CLS
CLS adds to board with Nolop appointment
Bruce Nolop has been appointed to the board of CLS, the firm announced on Friday
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
The jewel in the crown
Despite sweeping changes at a number of investment banks to prepare for regulation and changing market conditions, FX remains a core business for most top-tier banks
Basel proposal to capitalise settlement risk ‘unnecessary’
In comment letters published this week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
Hotspot FX takes a hit from Hurricane Sandy
A power outage at Knight Capital's New Jersey headquarters yesterday forced Hotspot FX to request that clients divert business to other platforms
CLS aims to double currency coverage by 2022
New chief executive David Puth answers the pressure on CLS to add to its 17 currencies by setting a goal of doubling its coverage over the next 10 years
Spotlight on: David Puth, CLS
As newly appointed chief executive of CLS, FX industry veteran David Puth has a job on his hands to expand and improve the utility’s capabilities, currencies and participation to take it to where regulators and the industry need it to be. In his first…
Basel and Iosco under pressure to exclude FX from margin rules
Industry response to proposals released in July on margin for uncleared swaps put pressure on regulators to carve out FX swaps and forwards
CLS: the 10-year-old man in the middle
Ten years on from launch, CLS has come to occupy a unique and systemically important position in the global FX market. In the first of a two-part series, chairman Gerard Hartsink talks to Kathy Alys about CLS’s highs and lows in a decade as the market’s …
Concerns raised over Basel settlement risk guidance as consultation closes
The revised guidance on managing settlement risk could distort the FX market if implemented inconsistently, but should ultimately lead to greater use of CLS, say market participants
Celebrating in style
As CLS, Saxo Bank and FXall celebrate anniversaries of varying significance, FX Week unveils the launch of its new iPad and tablet edition
FX committees prepare for platform proliferation
Monitoring trading volumes in the foreign exchange market is an important priority for the central bank-sponsored FX committees, but if liquidity fragments across a handful of new trading platforms, could that analysis become more difficult? Miriam Siers…
Happy birthday, CLS
Central settlement utility CLS hits its 10-year anniversary this month
Basel settlement risk guidance puts new demands on forex market
Governance, replacement cost risk, liquidity risk, operational risk and legal risk are among the issues FX banks must address, according to newly released Basel Committee guidance
CLS hires JP Morgan veteran as chief executive
David Puth will become the next chief executive of CLS, starting next week, the settlement risk utility announced today
Swift to roll out structured messages for bilateral trade netting
Industry messaging provider aims to streamline netting of non-CLS currencies
Spotlight on: Mandy Lam, global FX division
The managing director for North America of the Global Financial Markets Association’s global FX division talks to Melanie White about the key regulatory challenges facing the FX market and FX options clearing and settlement project, which she is heading…
FX Week China: Post-trade forex utilities are crucial in crisis times
CLS and FX clearing platforms are becoming a crucial part of the FX market, but they will need to co-operate closely in future, say FX Week China speakers
Rutherford bows out of CME Group
Roger Rutherford, global head of FX at CME in London, has left the exchange
A man of standing: Michael Cross, BoE
During nine years in the markets division of the Bank of England, including three years as head of foreign exchange, Michael Cross has been at the forefront of the central bank’s response to the financial crisis. As chair of the FX Joint Standing…
Citi’s Coyne secures top role at Traiana
Andy Coyne has resigned from Citi and will become the next chief executive of Traiana, following the move of Gil Mandelzis to EBS
Spotlight on: Jaime Roblesgil, Citi
Citi’s managing director of markets and regional head of Latin America talks to Melanie White about the bank’s growth strategy in the region, and the changes in client appetite for emerging market currencies as a result of the crisis
Micex-RTS pushes ruble growth with FX swaps initiative
Participants push the growth of the Russian ruble, but frustrations remain over the slow adoption of real-time gross settlement
Weighing up renminbi prospects
Despite the high-profile attention to London's potential as the western hub for renminbi business, central bank and corporate appetite for the currency appears lukewarm