Non-deliverable forward
Who picks up the tab for regulation costs?
Many buy-side firms expect their banks to absorb the costs associated with clearing and reporting of non-deliverable forwards and eventually forex options. But banks have other ideas, with some already quantifying fairly substantial hikes in…
LCH readies launch of new NDF pairs and client clearing
Five months after launch, ForexClear is ready to start offering client clearing and to add five new currencies to the service, pending the approval of the FSA and the CFTC
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
CME client clearing hits two more currencies
Following the clearing of the first NDF trade through CME Group in late April, the exchange has cleared client trades denominated in Chinese renminbi and the Philippine peso over the past month
Faros appoints Campbell & Co trader to replace Borthwick
Douglas Borthwick, head of trading and strategy at Faros Trading, has left the firm and will be replaced by Michael LaVina
Taiwan’s trade repository setting up reporting agreement with DTCC
Taiwan's new trade repository for over-the-counter derivatives is looking to ink a reporting agreement with DTCC
CME kicks off client clearing ahead of competitors
CME stole a march on rivals when it cleared its first NDF last week, as the Brazilian real contract was a client trade
MarkitServ connects Swift to broaden FX clearing reach
MarkitServ last week announced it had partnered with Swift to create a single point of access for Swift users to access multiple FX CCPs
Brakes remain on FX options clearing, despite regulatory easing
CPSS-Iosco working group ruled last week that CCPs do not have to guarantee settlement, but participants recognise the issue still has some way to run before options can be centrally cleared
Credit where it's due
The launch of NDF clearing by LCH.Clearnet marks a major development for the FX market that will ultimately change the shape of the post-trade landscape
A spot of bother
Traders exploiting the spread between CNH deliverable forwards and CNY NDFs got a nasty surprise in September last year, when the basis trade blew up amid a reversal of the spread. Georgina Lee looks at what investors can learn from this turn of events
LCH’s ForexClear gets off to a solid start in NDFs
The launch of clearing of non-deliverable forwards on LCH.Clearnet's new ForexClear platform went smoothly last week, according to participants
Spotlight on: Gavin Wells, LCH.Clearnet
The chief executive of LCH.Clearnet’s newly launched ForexClear talks to Joel Clark about the development of the platform, and his plans to expand to client clearing and new currencies later this year
Ice throws down FX clearing gauntlet to competitors
Competition in forex clearing intensifies as LCH receives regulatory approval and Ice explains how its rival offering will differentiate itself
GFI soft-launches NDF risk-mitigation platform
GFI Group recently extended its ForexMatch Liquidity Swaps platform to new currency pairs, including USD/TWD and USD/CNY
BNP Paribas rolls out Cortex FX single-dealer electronic platform
The French bank today unveiled its long-awaited e-commerce platform, which replaces the white-label FX eTrader offering it launched in late 2009
Spotlight on: Bill Goodbody, Hotspot FX
The institutional trading platform's business manager talks to Melanie White about the recent expansion of its client base into the banking sector, and plans to grow in Europe and Asia
LCH’s ForexClear awaits regulatory approval
FX clearing platform for NDFs is ready for launch, pending regulatory approval, LCH.Clearnet confirmed in its annual report today
FX clearing - the opportunity that never was?
Clearing of non-deliverable forwards has yet to get off the ground, despite clearers having switched their focus to the product during the course of last year
Exemption for FX swaps and forwards should hold, says GFMA’s Kemp
James Kemp, managing director of the global FX division, talks to FX Week about the biggest regulatory challenges of 2012
Review of 2011
As 2011 draws to a close, FX Week looks back on a year in which the decisions of politicians increasingly came to define the direction of major currencies, while the progress of regulatory reform was stunted by missed deadlines and challenging technical…
FX Week Europe: FX clearing has taken an illogical course, panellists warn
Non-deliverable forwards are the current focus for FX CCPs and banks, but panellists point out the risk in those products is negligible
Rationale for clearing all FX products is evident, say CCPs
Speakers at a conference in London discuss the exemption of FX swaps and forwards from mandatory clearing requirements
Battle for clearing supremacy
Singapore Exchange (SGX) became the first of the major clearers to launch an OTC Asian FX forwards clearing business in October. But with bank-backed LCH.Clearnet and the CME hot on its heels with a non-deliverable forwards offering, can SGX maintain its…