Foreign exchange
EU Council leans towards special treatment for FX
Industry's concerns starting to be reflected in legislation proposals
China and HK central banks close to finalising new CNH clearing arrangement
Market participants are close to completing the legal and operational details relating to a new custodian account arrangement that would allow the city's participating banks in offshore renminbi to take credit risk against the People's Bank of China…
Yen will strengthen as it did after Kobe, say currency strategists
The earthquake and tsunami that struck Japan on March 11 will not force a weakening of the yen, according to currency strategists focused on the region.
Electronic trading and clearing of NDFs poised for growth in Asia
Asian regulators are expected to closely follow their peers in the US and Europe in demanding swap execution facilities and over-the-counter derivatives clearing in Asia. This may bolster e-trading for NDFs based on Asian currencies
Sponsored statement: DBS Bank
Regulating the renminbi
Sponsored statement: Société Générale Corporate & Investment Banking
Looking both ways
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
Creative destruction
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
Litigation claims fraud perpetrated by foreign banks and the RBI
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
CEE and Russia in the spotlight – Société Générale interest rate and forex team focuses on the Russian corporate world
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