News/Risk Management
Goldman Sachs and JP Morgan go live with CLSNow
Unlike CLS’s main settlement tool, CLSNow lets banks settle FX positions on the same day
Collective UK action brought against FX cartel banks
Banks targeted are those that took part in the ‘banana split’ and ‘Essex Express’ cartels
UBS: last look is sticking around, but conversation evolving
Bank says transparent and open discussion can produce “mutual benefits going both ways”
JP Morgan tells HFTs: you’re ‘all finding homes’
But credit intermediation space has inefficiencies that more kill switches would address, conference hears
Citi shockwaves prompt rush for new PBs
BNP Paribas, Deutsche Bank, HSBC, JP Morgan and NatWest said to be onboarding Citi’s former clients
BoE drops Libor for hedging UK FX reserves
Central bank adopts Sonia in Treasury swap programme, consults on restrictions for Libor collateral
Keeping the robots honest
Human overseers are in short supply in an arena where losses can be crippling within minutes
Stable relationships still vital in FX, say asset managers
Accessing liquidity when needed is more important than price, according to buy side
Citi culls HFTs from FXPB client list
HC Technologies, Jump Trading and Virtu Financial among those told to find new prime broker
FXPB fee jump unlikely, say dealers
HSBC and NatWest say client charges unlikely to rise significantly despite new margin costs
Cboe FX unveils new relationship trading platform
Market participants can source top liquidity directly with no fees on Cboe FX Point
Want to catch misbehaviour? Watch the electronic chat
“It’s amazing how many people have arguments on chat” – BNP surveillance executive
European Commission fines five banks €1.07 billion for FX rigging
Cartel members co-ordinated trading strategies and exchanged client information
Industry pushes back on Citi’s FXPB cost claims
Rivals question apex brokerage’s calls for executing brokers to make up mispricing shortfalls caused by incoming rules
Traiana boosts risk controls for FXPBs
Providers can be more specific about the risks they are willing to take
Rise of workflow as the buy side's low-key hero
The goal is to build a “single source of truth” to cut costs, make better trading decisions and react quickly to new regulation
Big banks reproach CCP risk panels as resentment surfaces
Emotions simmer as major banks insist committees listen harder to clearing members, in wake of green light for bitcoin futures
Stater Global Markets partners oneZero
The prime-of-prime broker gains access to a network of 200 market-makers and takers
Capitolis onboards more than 20 firms to FX novation service
Platform live and novating FX options for market participants, with more instruments to follow
State Street provides CLSSettlement to Japanese pension fund
Unnamed Japan-based pension fund is part of pilot to mitigate pension funds’ FX trading risks
Nomura’s asset manager extends CLSSettlement to Japanese funds
First local asset manager to provide access in sign of success for buy-side adoption push
Liquidity the biggest hurdle for traders in 2019 – JP Morgan survey
E-trading poll of 200 institutional traders highlights impact of Mifid II
Nasdaq default came at time of mass margin breaches
CCP's clearing members incurred 49 margin breaches as of end-September