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The future of FX clearing and where the market could end up

The panel

  • Archana Varshney, Head of OTC FX Sales and Business Development, Eurex
  • Victoria Cumings, Managing Director, The Americas, Global FX Division, Global Financial Markets Association
  • Cassandra Tok, Managing Director, Global Futures and OTC Clearing Sales, Goldman Sachs
  • Alessandro Aimone, Editor of Risk Quantum, Risk.net

Uncleared margin rules (UMR) implementation is a large undertaking for firms and there remains a great deal of preparatory work to ensure UMR readiness, with complex infrastructure and resources needing to be put in place. FX is not part of the new rules, but organisations should be ready as regulators may introduce it. This is good practice, but does the buy side need further benefits and incentives to clear?

Some products are more difficult to clear than others. Work is in motion to figure out the best way to clear the more technical derivatives. Other products are more advanced, so trying to bring them all to the same level may take some doing.

The standardised approach for counterparty credit risk is due to be phased in for US and European banks in the coming months, with only one major bank switching to the new regulatory framework so far. 

Topics discussed:

  • The potential gains to be made by switching early
  • Whether more participants follow suit
  • How big an opportunity is this for optimisation services in FX?
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