CFTC, BoE Sign Cross-Border Clearing MOU

The Commodity Futures Trading Commission (CFTC) and the Bank of England (BoE) today announced that they have signed an updated Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of clearing organisations that operate on a cross-border basis in the US and UK. The MOU strengthens the relationship between […]
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Virtu Expands Broker-Neutral FX Offering

Virtu Financial today announces several product and service enhancements in its broker-neutral FX offering, supporting the firm’s aim to deliver a one-stop solution for buy side FX execution. Virtu’s new offerings include an execution management platform for FX, broker-neutral access to dealer liquidity, FX trade analytics and data, as well as FX post-trade services. The […]
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CLS and SigTech Collaborate

CLS and investment manager technology provider SigTech have announced a collaboration to provide CLSMarketData clients with access to SigTech’s back testing environment and analytics platform. Through the collaboration, CLS clients will have the option to use SigTech’s cloud-hosted Python-based research platform to perform tailored analyses of CLSMarketData. It will address, CLS says, increasing demand from […]
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Investors Still Overpaying for Currency Hedging: Study

A new study by Lumint Corporation and New Change FX (NCFX) argues asset managers are “turning a blind eye” to FX costs and passing these costs directly on to end investors by means of a lower net asset value. The study finds the average transaction cost of an overlay FX hedge is $267 per million, […]
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First Digital Currency Launched on Corda

UK co-operative Cordite Society has launched XDC, the first public blockchain Corda Network digital currency, leveraging the existing UK legal structure for mutual societies to operate a digital currency, and thus providing the first onshore legal structure for decentralised finance (DeFi). XDC, is an exchange token, released onto the Public Corda network, a publicly-available internet […]
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Regulation Changing the Face of PB: New York Fed

A new paper by the Federal Reserve Bank of New York’s Liberty Street Economics unit highlights the changing relationships between hedge funds and prime brokers – specifically that funds are spreading their business wider and that the large dealer-affiliated PBs are suffering disproportionately. The paper, How Has Post-Crisis Banking Regulation Affected Hedge Funds and Prime […]
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Perkins, Wilson, to Lead Citi Clearing and PB Unit

Sources familiar with the matter tell Profit & Loss that Chris Perkins, head of Citi’s FX prime brokerage and OTC clearing business, and Sabrina Wilson, head of futures, OTC clearing and prime brokerage division in Europe, have been named co-heads of the bank’s futures, OTC clearing and prime brokerage business under the banner FCX. Perkins […]
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FSB Publishes Libor Transition Roadmap

The Financial Stability Board (FSB) has published a global transition roadmap for Libor that sets out a timetable of actions for financial and non-financial sector firms to take in order to ensure a smooth transition by end-2021. In July the FSB reaffirmed that financial and non-financial sector firms across all jurisdictions should continue their efforts to make wider […]
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SGX Partners with Baton on Collateral Workflow

Singapore Exchange (SGX) has integrated with Baton Systems, a provider of post-trade solutions for capital markets, to automate and standardise the end-to-end collateral workflow for its clients. Baton’s platform normalises and harmonises data and collateral workflows for integrated central clearing counterparties (CCPs). As a result, SGX’s clients will have access to consolidated intra-day information in […]
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TransFICC Enhances Messaging Service

TransFICC, a provider of low-latency connectivity and workflow services for fixed income and derivatives markets, today announced the completion of a dedicated enhancement to Aeron messaging. Designed for the Cloud or Deployed servers, TransFICC says Aeron is the fastest available platform, capable of managing more than 80,000 messages a second on a single thread, while […]
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