OTC clearing
Buy side weighs risk mitigation against clearing costs
Buy-side firms look certain to bear some of the costs that result from mandatory central clearing, with some suggesting they might look to clear non-mandated products, were it not for the prohibitive costs
Wanted: the FX sales team of the future
Regulation is changing the job description of the FX salesperson, to the extent that the right candidate now needs a broader set of expertise than in the past
Bank of England FX committee hears corporate concerns
Rolls-Royce's assistant treasurer presented at the last meeting of the central bank's FX industry committee on the impact of derivatives regulation on non-financial companies
CLS: the 10-year-old man in the middle
Ten years on from launch, CLS has come to occupy a unique and systemically important position in the global FX market. In the first of a two-part series, chairman Gerard Hartsink talks to Kathy Alys about CLS’s highs and lows in a decade as the market’s …
European OTC clearing documentation faces delay
Complications over close-out mechanisms and segregation models will delay the European addendum by up to three months, say dealers
ABN Amro hires Duff to build FX clearing business
Dutch bank hires industry veteran to launch clearing business in North America
LCH readies launch of new NDF pairs and client clearing
Five months after launch, ForexClear is ready to start offering client clearing and to add five new currencies to the service, pending the approval of the FSA and the CFTC
Relief for dealers as Basel reins in capital for cleared trades
Basel Committee addresses long-standing complaints over default fund exposures and client clearing
Spotlight on: Rick Martin, Virgin Media
Corporate treasurers have become increasingly vocal in lobbying for exemption from certain elements of over-the-counter derivatives reform. Kathy Alys speaks to Rick Martin, director of investor relations and treasury at Virgin Media, about how his job…
Best FX prime broker: JP Morgan
JP Morgan wins FX Week’s first e-FX award for best foreign exchange prime broker, having set an emphasis on prudent risk management – both in its approach to high-frequency trading and to over-the-counter clearing
Diverse netting approaches create OTC headache
A lack of legal statutes over netting in several Asian countries means OTC trades could become prohibitively expensive in a post-Basel III world, potentially pushing international banks out of some markets in the region
CME client clearing hits two more currencies
Following the clearing of the first NDF trade through CME Group in late April, the exchange has cleared client trades denominated in Chinese renminbi and the Philippine peso over the past month
Global FX division moves forward on options clearing
The data-collection stage of a major project to enable clearing of forex options is close to completion, according to the GFMA's Mandy Lam
Spotlight on: Mandy Lam, global FX division
The managing director for North America of the Global Financial Markets Association’s global FX division talks to Melanie White about the key regulatory challenges facing the FX market and FX options clearing and settlement project, which she is heading…
CCP resolution plans start to take shape
LCH.Clearnet's re-launched CDS clearing service adopts a loss-sharing mechanism - in line with a "last gasp of breath" approach outlined in an Isda letter to the Bank of England
DealHub rolls out reporting and clearing platform
FX technology vendor is this week launching its so-called Smart Trade Reporting platform to help clients meet new regulatory requirements
Dealers pitch loan format for swaps as CVA dodge
Banks are offering to replicate the economics of OTC swaps in loan format - avoiding new capital and clearing rules
CME to launch portfolio margining on interest rate swaps and futures
Dealers will be able to cross-margin interest rate swaps, and eurodollar and Treasury futures, from May
LCH.Clearnet splits default fund
UK-based clearer gets member approval to break up default fund - part of a package of measures responding to CFTC limits on clearing house membership criteria
Fears over regulation raised by treasurers at ACT conference
Corporate treasurers complain about the unintended consequences of the proposed financial transaction tax, as well as clearing rules for OTC derivatives and Basel III capital rules
CCPs need to provide margin efficiency, says industry panel
Central clearing will place a huge burden on end-users, forcing CCPs to consider how best to create operational and margin efficiencies
FX Invest Europe: Investors back away from complex trades to avoid regulation
Some buy-side participants are moving away from complex FX options due to the uncertainty of forthcoming clearing and exchange trading regulations in the US and Europe, according to conference speakers
Singapore’s FX exemption welcomed as a sign of global consistency
A proposal by the Monetary Authority of Singapore to exempt FX swaps and forwards from mandatory clearing is seen as a positive move to harmonise treatment of FX with the US
LCH.Clearnet hires options technology head from BAML
Emanur Rahman will report to CIO Tom Zschach, who also joined from BAML last year