Infrastructure
Aggregators begin certification process with EBS
Aggregators of EBS liquidity have until November to comply with its new guidance and become certified partners, but some vendors are not certain they will seek certification
FXPBs call for new approach to credit allocation
Overallocation of credit remains a challenge for FX prime brokers, but the industry is looking to create a clearer picture of where credit is being used
Inconsistency on FX among Asia CCPs worries banks
Indian authorities appear likely to mandate clearing of FX forwards while China is looking at clearing spot, leading to concerns over the potential for cross-border inconsistency on FX clearing
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May
WGMR exemption for FX swaps and forwards expected imminently
Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for FX swaps and forwards
Eurex preps launch of FX options and futures
German derivatives exchange will move into the FX market in October as it aims to compete for volume in listed futures and options
Morgan Stanley restructures FX prime brokerage
Global co-heads of FXPB have both left the bank and relationships with several clients have ceased following an ‘extensive review’ of the business
FX platforms encouraged to consider liquidity enhancing pricing models
A proposal made to the FX Joint Standing Committee in July 2012 for a per-order fee that is rebated in proportion to actual executed volume has garnered support among market participants
Thomson Reuters reduces price granularity in three currencies
Mexican peso, South African rand and Russian ruble are now priced at a minimum tick size of five pips rather than single pips, taking Thomson Reuters Matching a step further away from decimalisation
CLS to open Hong Kong office in bid for Asia expansion
Asia operation will open on August 20 under the leadership of Rachael Hoey, who relocates from London to become head of CLS Asia
Future of e-FX will be cross-product, says Citi’s Bibbey
Richard Bibbey, Citi's new head of e-FX trading, believes the landscape is changing and successful banks will be those that can leverage technology across products and asset classes
Sef regime begins, but platforms concerned over 'permitted' rule
Multi-dealer platforms are worried that, although they have to register as Sefs now, clients might be deterred from using them until they have to
FX platform pricing needs a rethink, say banks
Greater transparency on fees at some new trading platforms is a welcome development, with banks calling on incumbent platforms to rethink their fixed costs, as well as the discounts they offer to incentivise volume
Integral sought investment from EBS, court documents reveal
During preliminary talks, EBS chief executive refused to sign a non-disclosure agreement, which would have prevented it from hiring Integral executives, according to testimony in the legal battle between Integral and its co-founder, Viral Tolat
State Street's Bond fixes sights on new initiatives
Appointed as Cliff Lewis’s deputy last year, Martine Bond has since stepped up to run trading and clearing within State Street’s Global Exchange business, managing both Currenex and FX Connect
Integral pursues lawsuit against former CTO and co-founder
In a long-running case between Integral and Viral Tolat, its co-founder and now chief technology officer at EBS, Integral alleges Tolat misappropriated its trade secrets
Traiana delivers first NDF trade to LCH's ForexClear
Interbank trade in USD/KRW between HSBC and an undisclosed counterparty is the first Traiana-processed trade to be cleared through ForexClear
BBVA to launch corporate-focused FX platform
Spanish bank will roll out BBVA eMarkets later this year, with an initial focus on FX and money markets, says global product manager Alan Clarke
Liquidity mirage continues in FX, despite platform efforts
Several FX trading platforms have taken steps to prevent price flashing and other disruptive practices, but some participants remain concerned about the quality of liquidity that is shown by platforms and aggregators
Compressed margins put tight squeeze on FXPB
The combination of rising costs and increased competition in FX prime brokerage has led to a squeeze on margins, but as the business attracts a wider range of clients than ever before, there is still clear demand for those that can afford to keep…
Traiana and MarkitServ in turf war over pre-trade screening
Competition between the two vendors increases as they both seek to gain market support for their respective credit screening and clearing certainty products
FX Week USA: CLS expansion will be key to EM currency growth
EBS is 'holding its breath' for the ruble to be added to CLS, but regulatory affairs head cautions the addition of new currencies will take time
FX could move to financial settlement under clearing pressure – GFXD’s Lam
Addressing the challenges of clearing deliverable FX products, Mandy Lam of the global FX division suggests more products could become financially settled in the future
FX Week USA: Speed bumps not the way forward for platforms
The use of randomisation to effectively insert a speed bump into incoming orders on platforms is dismissed by panellists at New York conference