Month: November 2019

Eurex Begins Clearing Euro Short-Term Rate Swaps

Eurex Clearing has cleared its first euro short-term rate (€STR) swap trades. The clearing house claims that this represents an important milestone in both the establishment of €STR as the new benchmark risk-free rate, and in expanding Eurex’s EUR-denominated product offering. BNP Paribas, Citi, Deutsche Bank, JP Morgan, Landesbank Baden-Württemberg (LLBW), Morgan Stanley, Nordea and […]

CLS October Volumes Show Slight Decline

The average daily volume (ADV) of FX trades submitted to CLS in October was $1.79 trillion, down from $1.84 trillion the previous month, but up 4.6% from the $1.71 trillion reported in October 2018. An ADV of $415 billion in spot FX trades were submitted to CLS last month, which actually represents a 2.2% increase […]

And Finally…

I am writing this sitting in a US airport awaiting my flight home – that airport is JFK in New York and, thanks to a short delay, I cannot help but think that just a few years ago it was here that Mark Johnson was arrested and commenced a period of hell that few, if […]

In the FICC of It

There is a long run list for this week’s In the FICC of It podcast, which kicks off with some welcome listener input into last week’s questions of algos intentionally losing money to throw the “order sniffers” off the scent and the challenges facing Singapore’s efforts to build an FX liquidity hub. Colin Lambert and […]

Time for a New Approach to Currency Hedging?

The fact that FX volatility has largely remained subdued despite plenty of geopolitical turmoil has implications regarding how firms think about currency hedging, said speakers at Profit & Loss Forex Network Chicago. For example, Peter Azzinaro, managing director, global macro, portfolio management at Manulife Investment Management, explained that his firm foresaw at the end of […]

Virtu Adds Benchmarks for FX TCA

Virtu Financial is expanding its FX transaction cost analysis (TCA) offering with the addition of new high precision, low latency FX TCA benchmarks. The new FX benchmarks leverage Virtu’s technology platform and experience as a liquidity provider to the global FX markets to provide Virtu’s unbiased view of fair value at any point in time. […]

Baton, JP Morgan Form Margin Payments Solution

Baton Systems, a provider of distributed ledger technology (DLT)–based post-trade solutions for capital markets, and JP Morgan have developed a solution that enables near real-time cash and collateral transfers to multiple clearing houses. The new service addresses the challenge of having to tie-up excess funds across the clearing workflow by integrating settlement instructions for custodians […]

CLS Now Offering FX Forward Data

CLS is releasing an FX forward volume data set as part of its suite of executed trade data products. This data focuses on outright forwards and swaps, providing an aggregated view of the forward market and therefore confirming pricing models for forwards and swaps. This is CLS’s first data product for the FX forward market […]

Citi Launches Calculation Tool for UMR Requirements

Citi has launched a new tool to help buy side firms cope with the Uncleared Margin Rules (UMR) that are due to come into effect over the next two years. Financial institutions such as asset managers, pension funds and insurance companies are scheduled to come into scope of the regulations based on volume thresholds that […]

Barrow to Head Refinitiv’s Benchmark, Index Business

Refinitiv has appointed Shirley Barrow as global head of its benchmarks and index business. Barrow will report to Pradeep Menon, managing director of investing and advisory, as a member of the investing and advisory (I&A) proposition leadership team and will assume responsibility for Refinitiv’s benchmarks and index business, including the WM/Reuters business. Barrow joined Refinitiv […]