Settlement
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
Spotlight on: Alan Bozian, CLS
The chief executive of CLS talks to Joel Clark about the transformation agenda he has been pushing since taking the top role in 2010, as he seeks to position CLS as a more robust infrastructure with greater currency coverage and broader participation
Profile: CLS Bank's Bozian on regulatory co-ops and CCP settlement risk
Regulators are struggling to ensure they have oversight of over-the-counter market infrastructure without losing the benefits of centralisation. CLS Bank’s council of supervisors could be the precedent they follow. By Michael Watt
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?
Forex options clearing complicated by guaranteed settlement requirements
CPSS-Iosco guaranteed settlement requirements make FX options clearing more difficult, say participants
FX Invest: Deeper markets, broader opportunities
The foreign exchange industry could be set for a shake-up. But with all things new come great opportunities.
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
CCPs should become direct members of CLS, poll suggests
72% of poll respondents call for CCPs to join CLS to ensure settlement risk continues to be effectively managed when mandatory clearing is introduced
Exemption clarity allows market participants to prepare for new regime
Banks, market infrastructures and industry associations prepare to move forward with regulatory preparation, now that swaps and forwards are set to be exempt
CLS appoints Naresh Nagia as CRO in New York
Nagia started May 4 and will replace Carol Simon after a transition period
CLS welcomes new Basel working group on FX settlement risk
Work between central banks and supervisors that was halted at the onset of the financial crisis is now set to continue
CLS considers membership category for CCPs
Foreign exchange central settlement provider CLS Bank is considering the creation of a new membership category for central counterparties (CCPs) developing clearing services for FX derivatives, the firm has told FX Week.
Bayer warns EC: Don’t force us to slash jobs in EU
Christian Held, head of corporate treasury at pharmaceutical giant Bayer, threatened to move jobs abroad unless the European Commission “lets common sense prevail” over FX derivatives regulation.
CLS volumes and values up year on year in 2010
Average daily volumes settled over CLS in 2010 were up 33% on 2009, with 792,900 instructions settled. Average daily values were also up, by 22%, with $4.1 trillion settled.
Triumph in the midst of adversity
The past 12 months have been perhaps some of the most challenging for the foreign exchange market as it pushes to ensure it remains independently governed as an industry with its specific risks, while continuing on the growth trajectory aided through new…
Santander live as settlement member
Banco Santander went live as a settlement member of CLS Bank on November 15, bringing the total number of banking and financial institutions comprising CLS's members up to 61.
UBS regains top spot for CLS
UBS swings back into the lead as the top provider of CLS third-party services, as demand for access to the industry utility continues to rise.
CLS to double input capacity by year-end
CLS plans to double the capacity of its trade notification gateway by year-end, which will prevent a repeat of the backlog that emerged from the May 6 spike in trade, officials tell FX Week.
The impact of regulation on the global OTC market
Three web seminars – in Hong Kong, London and New York – exploring key changes in international OTC derivatives regulation from a regional perspective
September year-on-year volume increase at CLS
NEW YORK – CLS experienced a year-on-year rise in volumes settled over its system in September.
HSBC completes first US cross-border renminbi trade settlement
NEW YORK - HSBC USA completed its first US cross-border renminbi settlement, following the extension of China’s renminbi trade-settlement pilot programme in June.