Month: December 2010

Waivers Reduce Risk: ISDA

The waiver of mandatory clearing requirements of the Dodd-Frank Wall Street Reform Act for certain OTC derivatives transactions would reduce risk in the financial system, the International Swaps and Derivatives Association (ISDA) says. ISDA believes that the Commodity Futures Trading Commission and the Securities and Exchange Commission should grant such waivers in limited circumstances where […]

WFE, IOMA Urge Treasury Not to Exempt FX Swaps from Clearing

The World Federation of Exchanges believes that FX forwards and swaps should not be exempted. Along with the International Options Market Association (IOMA), the WFE has submitted a public comment letter to US Treasury Secretary Geithner urging the Treasury Department not to exempt OTC FX swaps and FX forwards from clearing and execution requirements that […]

FX Market Lobbies US Treasury for FX Exemption

Lobbying edges up a gear for the FX market and regulation. A lobbying group for the foreign exchange market has provided comments to the US Treasury on the appropriateness of an exemption for FX swaps and forwards from the definition of a “swap” under the Commodity Exchange Act in accordance to the authority granted to […]

BGC Launches Legal Action against Tullett Prebon

Here we go again. Two firms that are no strangers to litigation with each other are going at it again. BGC Capital Partners (BGC) has launched legal action against Tullett Prebon claiming that it misused proprietary data that earned it profits of “at least hundreds of millions of dollars.” The lawsuit filed in the New […]

Regulators Commit to Global Cooperation

A group of more than 50 global regulators were hosted by the Federal Reserve Bank of New York at an OTC Derivatives Regulators’ Forum (ODRF). The group reaffirmed continued coordination on matters relating to centralised market infrastructure serving the global over-the-counter derivatives markets – namely central counterparties (CCPs) and trade repositories (TRs) – and discussed […]

CME Launches FX Vol Futures

CME Group is expanding its foreign exchange offering with a set of futures contracts tied to volatility in the currency markets. The exchange plans to launch the contracts in the first quarter of 2011 through a licensing deal with the recently created Volatility Exchange, or VolX. The realised volatility futures, or FX VolContracts, will be […]

Digital Vega Launches Medusa

A first for the next generation of FX options platforms. As exclusively revealed in P&L’s Squawkbox, Digital Vega has launched its FX option trading platform Medusa, which allows market participants to trade a range of FX option structures on prices from up to five relationship-based liquidity providers. The first transactions were undertaken by Pareto Investment […]

Online NDF Trading Continues to Grow

Citi is now offering streaming non-deliverable forwards (NDFs) prices to its institutional electronic trading platform CitiFX Velocity, helping clients tap into the revenue potential of emerging markets. In Asian currencies, the bank is streaming NDF prices for CNY, IDR, INR, KRW, KZT, MYR, PHP, and TWD in addition to the RUB. In Latin American currencies, […]

Platform Volumes Strong in October

Public trading venues in the foreign exchange market reported strong October turnover data as they benefited from recent market volatility. Leading the way was Icap’s EBS which saw average daily volume of $160.6 billion per day, a 17% rise from October 2009 and 9.4% up on September’s number. This makes October EBS’s third busiest month […]