Foreign exchange
Thomson Reuters Matching hit by four-hour outage
Banks say liquidity was affected by the service outage but it was fortunate to occur at a quiet time for the market
HKEx to launch renminbi secondary market facility to support IPOs
The exchange says the new offshore renminbi secondary market liquidity pool will not introduce additional counterparty or forex risk, thanks to a back-to-back arrangement with interested partner banks and brokers
CLS considers membership category for CCPs
"Allowing CCPs to settle FX trades bilaterally would reintroduce Herstatt risk, so it would certainly be preferable to have CCPs become either direct or third-party members of CLS," says LCH.Clearnet executive
Industry in flux as electronic trading and risk control comes to the fore
Addressing the needs of regional banks, high frequency traders, large institutional investors and leveraged retail investors in the ever-changing world of foreign exchange is becoming a significant challenge for traditional participants, with intense…
DBS to debut CNH structured notes in Singapore; close-out settlement backstop in place to deal with China policy u-turn
DBS is set to become the first financial institution to offer renminbi structured notes and unit trust to private banking clients in Singapore on February 28. The bank has also drawn up contingency plans to address the policy risk of Beijing changing its…
Deutsche Bank takes offshore renminbi electronic on Autobahn
Deutsche Bank claims to be the first major dealer to offer offshore renminbi on an electronic trading platform, although forex broker EBS says it already offers a hybrid broking service for the offshore Chinese currency. Together, however, the…
CLS committed to settlement risk mitigation under new regulations
68% of respondents to FX Week online poll believe CLS should be central clearer for FX products, but CLS insists it remains focused on mitigating settlement risk
European Parliament has neglected FX exemption question, says UK MEP
Kay Swinburne criticises colleagues in the European Parliament for failing to tackle the question of whether forex contracts need to be subjected to new clearing and reporting requirements
Israel’s Fischer calls for international FX rules
Bank of Israel governor Stanley Fischer calls on IMF to draw up set of international rules on foreign exchange intervention
London retains premier spot in FX, according to global volume figures
London remained the biggest financial centre for foreign exchange in 2010 according to semi-annual volume figures published in the UK and US on January 31, despite speculation it might be overtaken as a result of the UK government’s clampdown on bonuses.
HMT's Hoban: Beware of sweeping forex into EU derivatives reform
Advocates of an exemption from mandatory central clearing requirements for foreign exchange swaps and forwards have won the support of the UK government, as a senior treasury official admits to the risks inherent in regulating FX in the same way as other…
Spotlight on: Jeremy Hill, Royal Bank of Scotland
FX Week speaks to Jeremy Hill, head of FX and money market operations at RBS in London
‘Bizarre’ $555bn derivatives lawsuit in India rumbles on
India’s Supreme Court adjourns hearing in case that alleges the Reserve Bank of India and the country’s commercial banks acted in cahoots to use derivatives products to defraud Indian exporters out of trillions of rupees
Asian Financial Forum: China tests further easing of renminbi convertibility of capital account
China's State Council is advising the Shenzhen municipal government and local regulators about permitting renminbi conversion outside of currency restrictions
EC: Prepare for FX clearing in US and EU
European Commission's Patrick Pearson says no member state has advocated an outright exemption for foreign exchange clearing
Sponsored statement: Société Générale
Société Générale has built an impressive network in central and eastern Europe. It is now present in 18 countries – Albania, Belarus, Bulgaria, Croatia, the Czech Republic, Georgia, Greece, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia,…
Icap to launch decimalised pricing on majors in February
Interdealer broker Icap will launch decimalised pricing on major currency pairs on EBS Spot on February 14, the broker told FX Week.
Icap pilots bank-only block trading platform for manual users
Pilot comes at a time when news reports suggest a group of 10 banks plan to launch a bank-only FX trading platform
TD makes play for commodities market
International launch of new precious metals trading business builds on previous efforts
Currency exchange-traded products rise as Ireland falls
Currency ETCs have reached all-time highs as Ireland's impact on the eurozone sees the US dollar rebound.
BoE: High-frequency traders raise risks of liquidity event
Potential liquidity mirage in foreign exchange markets must be addressed, says Michael Cross
Analysts hit back at currency war claims
Further Plaza II-type agreement is unlikely, however, and only weak "peer pressure" applied to currency problems, says Barclays Young
BAML continues restructure; evolves to meet regulations
Shake up designed to meet clients' needs ahead of implementation of Dodd-Frank reforms
Volatility drops as BoJ intervention proves successful
But market may begin testing the Bank of Japan's resolve if more measures are not taken