Currency forward
Bats Hotspot prepares outright FX forwards launch
New product could get rolling in the autumn
Declining spot sinks FX volumes in US
In October, average daily volumes were 26% lower than in the same month of 2014
Yuan falls to one-month low after PBoC rate cuts
The currency's weakening signals investor wariness over developments in China; analyst says ‘record' outflows are feeding through to the offshore forwards market
China FX forwards move prompts questions over government motives
Reports that China will require banks trading FX forwards to deposit USD with the PBoC spark debate over whether the move is structural or an emergency measure to halt outflows
Australia corporates revisit FX hedging after AUD slide
Currency risk management is now a major focus for Aussie firms
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
CCIL-cleared forex forwards volumes double after mandate
European banks begin clearing in India, despite lack of an EU equivalency ruling
EU set to exempt FX swaps and forwards from initial margin requirements
Consultation document removes initial margin requirements on €6.9 trillion of uncleared FX swaps and forwards
Tullett Prebon retains forwards gong amid Sef chaos
The interdealer broker retains its hold on the forwards market, despite the disruption caused by the start of the Sef regime
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
Rates volatility buoys hopes for currency forwards desks
Banks are preparing for a return of investor appetite for FX forwards, driven by the prospect of interest rate hikes, but some face challenges when it comes to expanding their teams as a result of the Libor scandal. Michael Watt reports
Libor scandal makes it tougher to hire forex traders
Banks are staffing up for a livelier foreign exchange forwards market, but taint of Libor rigging is limiting pool of new traders
GFI eyes expansion into PHP through Manila office
Interdealer broker hopes to offer forwards and NDFs in the Philippine peso by year-end, after it opened an office in Manila in January
FX Week Europe: Disaster in the eurozone still plausible, warns Neil Record
Founder of Record Currency Management favours a new type of hedging product that protects investors from the exit of eurozone members
Margin for longer-dated uncleared FX would be unpopular, FSA official admits
While the idea behind a maturity threshold for FX collateral requirements makes sense to regulators, FSA speaker at FX Week Europe recognises the industry's opposition
Confirmation of US Treasury FX exemption brings relief to dealers
After two years of consideration, the US Treasury confirmed its decision to exempt FX swaps and forwards from mandatory clearing and exchange trading on Friday evening
HSBC cleans up in emerging Asia and Emea
A strategic coverage in key emerging markets, coupled with its ongoing focus on onshore and offshore renminbi trading, has landed HSBC with a string of awards this year, including both emerging Asia and Emea
Tullett Prebon holds lead in options and forwards
The interdealer broker is set to launch a new FX forwards platform as it continues to prepare itself for regulatory change
WGMR margin rules borrow heavily from US proposals
Working group publishes proposed margin rules for uncleared trades – bringing global rules in line with an earlier US proposal
Keeping clear of euro fear
In today’s climate of euro uncertainty and policy risks, Merk Investments says to avoid crowded trades, writes Saima Farooqi
Esma exemption provides corporate relief
Corporates relieved at Esma clearing exemption, but express concern about uncertainty over uncleared derivatives
Volcker rule could hurt liquidity in FX spot market, participants warn
Foreign exchange swaps and forwards should be exempted from the Dodd-Frank ban on prop trading, or else liquidity in the spot market could suffer
CCPs need to provide margin efficiency, says industry panel
Central clearing will place a huge burden on end-users, forcing CCPs to consider how best to create operational and margin efficiencies