Settlement
CLS membership will allow more ‘flexibility’, says Natixis
Natixis became a full settlement member in May, as CLS continues its mission to expand the use of the central settlement risk mitigation utility
Japan's Mizuho joins CLS Aggregation Services
CLS and Traiana-backed aggregation engine extends global reach with addition of Japanese bank
Forum supports board of approval to vet Russian nostro banks
Participants at the International Ruble Settlement Forum agree initiative needed to promote use of real-time settlement in Russia
Russian banks weigh up benefits of CLS membership
Local liquidity providers are pivotal to CLS success in the ruble, but Russian banks are not yet convinced of the benefits of membership
CLS faces uphill battle to meet currency expansion targets
FX settlement system aims to add another 17 currencies within 10 years, but some caution that CLS membership doesn't make economic sense for certain emerging market currencies
CLS squares up to member onboarding challenges
Having added Swedbank and Lloyds as settlement members in the past two years, CLS has committed itself to further expanding its membership as well as its currencies
Review of 2012: October - December
FX Week looks back on the biggest stories of 2012, concluding with the fourth quarter. To read the original stories, click on the links in black
Basel proposal to capitalise settlement risk ‘unnecessary’
In comment letters published this week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
CLS aims to double currency coverage by 2022
New chief executive David Puth answers the pressure on CLS to add to its 17 currencies by setting a goal of doubling its coverage over the next 10 years
Spotlight on: David Puth, CLS
As newly appointed chief executive of CLS, FX industry veteran David Puth has a job on his hands to expand and improve the utility’s capabilities, currencies and participation to take it to where regulators and the industry need it to be. In his first…
CLS: the 10-year-old man in the middle
Ten years on from launch, CLS has come to occupy a unique and systemically important position in the global FX market. In the first of a two-part series, chairman Gerard Hartsink talks to Kathy Alys about CLS’s highs and lows in a decade as the market’s …
Concerns raised over Basel settlement risk guidance as consultation closes
The revised guidance on managing settlement risk could distort the FX market if implemented inconsistently, but should ultimately lead to greater use of CLS, say market participants
Happy birthday, CLS
Central settlement utility CLS hits its 10-year anniversary this month
CLS hires JP Morgan veteran as chief executive
David Puth will become the next chief executive of CLS, starting next week, the settlement risk utility announced today
FX market a challenge for CCPs, says New York Fed official
Central counterparties might struggle to implement clearing solutions for the FX market, says Jeanmarie Davis
New CPSS/Basel guidance on FX risk management to be published soon
A new consultation paper on risk management practices in the FX market will be released in the third quarter – and may be published as early as this month
Global FX division moves forward on options clearing
The data-collection stage of a major project to enable clearing of forex options is close to completion, according to the GFMA's Mandy Lam
HFT adds value to the forex market, says Bank of England
While the effects of high-frequency trading activity should continue to be monitored, the practice adds value to the FX market, a senior Bank of England official has argued
Spotlight on: Jaime Roblesgil, Citi
Citi’s managing director of markets and regional head of Latin America talks to Melanie White about the bank’s growth strategy in the region, and the changes in client appetite for emerging market currencies as a result of the crisis
Brakes remain on FX options clearing, despite regulatory easing
CPSS-Iosco working group ruled last week that CCPs do not have to guarantee settlement, but participants recognise the issue still has some way to run before options can be centrally cleared
Industry establishes STP guidelines for offshore yuan
Swift releases guidelines to improve processing for offshore yuan transactions
Basel guidance on settlement risk delayed until June
Updated guidance on FX settlement risk from Basel Committee and CPSS was originally due by end of 2011, but now has an expanded remit
FX Week meets Alan Bozian, CLS
During his most recent visit to London in mid-November, Alan Bozian, chief executive of CLS, met with Joel Clark to discuss the transformation agenda he has been pushing since joining CLS in 2010
CLS pushing 'transformation' agenda, says Bozian
Central settlement utility is feeding greater resources into expanding its universe of currencies, according to chief executive Alan Bozian