Foreign exchange
Risk awards 2014: HSBC wins top house
The UK bank wins for the growing ambition of its OTC capabilities, as Risk publishes its fifteenth annual awards
Currency derivatives house of the year: Bank of America Merrill Lynch
Currency derivatives house of the year: Bank of America Merrill Lynch
Sefs battle with confirmations after CFTC relief expiry
A second no-action relief period that exempted Sefs from issuing confirmations expired on November 29, leaving forex traders unsure whether Sefs can handle the requirement
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
Innovations to drive leadership in banking
Sponsored statement: J.P. Morgan
FX market faces challenges to meet Emir start date for trade reporting
Mandatory trade reporting for all asset classes will begin on February 12, but the forex industry is still grappling with the challenges of dual reporting
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
Rupiah volatility drives Indonesia derivatives uptake
The drive for derivatives
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
Foreign exchange house of the year – HSBC
Foreign exchange house of the year
Lack of Esma clarity delays progress on FX trade reporting
Questions raised by Isda concerning trade reporting workflows have not yet been answered, delaying preparations for the start of mandatory trade reporting early next year
Industry forced to rethink reporting after Esma rejects GFMA proposal
Forex participants must reconsider their approach to dual reporting under Emir, after Esma rejects industry proposal
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 forex options
FX prime brokers continue to shun four-way agreements
Four-way agreements too difficult under Dodd-Frank external business conduct standards, say prime brokers
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May
WGMR exemption for FX swaps and forwards expected imminently
Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for forex swaps and forwards
Forex Sefs worry clients could be driven to non-Sef rivals
Multi-dealer platforms have to register as Sefs - but clients could choose to use other venues and avoid extra legal work
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