Settlement risk

What a difference a year makes

The foreign exchange business was a clear outlier in what has been a historic year for global financial markets. But no single entity experienced as significant a reversal of fortunes as a result of the market turbulence this year as settlement system…

Strong Q3 for FX derivatives

BASEL - Trading volumes in exchange-traded foreign exchange derivatives grew in the third quarter this year, despite an overall decline in volumes in exchange-traded derivatives, according to the Bank for International Settlements (BIS).

DealHub client consolidates trades

LONDON - Options Computer Limited (OCL) has deployed its DealHub internal trade netting tool with an existing client, enabling the bank to reduce more than 100,000 component trades to 1,000 aggregate trades, according to the vendor.

Bloomberg Tradebook back on track

NEW YORK - Bloomberg Tradebook is this week re-launching its foreign exchange electronic communications network after suffering up to eight weeks of outage as it sought to replace AIG as its central clearer.

Industry pushes to expand CLS coverage

LONDON - Panellists at the FX Week Europe Congress held in London last week applauded CLS for its role in alleviating settlement risk, but pushed for expansion to cover more counterparties, currencies and products.

UBS wins with front-to-back approach

UBS has retained its number one position as the best bank for foreign exchange prime brokerage in this year's FX Week Best Bank Awards. Deutsche and Citi followed in second and third places respectively.

OTC derivatives on the up

BASEL - The Bank for International Settlements' (BIS) semi-annual report has shown a significant increase in the growth of over-the-counter foreign exchange derivatives in the first half of this year.

The confusion over central clearing

Over the past month, the concept of central counterparty (CCP) clearing has taken centre stage, as concerns over counterparty risk consume the market in the aftermath of the collapse of Lehman Brothers in September.

Colombia fruitful for Citi settlement

BOGOTA & NEW YORK - Citi's Colombia-based domestic settlement service began settling more than $1.3 billion in FX trades daily in September, representing in excess of 80% of the Colombian wholesale FX market.

FXMPG tackles FX practices

BRUSSELS - The Foreign Exchange Market Practice Group (FXMPG) plans to hold its first meeting in January, to begin establishing global market practice for foreign exchange activities.

FXMarketSpace abandoned

CHICAGO & LONDON - The Chicago Mercantile Exchange and Thomson Reuters have confirmed their joint venture platform FXMarketSpace will be shut down, ending speculation over the system's future.

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