Settlement Risk
Currency trading for DGCX
DUBAI – The Dubai Gold and Commodities Exchange (DGCX) is set to launch currency futures trading in coming months – the first such products to be made available in the Middle East.
Demand for ETFs at an all-time high
BASEL – Demand for exchange-traded futures and options contracts reached an all-time high last year, with annual turnover up 22% on 2004, according to the latest quarterly data released by the Bank for International Settlements (BIS).
BIS group to work on settlement delays
BASEL – A Bank for International Settlements (BIS) working group will look at settlement problems in the over-the-counter derivatives market, in an effort to deal with delays in trade processing.
State Street to offer settlement solution
BOSTON – State Street Global Markets (SSGM), the investment research and trading arm of State Street, will launch an online settlement instructions system linking CLS and global directory SSISearch.
CLS Bank sets new volume record
LONDON/NEW YORK – CLS Bank has set a new record for the volume of payment instructions settled in one day.
Bank of England revises forex guidelines
LONDON – The Bank of England last week introduced its updated code on good market practice in foreign exchange, changing its format and making amendments to its content.
Post trade flavour of the month
LONDON AND ZURICH – Post trade services were the flavour of the month in October with both Reuters and UBS getting in on the action.
CLS targets buy-side build-up
NEW YORK AND ZURICH – July saw CLS looking to expand into non-deliverable forwards (NDFs) and OTC options – a move that would pave the way for far greater buy-side participation on the settlement system.
News in brief
CLS to cut prices
Travelex targets Aussie corps
MELBOURNE – Global forex specialist Travelex is set to target companies in Australia with the launch there of an online system early next year.
Emerging markets options go online
LONDON – Banks are building up online capabilities for emerging market currency options as the market for the products continues to expand.
Casting a wider net
Olaf Ransome, head of product development & support transaction services & solutions, Credit Suisse in Zurich, advocates that CLS should diversify into emerging currencies sooner rather than later
CLS to cut prices for largest users
LONDON – CLS is set to introduce a new pricing structure next year to reward banks for settling more transactions through the system.
CLS builds up fund presence
NEW YORK – The fund management community are warming up to CLS, with a growing number of funds settling payment instructions over the system.
CLS to corner foreign exchange market
LONDON AND NEW YORK – More than 80% of member trades will be settled by CLS in two years, according to research released this week.
FX volumes ‘up one fifth’ in past year
LONDON – A surge in active currency management has driven up FX volumes by 20% in the past year, according to London-based research firm ClientKnowledge.
CLS faces rival HKMA challenge
HONG KONG – CLS is facing a challenge from the Hong Kong Monetary Authority (HKMA), which is building its own payment settlement system to take on board an emerging markets currency.
India’s CCIL adds more banks
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) has gone live with seven client banks and plans to add a further five in the next two months, a senior official told FX Week .
JPMTS signs up CLS third party
BERLIN – JP Morgan Treasury Services has signed up ADM Derivatives as a CLS third-party client, as part of a solution the bank is offering, which includes a suite of multi-currency accounts.
FX Week comes to Asia
HONG KONG – This week sees the inaugural FX Week Asia conference in the Special Administrative Region at the Renaissance Harbour View Hotel.
CLS breaks $4 trillion barrier
NEW YORK – CLS Bank set a new record for the value of payment instructions settled in a single day on last Wednesday, September 21.
All this and more
In the final multibank platform focus, FX Week looks at the prospects of FXall in its bid to continue the growth it saw in its first four years
Dollar boosts FX derivatives
BASLE – The rally in the US dollar has worked to the benefit of exchanges offering trading in currency derivatives.
Keeping up to speed
Nigel Renton tells FX Week how the eSpeed FX platform competes in an already full market