CLS
Industry to meet regulators on FX options clearing plans
Industry plans to arrive at a workable framework for FX options clearing gather steam
Moex sees record FX volumes in March
Algorithmic traders have helped the Russian exchange boost its forex volumes
CLS warns Alice ruling may impact all financial companies
Legal dispute with Alice Corporation over technology patent now with US Supreme Court
CLS appoints Ken Harvey as chairman of the board
Harvey will take over from Hartsink later this year as chairman of the board, when Hartsink retires after seven years
Migration from multi-bank platforms set to continue as fees mount
High fees in low-return environment pushing banks to alternative liquidity distribution channels
CLS set to add Russian ruble in November, source says
Industry settlement utility CLS is poised to add the ruble to its currency universe in November
Eurex hopes to steal march on rival CME with FX launch
After delays, Eurex may launch FX futures and options by summer
Hungary targets forint entry into CLS
Hungary's central bank has committed itself to bringing the currency into CLS, FX Week understands, and sources believe it could be added as early as next year
Redefining roles within the FX market
Many trading platforms and industry utilities have been driven to redefine their roles within the industry in recent years, and banks will have to follow their lead, writes Joel Clark
Perspectives on 2014: David Puth, CLS
Working with dealers and central counterparties on settlement of centrally cleared FX options is a ‘high priority strategic objective’ for 2014, says CLS chief executive David Puth
FX clearing a priority for 2014, vows CLS chief
Working with banks and CCPs to facilitate central clearing of OTC FX options is 'high priority strategic initiative' for CLS this year, says chief executive David Puth
Sberbank looks to FX growth as ruble accelerates
As Russia's central bank looks to a free-floating currency regime by 2015 and CLS pushes the addition of the ruble, Sberbank's new FX trading head Steven Weller sees significant growth opportunities
CLS raises £160 million capital from shareholders
Hefty capital raise completed last week to enable CLS to meet demanding new capital requirements and support future growth
Icap promotes Ken Pigaga to global COO
Former Americas chief operating officer is promoted to global role for the interdealer broker; other appointments at CLS and ConvergEx Group
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 FX options – but a net settlement mechanism could reduce the number by 73%
European regulatory chief to leave CLS
Gabor Butor, head of European regulatory affairs, will leave CLS at the end of this week after two years
FXCM hires Middle East head
Other people moves at CLS, Morgan Stanley and Portware
Eurex delays launch of FX derivatives
Eurex has joined CME Europe in delaying the launch of FX derivatives, with no new dates set for launch by either exchange
EBS and Thomson Reuters urged to rethink credit methodology
FX prime brokers say measurement of open positions on a gross rather than net basis exposes them to additional risk and reduces the effectiveness of controls such as the kill switch
Confusion reigns at dawn of Sef era, say participants
There is still uncertainty over the exact scope of no-action relief issued by the CFTC, and traders warn the same challenges will remain when the relief expires on October 30
CLS same-day settlement 'positive' for CAD market, says FX committee chair
Canadian FX committee chair Donna Howard welcomes launch of same-day settlement through CLS for USD/CAD, but acknowledges associated challenges
CLS launches settlement for same-day USD/CAD trades
Settlement risk mitigation firm is due to launch a new settlement session this week for the trades settled on a same-day basis
FX options clearing a 'big challenge', warns NY Fed official
Speaking at the FX Invest West Coast conference, the New York Fed's Jeanmarie Davis addressed the challenges associated with clearing and settlement of FX options