Exchanges
Greatest risk of regulatory arbitrage is for non-cleared FX, says Esma's chair
Bilateral collateralisation might not be applied to FX swaps and forwards under the Dodd-Frank Act, but will be applied in the European Union, says Steven Maijoor
FX clearing - the opportunity that never was?
Clearing of non-deliverable forwards has yet to get off the ground, despite clearers having switched their focus to the product during the course of last year
CME gives green light to Traiana for FX clearing
Traiana's clients will now be able to clear FX derivatives directly through its Harmony CCP Connect network
FX Week Europe: FX clearing has taken an illogical course, panellists warn
Non-deliverable forwards are the current focus for FX CCPs and banks, but panellists point out the risk in those products is negligible
Rationale for clearing all FX products is evident, say CCPs
Speakers at a conference in London discuss the exemption of FX swaps and forwards from mandatory clearing requirements
Battle for clearing supremacy
Singapore Exchange (SGX) became the first of the major clearers to launch an OTC Asian FX forwards clearing business in October. But with bank-backed LCH.Clearnet and the CME hot on its heels with a non-deliverable forwards offering, can SGX maintain its…
CFTC urged to rethink rules that threaten cross-margining
In a world where central clearing and bilateral collateral posting are mandatory, margin efficiency will be a big draw, and one obvious way to achieve it is through cross-product margining. Unfortunately, it is difficult to achieve – and Commodity…
CME vows to expand NDF clearing by year-end
Expansion of the exchange’s nascent NDF clearing platform to include a broader range of NDFs is set to begin within weeks, according to Roger Rutherford
Singapore Exchange preps FX clearing launch
SGX president says NDF clearing will begin shortly, following the successful launch of a clearing platform for interest rate swaps in November 2010
FX Week Asia: Options clearing on hold, prime brokers confirm
FX clearing will be restricted to non-deliverable forwards as US authorities discuss whether settlement risk can be properly managed for cleared FX options, according to speakers at the FX Week Asia conference in Singapore
Emerging markets focus to boost NDFs despite clearing costs
The growth of the non-deliverable forwards market will not be hit by impending clearing laws
Clearing of Chilean NDFs hampered by netting uncertainty
The Central Bank of Chile has the authority to stop financial institutions netting down their transactions, which participants fear might prevent central counterparties from being able to clear contracts denominated in the Chilean peso
Buy-side firms await regulatory clarity
Many buy-side firms are still holding back on introducing systems and processes for central clearing – but time might be running out
LCH.Clearnet eyes November launch for NDF clearing
London-based CCP is set to launch clearing for NDFs in six currencies in mid-November, having shelved plans for options clearing while banks discuss settlement-related issues with regulators
Spotlight on: Jon Hitchon, Deutsche Bank
The newly promoted head of Deutsche Bank Markets Clearing talks to Farah Khalique about the bank’s cross-asset clearing business and how it will compete with the derivatives clearing offerings of other top-tier banks
Academic opposition to FX exemption debated at Isda’s Europe conference
Speaking in London on September 20, Craig Pirrong supports the unpopular position of fellow academic Darrell Duffie that FX swaps and forwards should not necessarily be exempt from the mandatory clearing requirements of the Dodd-Frank Act, as recommended…
SwapClear may assist OIS development
London-based clearing house might consider helping to build OIS markets in minor currencies, as it continues to move its interest rate swap portfolio to OIS discounting
Taking stock of 2011: Regulation and clearing
The Group of 20 meeting in September 2009 laid out a set of requirements on clearing, trading and reporting of OTC derivatives. Two years on, plenty of progress has been made – but a number of outstanding issues remain. By Chiara Albanese, Farah Khalique…
CME Chilean peso clearing service awaits first trade
The CME says FCMs are the reason for the delay in offering its clearing service of non-deliverable forwards in USD/Chilean peso
LCH.Clearnet reiterates commitment to FX clearing
Clearing house reaffirms its intention to launch ForexClear, which will sit alongside SwapClear and a newly expanded CDSClear service
Options clearing on the rocks
Could clearing of FX options be stymied by the CPSS-Iosco requirement that financial market infrastructures provide clear and certain final settlement?
Forex options clearing complicated by guaranteed settlement requirements
CPSS-Iosco guaranteed settlement requirements make FX options clearing more difficult, say participants
FX Invest: New indexes trade volatility
Nikki Marmery reports on the emergence of indexes looking to trade event risk
FX Invest: Rise of the super-Sefs
The Dodd-Frank Act created a multitude of would-be swap execution facilities (Sefs) – trading platforms that will aggregate dealer liquidity. Now, dealers want to hoover up the Sefs by building their own aggregation services, but it’s a strategy that…