Settlement Risk
Sign up for buy-side involvement
Olaf Ransome, head of transactions development and support at Credit Suisse in Zurich, calls on FX management to embrace plans to adopt an agreement that would make it much easier for the buy side to sign up to continuous linked settlement
Credit Suisse launches back-office outsourcing service
LONDON AND ZURICH - Credit Suisse has launched a back-office outsourcing service for banks and corporates.
CLS heads for the buy side
NEW YORK - CLS is to expand into non-deliverable forwards (NDFs) and OTC options - a move that could pave the way for far greater buy-side participation on the settlement system.
Fimat to become CLS member
LONDON – Brokerage firm Fimat will be going live on the continuous-linked settlement (CLS) service by the end of September, a senior official told FX Week .
Reuters enters post-trade market
LONDON – Reuters is to move into post-trade settlement of FX transactions with the forthcoming launch of its Reuters Trade Notification Service (RTNS).
CLS cuts costs as well as risk, says survey
LONDON – The introduction of CLS has cut processing costs of FX transactions almost three-fold, according to a survey by Z/Yen, a city-based market research firm.
CLS Bank settles new record in daily volume
LONDON AND NEW YORK – CLS Bank International (CLS Bank), the global settlement firm, set a new record for the volume of payment instructions settled in one day.
CLS bags world’s largest pension fund
AMSTERDAM – The world’s largest pension fund – the e170 billion Stichting Pensioenfonds ABP – has gone live on CLS as a third party of ABN Amro.
CLS touts for more fund business
SAN FRANCISCO – CLS Bank is to focus on driving up business from the investor community this year, as it seeks to expand globally.
FX to the fore at settlements conference
SAN FRANCISCO – Settlements industry body ISITC -IOA is to focus on FX for its summer 2005 conference to be held in San Francisco.
India becomes latest CLS addition
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) has gone live on CLS.
CLS set to expand remit
LONDON – CLS could substantially increase its remit with the introduction of a matching and netting facility for non-eligible currencies and settlement of options, non-deliverable forwards, futures and credit derivatives.
Asia shies away from dollar bloc
Basel – Asian currencies are not trading as a dollar bloc, said the Bank for International Settlements (BIS) in its quarterly review last week.
Further boost for Asian forex volumes
HONG KONG – Asia’s forex markets will continue to see strong activity this year as more participants pile into the asset class.
Strongest year ever for forex
NEW YORK and CHICAGO – December was yet another record month for foreign exchange as platforms and exchanges posted their highest ever volumes, making 2004 the strongest ever year for the asset class.
CLS below half of FX activity
LONDON – CLS lacks traction outside the major banks and still accounts for far less than half of all FX transactions, according to a report by the Bank of England published this week.
Opec turns its back on dollar
BASEL – Opec members have been reducing US dollar exposure in favour of the euro over the past three years, according to statistics released by the Bank for International Settlement (BIS) last week.
CLS adds four more currencies
HONG KONG -- CLS is to bring four new currency pairs onto its platform: the New Zealand dollar, the South African rand, the Hong Kong dollar and the Korean won.
Congress clips
The continuous-linked settlement (CLS) service for settling foreign exchange trades announced the launch date for the next group of currencies to join the service.
Forex appeal set to continue
Foreign exchange is likely to continue to appeal to investors as an asset class, as a result of its liquid and transparent markets and the trading opportunities it offers, said Daniel Szor, managing director of currency firm FX Concepts in Paris.
SsiSearch's CLS Listing Rule hits the market
LONDON – Authenticated reference data firm SSiSearch goes live with its Listing Rule next Monday (December 6).
Protecting against losses while making gains
Given the rapid, one-way move in the Canadian dollar (CAD), many hedgers who are short CAD are looking for innovative hedging ideas. John McAuliffe, manager, US FX options sales at the Bank of Montreal in Chicago, suggests some options
Prime brokerage best for individual investors
Individuals who want to trade FX may find a prime broker will promote confidentiality, cut out settlement difficulties and help resolve credit issues, says Peter Wakefield, MD of research and product development at Record Currency Management in the UK