Clearing and settlement
LCH.Clearnet eyes November launch for NDF clearing
London-based CCP is set to launch clearing for NDFs in six currencies in mid-November, having shelved plans for options clearing while banks discuss settlement-related issues with regulators
Spotlight on: Jon Hitchon, Deutsche Bank
The newly promoted head of Deutsche Bank Markets Clearing talks to Farah Khalique about the bank’s cross-asset clearing business and how it will compete with the derivatives clearing offerings of other top-tier banks
Academic opposition to FX exemption debated at Isda’s Europe conference
Speaking in London on September 20, Craig Pirrong supports the unpopular position of fellow academic Darrell Duffie that FX swaps and forwards should not necessarily be exempt from the mandatory clearing requirements of the Dodd-Frank Act, as recommended…
SwapClear may assist OIS development
London-based clearing house might consider helping to build OIS markets in minor currencies, as it continues to move its interest rate swap portfolio to OIS discounting
Taking stock of 2011: Regulation and clearing
The Group of 20 meeting in September 2009 laid out a set of requirements on clearing, trading and reporting of OTC derivatives. Two years on, plenty of progress has been made – but a number of outstanding issues remain. By Chiara Albanese, Farah Khalique…
CME Chilean peso clearing service awaits first trade
The CME says FCMs are the reason for the delay in offering its clearing service of non-deliverable forwards in USD/Chilean peso
LCH.Clearnet reiterates commitment to FX clearing
Clearing house reaffirms its intention to launch ForexClear, which will sit alongside SwapClear and a newly expanded CDSClear service
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: Rise of the super-Sefs
The Dodd-Frank Act created a multitude of would-be swap execution facilities (Sefs) – trading platforms that will aggregate dealer liquidity. Now, dealers want to hoover up the Sefs by building their own aggregation services, but it’s a strategy that…
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
JP Morgan’s Choussy prepares bank for FX clearing
Newly appointed global head of FX clearing explains how he is preparing for the advent of mandatory central clearing requirements for some FX contracts
Three CCPs per asset class optimal, say market structure experts
IntercontinentalExchange representative declines to comment on the possibility it will compete with CME and LCH.Clearnet in FX clearing
Let us decide our own collateral requirements, CCPs plead
IDX delegates insist CCPs should be able to determine for themselves what collateral requirements they impose on members
Buy side urged to avoid stampede to CCPs
Panel participants encourage buy-side firms to engage with CCPs early to avoid a last-minute rush
Deutsche merges OTC and listed derivatives clearing
Markets Clearing will combine the bank's existing clearing capabilities across FX, rates, credit, commodities and equities
CME plans to clear all FX products, despite probable exemption
Swaps and forwards will be part of the exchange group's FX clearing initiative as banks will need to clear them if used to hedge an option
ICICI clears and settles first gold contract on SMX
Singapore Mercantile Exchange (SMX) said the Singapore branch of India’s ICICI Bank began clearing and settling trade activities for SMX with its first trade cleared on December 30, 2010 for the SMX Singapore-deliverable gold futures contract.
HKEx moves to introduce margins for cash clearing members
HKEx plans to beef up its risk management following the bankruptcy of Lehman Brothers in September 2008 by introducing margin rules and seeking more funds from cash clearing members. The move would bring cash clearing more in line with existing…
CFTC proposal sparks scrap over CCP membership
CFTC proposes a $50 million cap on minimum capital requirements set by CCPs for clearing membership
HKEx to launch NDF clearing facility by 2012-end
Hong Kong Exchange and Clearing (HKEx) plans to launch a central clearing facility for the local over-the-counter market, beginning with interest rate derivatives and non-deliverable forwards, by 2012-end.
LCH.Clearnet beats CME in FX clearing race
LCH.Clearnet has signed 13 banks up to a new foreign exchange options clearing venture - ForexClear - due to open for business in late 2011, according to a statement.
CCP turf war simmers as OTC regulations head to the European Parliament
LCH.Clearnet could be prevented from clearing euro swaps under central bank liquidity proposals being pushed by some European regulators
Asia Risk Congress 2010: Asian banks prepare for national clearing houses
Several Asian nations could compel their banks to clear swaps in-country - others seek to join foreign CCPs on special terms