Infrastructure
Ion-Broadway merger approved with strings attached
Broadway chief executive Tyler Moeller leads consortium to buy divested fixed income business
Algos make market thinner, but not less liquid – BIS
Trading robots change market microstructure, central banks conclude; new liquidity metrics may be needed
Ex-Isda risk chief: ditch gross notional thresholds for clearing
10 years on, David Murphy says mandate should be rebased to exempt less risky firms
ECB steps up research on ‘digital euro’
Central bank analysing both centralised and decentralised options for a digital currency
Unsettling times: why is settlement risk on the rise?
Regulators and market participants searching for answers after BIS figures show substantial increase
Euronext launches NDF trading in Singapore
Platform’s move brings spot-style execution methods to the non-deliverable market
Signs of consolidation in shattered FX market
Winners of this year’s e-FX Awards discuss shifting strategy among multi-dealer platforms
LCH to accept Sing dollar bonds as collateral
Singapore’s banks hope move will ease margin funding burdens, and speed direct membership
Baton to launch payments system for emerging currencies
Fintech company joins efforts to tackle rising settlement risk
The FX swaps client clearing comeback
With possible price savings and non-bank competition, chatter about the service is picking up again – but significant hurdles remain
Goldman signs up as NDF client clearer at LCH
US bank expecting jump in cleared trades when initial margin rules hit buy side
Swaps platform aims to cut out the banks – but not entirely
Peer-to-peer newcomer FX HedgePool targets asset managers’ month-end hedging activity
CLS proposes second-tier FX settlement system
Stripped-back system for EM currencies mooted to tackle rising settlement risk
LCH to launch non-deliverable options clearing
Clearing service will go live in Q4 for nine currency pairs
SA-CCR adoption may spur wider FX swaps clearing
With up to 90% lower exposures on offer, dealers say capital benefits could outweigh margin costs
Volatile FX markets reveal pitfalls of RFQ
Clients urged to mask trading intent; critics warn of subtle sell-side advantages
Buy side eyes outsourced trading amid Covid disruption
Pressure on trading continuity drives in-house desks to look outwards
Vol boosts rules-based trading services
More users – and more platforms – turn to auto-RFQs for smaller tickets
Fee fight: dealers take aim at brokerage costs
Old tensions have new edge as banks urge clients to bypass platforms
E-trading takes hold for FX swaps – sort of
Bulk of trades are being executed over screen, but bolder changes have stalled
Two more banks consider Singapore engines
Fight to be dominant regional FX hub continues
Four more banks join CLSNet
Bilateral payments netting service using distributed ledger tech now has nine firms live
Cboe plans comeback in crypto markets
US exchange plans to offer crypto derivatives after previous attempts at regulatory approval to list crypto ETFs thwarted
Instinet launching FX agency trading business
Execution services arm of Nomura prepares agency-model e-trading platform for spot FX