Foreign exchange
FX clearing a priority for 2014, vows CLS chief
Working with banks and CCPs to facilitate central clearing of OTC forex options is 'high priority strategic initiative' for CLS this year, says chief executive David Puth
'Patchy' liquidity in FX a concern for the future
Concentration in the number of liquidity providers and the reliability of HFT market-making raises concerns for senior industry officials
Industry in discussions to change FX benchmark calculation, says ECB official
Senior market participants have suggested widening the time window in which benchmark exchange rates are set in foreign exchange, following allegations of manipulation
CCPs face $161 billion liquidity shortfall to clear FX options, GFXD finds
Results of an industry study reveal the scale of the liquidity burden that would fall on CCPs clearing physically delivered forex options – but a net settlement mechanism could reduce the number by 73%
FX industry calls for changes to benchmark practices
Ongoing investigations into manipulation of forex benchmarks have led to calls for changes to the way the WM/Reuters exchange rates are used
Korean securities firms to compete with banks in OTC forex
Further liberalisation of Korea's capital markets gives securities firms a chance to expand
SGX forex futures launch signals market evolution
SGX is launching a new suite of Asian currency futures as a complement to its large Asian equity futures products, cementing its place as a forex trading centre for Asian currencies
FX benchmark probe gathers pace as chief dealers placed on leave
Senior spot traders at JP Morgan, Citi and Standard Chartered have all been placed on leave, while Barclays, Deutsche Bank and UBS confirm they are conducting internal reviews in connection with alleged manipulation of forex benchmarks
London rubber-stamps deal for offshore RMB
UK capital city secures its role as the number one venue to trade RMB outside of Hong Kong with a series of agreements in October between London and Beijing
Singapore regulator joins in global benchmark manipulation probe
MAS joins the HKMA in looking to assist in global investigations of forex rate fixing
FX now a $5.3 trillion per day market, says BIS
The latest BIS triennial survey shows the UK has strengthened its grip on the FX market, while USD/JPY has seen a strong increase in trading activity
Eurex preps launch of FX options and futures
German derivatives exchange will move into the forex market in October as it aims to compete for volume in listed futures and options
FX markets in mid-year lull as yen volatility dries up
The yen has become more range-bound following its dramatic fall earlier in the year, creating a lull in FX market activity during the western summer weeks
Rates volatility buoys hopes for currency forwards desks
Going forwards (checking backwards)
Yen volatility drives record turnover, central bank surveys reveal
Volume was up across forex products in the UK and US in April 2013, with nearly $1 trillion traded daily in the US and more than $2.5 trillion in the UK
Libor scandal makes it tougher to hire forex traders
Banks are staffing up for a livelier foreign exchange forwards market, but taint of Libor rigging is limiting pool of new traders
FX could move to financial settlement under clearing pressure – GFXD’s Lam
Addressing the challenges of clearing deliverable foreign exchange products, Mandy Lam of the Global Financial Markets Association suggests more products could become financially settled in the future
Market conditions point to uneven global recovery, says Treasury official
Speaking at FX Week USA conference, Daleep Singh acknowledges the improvement in economic conditions in the US but calls for a more balanced global recovery
Asean importers increase forex hedging in expectation of dollar liquidity tightening
The relaxation of the Fed stance on tapering hasn't reassured South-east Asian corporates
Indian accounting rules shield corporates from forex losses
Despite sharp falls in the value of the rupee and large dollar-denominated loan exposures, Indian corporates are not feeling the effect on their balance sheets
Taiwan renminbi bond market unattractive to international investors
Low yields and lack of liquidity are keeping international investors away from the Taiwanese baodao market
Prime brokers shun forex agency desks over CFTC rules
Agency desks warn they could be driven out of the market as a result of business conduct rules