CLS
FX Invest: Deeper markets, broader opportunities
The foreign exchange industry could be set for a shake-up. But with all things new come great opportunities.
European Parliament rejects Swinburne’s forex exemption
Crucial plenary vote on Emir on July 5 retains suggested amendments to recognise unique nature of FX derivatives, but stripped out explicit calls for an exemption
JP Morgan’s Choussy prepares bank for FX clearing
Newly appointed global head of FX clearing explains how he is preparing for the advent of mandatory central clearing requirements for some FX contracts
DTCC and Swift eye FX trade repository
New York-based group set to develop trade repository for every other OTC asset class and has pitched for FX in partnership with Swift
Econ in favour of FX exemption
European committee favours US plans to exempt currency derivatives from clearing requirement
Two sides to every argument
May in perspective: participants hope the US Treasury will hold by its proposed exemption, despite several calls for further independent analysis of the FX market
CCPs should become direct members of CLS, poll suggests
72% of poll respondents call for CCPs to join CLS to ensure settlement risk continues to be effectively managed when mandatory clearing is introduced
CFTC rulemaking narrows field in repository race
CLS decides not to pitch to become FX repository provider after CFTC rulemaking demands extra granularity and timeliness in data reporting
Exemption clarity allows market participants to prepare for new regime
Banks, market infrastructures and industry associations prepare to move forward with regulatory preparation, now that swaps and forwards are set to be exempt
US Treasury will exempt FX swaps and forwards from Dodd-Frank
Afme's global FX division welcomes the decision, announced on April 29, and calls on European rule-makers to follow suit
Barclays Capital signs up to CLS Aggregation
UK bank becomes the ninth CLS Aggregation participant since the platform launched in January 2010
FX dealers commit to greater standardisation in latest Fed letter
Voluntary OTC commitments touch on standardisation of FX products and the selection of a trade repository for the FX market by Q2 2012
CLS welcomes new Basel working group on FX settlement risk
Work between central banks and supervisors that was halted at the onset of the financial crisis is now set to continue
CLS considers membership category for CCPs
Foreign exchange central settlement provider CLS Bank is considering the creation of a new membership category for central counterparties (CCPs) developing clearing services for FX derivatives, the firm has told FX Week.
European Parliament committee accelerates on derivatives reform
Committee members will discuss draft report today and have until March 15 to suggest amendments
CLS committed to settlement risk mitigation under new regulations
68% of respondents to FX Week online poll believe CLS should be central clearer for FX products, but CLS insists it remains focused on mitigating settlement risk
Changing role of the FX salesperson sparks debate at Afme conference
The sell-side foreign exchange salesperson has a changing role to play in the industry as a result of an increase in high-frequency trading and the advent of new regulations, according to panellists at the European Market Liquidity conference in London…
Bayer warns EC: Don’t force us to slash jobs in EU
Christian Held, head of corporate treasury at pharmaceutical giant Bayer, threatened to move jobs abroad unless the European Commission “lets common sense prevail” over FX derivatives regulation.
EC: Prepare for FX clearing in US and EU
Senior figures from the European Commission (EC) and European Parliament signalled that an outright clearing exemption for forex was unlikely, at an Association for Financial Markets in Europe conference in Brussels held on January 12.
CLS volumes and values up year on year in 2010
Average daily volumes settled over CLS in 2010 were up 33% on 2009, with 792,900 instructions settled. Average daily values were also up, by 22%, with $4.1 trillion settled.