Swap
Matherne joins BNY Mellon as global head of FX forwards
Paul Matherne is the latest staffer to make the switch from Deutsche Bank to BNY Mellon
Market participants start testing Mifid II systems
But they do not feel fully ready for the sweeping changes taking effect on January 3
BIS warns of $13 trillion hidden debt hole
Trillions of dollars of FX derivatives are not being accounted for when calculating the level of debt in the global economy
London Stock Exchange Group boosts LCH stake
LCH’s activity has ballooned over the past 12 months, with its ForexClear platform clearing more than a trillion dollars’ worth of non-deliverable forward trades in August
CLS and TriOptima compress $1 trillion in forwards and swaps
The combined effort to reduce the size of outstanding portfolios crosses the $1 trillion mark in just over one year
FX contracts in OTC derivatives soar to record high
FX instruments, as a share of all over-the-counter derivatives, rise from 12% in 2013 to 16% this year
TriOptima and SwapClear include first client-cleared trades
Eighteen participants in compression cycle for Canadian dollar interest rate swaps, eliminating $1.05trn in notional principal
FX market activity shrinks for first time since 2001
The BIS's triennial survey of FX markets shows a headline figure of $5.1 trillion, down from $5.4 trillion in 2013
North American FX volumes move up
Average daily volumes increase in the US and Canada, but there's some way to go before they hit 2014's numbers
Markit rolls out FX trade-affirmation service
Banks can consolidate trade notifications from multiple interdealer brokers and validate transaction data at a central location before it is processed
Industry grapples with uncleared margin rules
Market participants are unhappy with consultation documents released in the EU and the US on the margin requirements for FX swaps and forwards, and the definition of a financial end-user
EU set to exempt FX swaps and forwards from initial margin requirements
Consultation document removes initial margin requirements on €6.9 trillion of uncleared FX swaps and forwards
Moscow Exchange to add more ruble products by year-end
The addition of new FX swaps and futures is expected to push further growth on the Moscow Exchange, officials say
Swap dealers struggle with Isda protocol compliance
Failure to meet deadline for earlier protocol puts banks on the back foot for compliance with next round of rules
Standardised OTC swaps spice up futurisation fight
March saw the launch of a template for a new standardised interest rate swap product – an attempt to protect swap market liquidity from the threat of futurisation. The first product based on the template could be launched within weeks, but even some…
Standardised OTC swaps to launch within weeks
Isda-Sifma working group discussions continue but trueEX prepares to list OTC swaps with standard coupons and IMM dates
Traiana launches swap data repository reporting hub
Harmony TR connect provides a single point for connection to the DTCC's swap data reporting systems and other trade repositories
Trade reporting hits hurdles as regulators overwhelmed by data
The CFTC last week admitted it is having trouble making sense of the masses of OTC derivatives data now being reported to repositories, casting doubt on the stability of the new reporting regime
Broader US person definition could cause clearing avalanche, participants warn
A large number of offshore funds could be classified as US persons once a CFTC exemption expires in July, subjecting them to Dodd-Frank transaction-level rules
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
US volumes dive after Sandy hits FX survey data
Average daily FX volume fell again in the US, UK and Canada in October 2012, but the fall was sharpest in the US, partly due to the effects of Hurricane Sandy
DTCC forex repository hits launch deadline, despite bank delays
The DTCC has today launched its global trade repository for FX in line with CFTC deadlines, although dealers now have until February 28 to begin reporting
Confirmation of US Treasury FX exemption brings relief to dealers
After two years of consideration, the US Treasury confirmed its decision to exempt FX swaps and forwards from mandatory clearing and exchange trading on Friday evening