Settlement risk

Citi gains BoC Hong Kong for CLS

HONG KONG - Bank of China (Hong Kong) (BoC HK) has signed an agreement to use Citi's Global Transaction Services as its continuous-linked settlement (CLS) nostro agent for US dollar.

CLS sets record post-Lehman

LONDON & NEW YORK - The collapse of Lehman Brothers highlighted the importance of settlement system CLS in shielding the foreign exchange industry from Herstatt risk.

OCL netting gets CLS-compliant

LONDON - Options Computer Limited (OCL) has launched a new version of its year-old pre-settlement netting tool that aims to manage back-office capacity constraints and cut messaging costs, while remaining CLS-compliant.

Euro growth continuing, says ECB

FRANKFURT - Despite doubts over its survival at launch 10 years ago, the euro remains a strong player in the international currency market, according to the European Central Bank (ECB).

The technological arms race continues...

One of the key takeaways from the FX Week USA congress last Tuesday is that the unrelenting spend on technology seen over the past few years is unlikely to end. A quick poll of delegates found that two-thirds will spend more on technology in fiscal year…

Asia should ditch USD to cut settlement risk

HONG KONG & TOKYO - US dollar settlement risks in the Asian foreign exchange market could be reduced by using an Asian vehicle currency for intra-regional trade and direct settlement among Asian currencies, according to economists.

SuperDerivatives upgrades forex platform

LONDON - Seven banks have begun using upgraded pricing and risk management software offered by SuperDerivatives that includes expanded exotics support and integrated price discovery, marketing, reporting and online execution.

CLS live with Israeli shekel and Mexican peso

LONDON & NEW YORK – CLS Bank is today (May 26) launching settlement of Israeli shekel and Mexican peso foreign exchage trades in a move that expands its footprint in the emerging market currencies.

New roadmap standardises messaging

GLOBAL - A group of financial market messaging organisations released details of an investment roadmap designed to standardise messaging use across the industry earlier this month.

Exchange-traded forex volumes up 41% in April

CHICAGO & NEW YORK - CME Group foreign exchange volume averaged 613,000 contracts a day for the month of April, up 41% on the same month last year. Average daily volumes for FX contracts in the three-month period ending April were also the highest…

FXMS enters CLS market

LONDON - FXMarketSpace (FXMS) has launched an alternative system for settling foreign exchange trades over the platform, in an effort to tackle risks and costs associated with settling trades from high frequency traders.

Forex is surviving the credit crunch

The Fed-backed sale of Bear Stearns to JP Morgan has sharpened focus on counterparty risk, with Lehman Brothers as the main target. Although the bank allayed concerns with better-than-expected results, the general crisis of confidence still remains.

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