Infrastructure
EBS volumes hit record high for 2014 on October 31, topping $200bn
The company records flows of $250 billion on the last trading day of October
Hotspot a good buy for exchanges, says co-founder
Exchanges are likely to be interested in KCG's Hotspot to help them build out their FX business, says Steve Reich of Global Trading Systems
CME rule hurts FX broker business, say participants
CME enrages brokers, who claim their once-profitable business in transitory FX EFRPs has vanished, despite the launch of a product to help offset the changes
Bank of England resumes settlement after 'technical issue’
UK’s high-value payment system was ‘paused’ for several hours Monday, but is now back up and running; central bank extended opening hours to deal with backlog
Asia most advanced in FX clearing, according to panellists
India, China and South Korea are the most advanced economies in the clearing space, attendees hear at the 10th annual FX Week Asia conference
NDF trading mandates must be harmonised, industry warns
The CFTC-hosted roundtable discussion on NDF clearing raised the main issues currently facing industry participants
EBS is no longer a one-trick pony
EBS CEO Mandelzis and Darryl Hooker, head of EBS Market, say the platform is poised for growth as it moves away from a one-trick pony approach
Scotland faces technology and infrastructure challenges
Credit cards, bank payments, clearing and settlement of securities – if Scotland goes it alone, its financial infrastructure will need an overhaul
CLS hits settlement record
Settlement infrastructure completes record number of instructions in 45 minutes after extensive IT upgrade
PBoC designates renminbi-clearing banks for France and Luxembourg
Bank of China and the Industrial and Commercial Bank of China to serve the offshore RMB markets of the two countries
ForexClear adds PEN to cleared currencies
Clearing house can now handle 12 currencies and more than 95% of non-deliverable forward markets
CLS faces up to Eastern realities
CLS suspends operational trials of the ruble and will delay the currency's adoption from its original November deadline
Russian banks face struggle to access credit and PB
Sanctions have reduced Russian banks' ability to trade in wholesale markets, but CLS's plans remain on track
Ice's CLS service cut by JP Morgan
The Atlanta, Georgia-based exchange and clearing house has had its CLS settlement service discontinued, just like CME
Cross-margining key for RMB futures market - SGX
Cross-margining contracts across asset classes will give SGX a competitive advantage, with up to 30% margin savings, the exchange claims
Need for surveillance accelerates amid scandals
Scandals in various asset classes highlighted the need for greater surveillance on trading systems, says David Hesketh, chief operating officer of the Financial Skills Division of Markit
CME to expand paired delivery as banks rethink third-party CLS
As banks scale back provision of CLS settlement to exchanges and CCPs
Fed official reiterates FX options-clearing guidelines
Lawrence Sweet highlights industry discussions around FX options clearing as a key component of a private-sector solution
Achievement Award: David Puth
Puth has spent more than three decades in financial markets. He is chief executive of CLS, the currency settlement utility
EBS reshuffles management team as volumes tank
EBS Market remains a key focus for the broker, chief executive Gil Mandelzis tells FX Week
Fat-finger error halts yen trading on CME
Price swing due to human order, market participants says, not rogue algorithm
Markit to launch electronic service for FX options
Together with Barclays, Citi, HSBC, JP Morgan, Morgan Stanley, Nomura, RBS, UBS and Citadel
CCIL-cleared forex forwards volumes double after mandate
European banks begin clearing in India, despite lack of an EU equivalency ruling
Paired delivery floated as options-clearing solution
A paired-delivery model proposed by CME has not been looked upon favourably by the US regulator, with further industry talks expected in July