Asia
Nippon Life gains third-party access to CLS
The life insurer is the first non-bank financial institution to settle FX trades with CLS in Japan
Clearing will grow, but co-exist with PB, panellists say
CCP fees need to come down, NDF clearing expected to grow, but structured products will remain the domain of prime brokers
Michelmore to become Apac head of buy-side sales at EBS
Based in Singapore, Michelmore will continue to report to Patrik Nagel, global head of buy-side sales
Trade barriers could see RMB weaken in retaliation – panellists
China dealt with unpredictability of US administration by letting RMB appreciate, but a trade barrier could reverse this trend
SocGen appoints Dumas for institutional sales role
Florian Dumas joins Societe Generale from BNP Paribas in newly created Asia-Pacific role
LMAX Exchange appoints Moffat as MD for Apac
Scott Moffat will be based in Singapore
Crédit Agricole CIB appoints head of global markets in Seoul
Silvia Kim, formerly of Barclays, reports to Franck Dargent and Jean-Pierre Trinelle
EBS Direct is moving to automatic full-amount for some orders
Manual orders of five million base currency or more will be automatically executed as full-amount tickets from September 5
EM/USD has upside over medium term – Wells Fargo
Most EM currencies will have moderate appreciation against US dollar, but BRL or MXN could be more affected at margin
Malaysian central bank strengthens onshore hedging
Bank Negara is complementing last year's NDF restrictions with a more open onshore market
Asia strongly supportive of Global Code of Conduct – GFMA
Backing from local central banks for the principles will filter down to participants, says John Ball
World Bank bets on compression for emerging market currencies
New York-based start-up LMRKTS gets backing to support illiquid markets
Surprise renminbi strengthening prompts unwinds
“A lot of long [US$] positions were unsustainable and had to be re-evaluated,” says FX structuring head
Documentation fears slow CNY FX derivatives growth
Foreign fund managers need clarity before market can take off, say banks
2017: year of the dollar and high-yielding EM currencies
Expensive valuations and low yields make some Asian currencies unattractive investments
HSBC targets the top spot in FX and takes RMB title
HSBC has been voted Best Bank for the Renminbi, Best Bank for EM Asian currencies and Best Bank for FX in Asia-Pacific
Fears rise that Asia will miss March 2017 margin deadline
India, Australia, Singapore and Hong Kong have yet to publish non-cleared margin rules
Bank e-FX Initiative of the Year: DBS Bank
"The idea is that any customer from Europe or the US can use DBS as a one-stop convenience bank for Asia" – Peter Soh
Retail FX hots up in Australia as traders' risk appetite grows
Volatility in 2015 boosts retail activity, but traders prove fickle with platforms
China relaxes QFII limits amid calls for capital controls
FX regulator lowers the ‘lock-up’ period, during which foreign investors must wait before repatriating funds, from one year to three months, as analysts warn of renminbi devaluation
Singapore grants LCH.Clearnet clearing house recognition
Clearing house expects tremendous demand once mandate kicks in
XTX Markets retains Chris Knight to lead Apac push
Knight's firm, Market Partners, will start working with XTX in late January
Outlook for Asian FX in 2016 looks bright
There is a 50/50 chance that China will scrap its dual-currency system in 2016, says one analyst; others worry about the impact of a strong dollar and uncertain trajectory of Fed rate hikes
Non-banks up the ante in Asia's FX markets
Primary providers are seeing their market share for spot and derivatives erode as corporates turn increasingly to non-banks, new research shows