencies today (September 8), a senior official at the firm told FX Week .
Four new currencies on CLS
NEW YORK -- The continuous-linked settlement (CLS) service goes live with four new currencies today (September 8), a senior official at the firm told FX Week .
STP break puts banks at risk
NEW YORK -- Third-party banks using the continuous-linked settlement (CLS) service may be subject to increasing operational risk as a result of a breakdown in straight-through processing (STP), according to one STP vendor.
Continuity plans pass outage test
NEW YORK -- Contingency business plans put in place after September 11 passed the test posed by North America's massive power cut last week, market participants reported.
CLS to include Korean won
NEW YORK -- CLS Bank, which operates the continuous-linked settlement service for FX, will today announce its plans to include the Korean won as a CLS-eligible currency.
Basel may advise banks on outsourcing
BASEL -- The Basel Committee on Banking Supervision may investigate the risks associated with outsourcing trading systems to third parties, a senior Bank for International Settlement (BIS) official told FX Week .
Third-party CLS take-up slows
LONDON -- Take-up of the continuous linked settlement (CLS) service by third-party banks is slowing as a result of time-consuming back-office changes and a waning sense of urgency, CLS project managers have told FX Week .
Reuters sues Bloomberg
Trading technology rivals’ battle heats up over forex patent claims NEW YORK -- US trading technology firm Bloomberg could be forced to stop using parts of its FX matching and conversational dealing technology, if its UK rival Reuters succeeds in a…
Reuters sues Bloomberg
Trading technology rivals’ battle heats up over forex patent claims NEW YORK -- US trading technology firm Bloomberg could be forced to stop using parts of its FX matching and conversational dealing technology, if its UK rival Reuters succeeds in a…
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
Fimat forex launch in Poland
LONDON – Fimat Group, the brokerage arm of French investment bank SG, is developing new exchange-related FX futures contracts in eastern Europe in a bid to widen the currency product portfolio for its institutional client base, a senior official told FX…
Rupee options launch today
MUMBAI – Banks in India can start trading rupee/foreign currency options today, following the lifting of restrictions from the Reserve Bank of India (RBI).
Dollar still top currency for central banks
LONDON – Market speculation that central banks began rebalancing their reserves away from the dollar last year was misled, according to the Bank for International Settlements’ (BIS) annual report released last week.
Rupee options launch today
MUMBAI – Banks in India can start trading rupee/foreign currency options today, following the lifting of restrictions from the Reserve Bank of India (RBI).
FX derivatives activity flat but healthy
BASEL -- FX derivatives volumes were relatively unchanged in the second half of 2002, the Bank for International Settlements reported last month.
HK launches euro clearing system
HONG KONG -- Hong Kong went live with a new euro clearing system last week, in an effort to reduce FX settlement risk in the Asian timezone.