Exchanges
Ice shelves plans to launch FX clearing
Ice pulls out of the OTC FX clearing race, citing regulatory delays in finalising rules for mandatory clearing of OTC FX products
Nasdaq OMX to launch FX clearing in November
Stockholm-based clearing house becomes the latest to announce its intention to enter the FX space
MarkitServ upgrades CCP interfaces to enable FX reporting
Middleware provider has revamped the FX clearing interface with LCH.Clearnet and CME Group, to meet CFTC rules requiring CCPs to report
Bloomberg may set up futures exchange
Trading venue looks to hedge its bets if it fails to close the margin gap between OTC swaps and futures
Complexity and costs of clearing continue to cause concern
Mandatory clearing of OTC derivatives could lead buy-side firms to leave a greater portion of their risks unhedged, warn speakers at a buy-side conference in London
MAS warns on fragmented clearing and reporting
Asian financial markets have made progress in setting up CCPs and trade repositories, but greater harmonisation is needed across borders, Singaporean regulator warns
Let swap platforms trade futures – Icap’s Spencer
Icap's chief executive says proposed derivatives rules are reinforcing exchange monopolies
Cometh the hour, cometh the Sef
Imminent rules are expected from the CFTC on the criteria required of electronic platforms seeking to become swap execution facilities under the Dodd-Frank Act
Spotlight on: Max Smith, Newedge
In a world where market participants are seeking to reduce risk in trading and ensure efficient clearing, Newedge's global head of FX, Max Smith, believes the firm is uniquely positioned
Options clearing pushed to 2014 as solution search begins
As the search for a viable clearing mechanism for FX options begins, market participants suggest clearing won't begin before 2014
MarkitServ partners with Misys to boost FX clearing
Users of the Misys Confirmation Matching Service will be able to use MarkitServ's clearing connectivity to route FX derivatives to clearing houses
Exchanges poised for further volume growth in FX
Both exchanges and ECNs have reported an uptick in FX trading volumes in January, but some suggest exchanges might be the biggest winners as activity rises in forex futures and options
LCH approved for client clearing on ForexClear
The clearing house expects to begin client clearing for FX NDFs during the first quarter, and has now surpassed $500 billion in cleared volume for interbank NDFs
FX options clearing analysis in final stages
The GFMA's global FX division is understood to be close to completion of its analysis of five years of options trading data - a project that is intended to lead to a solution for options clearing
LMAX management team buys majority stake from Betfair
Management buyout will give LMAX Exchange the necessary flexibility to evolve into a leading FX venue within three to five years, says chief executive David Mercer
Spotlight on: Mark Spanbroek, European Principal Traders Association
The EPTA’s vice-chairman and secretary-general talks to Robert Mackenzie Smith about the association’s mission to represent the interests of high-frequency traders to regulators, legislators and the market in general
Questions remain on clearing and collateral
While confirmation of the US Treasury exemption came as a welcome development last month, further issues must be resolved in the coming months on the clearing of FX options and margin for uncleared trades
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
No need to panic about collateral supply, says Bank of England
Isda estimates that mandatory clearing and margin could require the posting of up to $30 trillion of initial margin have been inflated, not least because of a likely exemption for FX swaps and forwards, according to a senior BoE official
Buy side weighs risk mitigation against clearing costs
Buy-side firms look certain to bear some of the costs that result from mandatory central clearing, with some suggesting they might look to clear non-mandated products, were it not for the prohibitive costs
Banks face up to fragmented clearing landscape in Asia
In preparing for mandatory clearing, the priority is to ensure all CCPs across Asia adhere to the same set of standards, says Deutsche's David Lynne
LCH.Clearnet approved for five new currencies on ForexClear
LCH's new FX clearing service now offers clearing in 11 currencies, accounting for 95% of the global NDF market
CME’s new swap future uses Goldman Sachs patent
Licensing agreement could be worth up to 20% of revenues from patented contract, and is seen as an attempt by Goldman Sachs to hedge its bets as new rules threaten OTC market profits
FX futures and options volumes soar on CME
While volumes are down year-on-year, September has seen a number of record days on CME Group, particularly in currencies such as the Canadian and Australian dollars and the Mexican peso