Non-deliverable forward
NDF traders face up to Sef reality
Non-deliverable forwards are likely to be mandated to be traded on swap execution facilities before any other FX products, but are traders ready?
Spotlight on: Max Smith, Newedge
In a world where market participants are seeking to reduce risk in trading and ensure efficient clearing, Newedge's global head of FX, Max Smith, believes the firm is uniquely positioned
Japan institutional investors start unwinding dollar/yen hedge after steep yen drop
While foreign hedge funds have been driving down the value of the yen, now Japan insurers may strengthen the trend
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
LCH.Clearnet bags FX clearing house award
In the inaugural award for best FX clearing house, LCH.Clearnet is voted top for the successful launch of ForexClear, which has cleared roughly 23,000 trades over the past eight months
Icap lands emerging markets award as NDF volumes grow
Icap has topped the spot-broking category once again and has also picked up the award for best broker in emerging markets, in recognition of its strength in NDFs
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
Banks rethink clearing structures under CFTC pressure
CFTC rules on conflicts of interest mandate clearer separation between OTC clearing and execution, prompting some banks to restructure their operations
SurfacExchange to move into emerging market currencies
The start-up currency derivatives platform will add the Brazilian real and the Mexican peso by the start of 2013 as it responds to investor demand for emerging market currencies
LCH.Clearnet approved for five new currencies on ForexClear
LCH's new FX clearing service now offers clearing in 11 currencies, accounting for 95% of the global NDF market
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