Settlement risk
CLS sets new one-day record
LONDON & NEW YORK – CLS Bank International (CLS Bank) has set a new record for the value of payment instructions settled in one day.
MarketSpace: a tough challenge for CLS
The joint venture between CME and Reuters to create a market-wide FX exchange has every chance of changing the face of the industry.
CLS in MarketSpace talks
NEW YORK – CLS is in discussions with Reuters and CME about the clearing element of the MarketSpace initiative, as the settlement system seeks to ensure its long-term sustainability.
CLS in MarketSpace talks
NEW YORK – CLS is in discussions with Reuters and CME about the clearing element of the MarketSpace initiative, as the settlement system seeks to ensure its long-term sustainability.
Growth in derivatives trading speeds up, reports BIS
BASEL – Trading on international derivatives exchanges has continued to pick up pace, according to the latest Bank for International Settlements (BIS) Quarterly Review, which was released last week.
Looking at the past with an eye to the future
Saturday MANILA – Saturday kicks off with a long view of the FX market, as a panel discusses how currencies have developed in recent times. The session entitled 'Evolution of currencies fixed to floating/ national to regional will be moderated by…
CLS cuts prices for low-value, high-freq trades
LONDON – CLS Bank has introduced a new pricing structure that sees charges slashed for settling low-value payment instructions, as it seeks to attract low-value high-frequency trading business.
FNX boosts back-office module
PHILADELPHIA – Vendor FNX Solutions has upgraded its back-office module for FX and other asset classes.
Algo trading to drive CLS business
LONDON – Algorithmic trading will bring in a significant amount of transaction business to CLS, according to the settlement system's chief executive, Rob Close.
Currency trading for DGCX
DUBAI – The Dubai Gold and Commodities Exchange (DGCX) is set to launch currency futures trading in coming months – the first such products to be made available in the Middle East.
Demand for ETFs at an all-time high
BASEL – Demand for exchange-traded futures and options contracts reached an all-time high last year, with annual turnover up 22% on 2004, according to the latest quarterly data released by the Bank for International Settlements (BIS).
BIS group to work on settlement delays
BASEL – A Bank for International Settlements (BIS) working group will look at settlement problems in the over-the-counter derivatives market, in an effort to deal with delays in trade processing.
State Street to offer settlement solution
BOSTON – State Street Global Markets (SSGM), the investment research and trading arm of State Street, will launch an online settlement instructions system linking CLS and global directory SSISearch.
CLS Bank sets new volume record
LONDON/NEW YORK – CLS Bank has set a new record for the volume of payment instructions settled in one day.
Bank of England revises forex guidelines
LONDON – The Bank of England last week introduced its updated code on good market practice in foreign exchange, changing its format and making amendments to its content.
Post trade flavour of the month
LONDON AND ZURICH – Post trade services were the flavour of the month in October with both Reuters and UBS getting in on the action.
CLS targets buy-side build-up
NEW YORK AND ZURICH – July saw CLS looking to expand into non-deliverable forwards (NDFs) and OTC options – a move that would pave the way for far greater buy-side participation on the settlement system.
News in brief
CLS to cut prices
Travelex targets Aussie corps
MELBOURNE – Global forex specialist Travelex is set to target companies in Australia with the launch there of an online system early next year.
Emerging markets options go online
LONDON – Banks are building up online capabilities for emerging market currency options as the market for the products continues to expand.
Casting a wider net
Olaf Ransome, head of product development & support transaction services & solutions, Credit Suisse in Zurich, advocates that CLS should diversify into emerging currencies sooner rather than later
CLS to cut prices for largest users
LONDON – CLS is set to introduce a new pricing structure next year to reward banks for settling more transactions through the system.
CLS builds up fund presence
NEW YORK – The fund management community are warming up to CLS, with a growing number of funds settling payment instructions over the system.
CLS to corner foreign exchange market
LONDON AND NEW YORK – More than 80% of member trades will be settled by CLS in two years, according to research released this week.