Cross currency swaps
Banks trade first USD/CNY cross-currency swap versus SOFR
Risk-free rate sets new milestone with Crédit Agricole and Bank of China’s $10m trade
First SOFR versus CORRA cross-currency swap hits market
JP Morgan and National Bank of Canada extend SOFR cross-currency trading into Canadian market
First Ibor versus SOFR cross-currency swaps trades
Westpac and Citi strike BBSW/SOFR trade in landmark moment for Australian market
First all-RFR cross-currency swap traded
Goldman Sachs and Morgan Stanley strike landmark €STR v SOFR trade
ECB and PBoC renew bilateral currency swap
Euro-renminbi currency swap agreement will stay in place until October 2022
First cross-currency swap cleared at Eurex
Morgan Stanley and JP Morgan first to use service and two more banks are onboarding as CCP hopes to extend offering to clients in 2020
Eurex to launch cross-currency swap clearing ‘within weeks’
Clearing service will target dealer-to-dealer trades before later rolling out to clients
Asia awaits term SOFR solution for local benchmarks
Singapore, Thailand and the Philippines look at ways to replace Libor in benchmark calculations
Dealers issue rallying cry for cross-currency benchmark reform
Global banks need to drive new standards for multi-rate swaps, say leading industry execs at Risk Live
LCH plans major FX clearing expansion
CCP to tackle cash-settled options, deliverable swaps and standalone service for deliverable forwards
BoJ prepares to link settlement system with Hong Kong
The connection will provide a new pathway for Japanese banks to obtain Hong Kong dollars and cut the exchange-rate cost
LCH SwapAgent processes first cross-currency basis swap
It is the first non-cleared trade to be transacted as LCH STM, SwapAgent’s settlement-to-market legal and operational framework
Documentation fears slow CNY FX derivatives growth
Foreign fund managers need clarity before market can take off, say banks
CLS and TriOptima compress $1 trillion in forwards and swaps
The combined effort to reduce the size of outstanding portfolios crosses the $1 trillion mark in just over one year
Banks seek to standardise cross-currency settlement dates
Talks under way to exchange principal amounts on IMM dates to allow for greater netting
FX contracts in OTC derivatives soar to record high
FX instruments, as a share of all over-the-counter derivatives, rise from 12% in 2013 to 16% this year
TriOptima and SwapClear include first client-cleared trades
Eighteen participants in compression cycle for Canadian dollar interest rate swaps, eliminating $1.05trn in notional principal
Covered interest parity anomaly signals trouble ahead if volatility picks up
Since the financial crisis, a persistent breakdown of covered interest parity signalled an anomaly in the market. Over the last two years the phenomenon has accentuated and policy-makers should not dismiss its meaning, warns the BIS
Dodgy discounts: DVA claims fly in cross-currency market
Funding benefits have helped bring down the cost of cross-currency swaps in the past couple of years, but as competition becomes increasingly cut-throat, traders claim their rivals are offering a dodgier discount – the own-credit effects of debit…
TriOptima completes first USD/KRW compression
Eleven institutions save $8.8 billion of notional
Industry grapples with uncleared margin rules
Market participants are unhappy with consultation documents released in the EU and the US on the margin requirements for FX swaps and forwards, and the definition of a financial end-user
European regulators slammed for uncleared margin ‘sleight of hand’
Possible expansion of firms affected by variation margining earns critique from buy side
Asian currency hedgers to be hit by ‘fatal flaw’ in new accounting rules
A major change is needed to correct new hedge accounting rules that could restrict derivatives use by Asian firms hedging their foreign currency exposures
ADB economist moots idea of common currency in Asia
Principal economist at Asian Development Bank says common currency possible in ‘long run’; panellists outline possibilities for greater Asian economic integration