Infrastructure
SGX closes in on FX futures launch
Singapore Exchange plans to launch FX futures in six currency pairs on November 11 as it looks to gain an edge on rival exchanges that have been delayed in launching the product
Economies of scale create two tiers in FXPB
The high cost of operating in prime brokerage is the biggest challenge for less-established players looking to gain market share
Footnote 88 prompts BlackRock to abandon NDF platforms
Asset manager returns to phone trading for non-deliverable forwards after controversial footnote in Sef rules makes trading on Sefs an unattractive option for users
FX platforms divided on management of costs and speed
Officials at EBS, LMAX Exchange and State Street Global Exchange debate key issues facing new and incumbent platforms during a live webinar
Internalisation to blame for EBS volume decline
Low volatility in major currency pairs has created an environment in which many banks prefer to internalise trades rather than trading on anonymous platforms such as EBS
Clearing of physical FX in China and India a concern, says GFXD’s Ngai
Global FX division managing director David Ngai warns of the challenges associated with centrally clearing physically delivered FX products
Banks eye new protocol to streamline platform connectivity
A working group backed by seven banks is looking to create an automated protocol to streamline the process by which clients connect to FX trading platforms
Portware to launch automated FX hedging tools
Trading software vendor launches new FX capabilities as it expands into increasingly electronic marketplace
Eurex delays launch of FX derivatives
Eurex has joined CME Europe in delaying the launch of FX derivatives, with no new dates set for launch by either exchange
CFTC shutdown leaves Sefs lacking clarity
Sefs and their clients question scope of no-action letters, but US government shutdown means no-one is able to provide guidance
UBS aims for full FX launch on Neo in Q1
Following the recent launch of the UBS Neo cross-asset platform, FX e-trading head Chris Purves talks to Miriam Siers about the bank’s electronic strategy, both on its own platform and other venues
EBS and Thomson Reuters urged to rethink credit methodology
FX prime brokers say measurement of open positions on a gross rather than net basis exposes them to additional risk and reduces the effectiveness of controls such as the kill switch
Confusion reigns at dawn of Sef era, say participants
There is still uncertainty over the exact scope of no-action relief issued by the CFTC, and traders warn the same challenges will remain when the relief expires on October 30
Citi to donate a dollar per million of platform volume to charity
E for Education initiative will see a proportion of revenue from Velocity in the fourth quarter handed over to six charities globally
CFTC relief welcomed but concerns remain as Sef rules begin
A string of no-action relief letters issued ahead of today's deadline have been welcomed, but some participants believe they still don't go far enough
Meet the Sefs
The weeks leading up to the October 2 deadline for registration as a swap execution facility (Sef) under the US Dodd-Frank Act have seen a wave of new platforms receive approval from the Commodity Futures Trading Commission (CFTC). Robert Mackenzie Smith…
Sefs struggle with CFTC reporting rules
A lack of clarity over reporting obligations has left would-be Sefs struggling to adapt processes and workflows
CLS same-day settlement 'positive' for CAD market, says FX committee chair
Canadian FX committee chair Donna Howard welcomes launch of same-day settlement through CLS for USD/CAD, but acknowledges associated challenges
CLS launches settlement for same-day USD/CAD trades
Settlement risk mitigation firm is due to launch a new settlement session this week for the trades settled on a same-day basis
Sefs questioned on plans for erroneous trades
Swap execution facilities have been rushing to meet an October 2 deadline for registration, but more thought is needed on how platforms will deal with trade failures, say conference participants
FX options clearing a 'big challenge', warns NY Fed official
Speaking at the FX Invest West Coast conference, the New York Fed's Jeanmarie Davis addressed the challenges associated with clearing and settlement of FX options
Mako FX hires Simon Jones to drive platform growth
Citi's former e-FX trading chief has joined spot platform Mako FX as managing partner, with a mandate to focus on innovation and volume growth
FastMatch signs with TMX Atrium for low-latency connectivity
Start-up spot FX platform joins network to lower transatlantic latency and leverage global coverage
Pressure mounts on CFTC for relief on Sef rules
CFTC is being lobbied to grant relief on the contentious Footnote 88, which requires platforms to register as Sefs even if the products they offer are not yet made available to trade