ISDA Urges Support for New Ibor Fallbacks

The International Swaps and Derivatives Association (ISDA), has published a statement strongly urging adherence to the association’s Fallback Protocol as part of the financial markets industry’s switch from Ibors to risk-free rates (RFRs). ISDA is planning to amend certain ‘rate options’ in its 2006 Definitions to include fallbacks that would apply upon the permanent discontinuation […]
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Sucden Adds TY3 Connectivity

Sucden Financial has launched its TY3 (Tokyo) matching engine, in conjunction with FlexTrade Systems. The new matching engine targets Asia-Pacific clients, providing a reduction in cross-region latency and an overall enhanced experience, with improvements to liquidity and price discovery during Asia trading hours. Combined with Sucden Financial’s established NY4 and LD4 infrastructure, the addition of […]
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ISDA Unveils Risk-Free Adoption Indicator

The International Swaps and Derivatives Association (ISDA) has launched a new indicator to monitor the adoption of alternative risk-free rates (RFRs) in derivatives trading. The indicator, developed in conjunction with Clarus Financial Technology, will provide a monthly snapshot of RFR trading activity in interest rate derivatives (IRD) markets, based on global cleared OTC and exchange-traded […]
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US Confidence Plunges on COVID Rebound

The Conference Board’s US consumer confidence index fell to a reading of 92.6 in July from an upward revised 98.3 reading in June, with concerns about the resurgence of COVID-19 cases cited by Conference Board. Analysts had expected the July index to fall to 95.7 from the originally reported 98.1 reading in June. The index […]
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FMSB Publishes Spotlight Review on Remote Working Risks

The FICC Markets Standards Board (FMSB) has published a Spotlight Review which examines remote working risks in FICC markets. Following COVID-19 being declared a global pandemic and the closure of many offices, FMSB formed a working group of members and other interested market participants to consider the impacts of financial services activities being undertaken by […]
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DSB to Add Tech Forum Members

The Derivatives Service Bureau (DSB), founded by the Association of National Numbering Agencies (ANNA) is seeking to add members to its Technology Advisory Committee (TAC). DSB was founded to facilitate the allocation and maintenance of International Securities Identification Numbers (ISINs), Classification of Financial Instrument codes (CFIs) and Financial Instrument Short Names (FISNs), for OTC derivatives, […]
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ACI FMA, NYCDL, File New Amicus Curiae in Johnson Case

As former HSBC FX cash trading head Mark Johnson takes his case to the US Supreme Court, ACI – The Financial Markets Association (ACI FMA) has filed a second Amicus Curiae to support his efforts to have his case heard and conviction overturned. Additionally, the New York Council of Defense lawyers (NYCDL), a not-for-profit professional association […]
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CLS Activity Up in June, Down Y-o-Y

CLS says that average traded FX volume submitted to the settlement service was $1.78 trillion per day in June, a 20% increase from May and broadly reflecting the gains reported by FX trading platforms earlier this month. Year-on-year activity did decline, however, by 5.5%. Looking at the product segments it was a similar picture, spot […]
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FSB, Basel Committee, Reinforce Libor Transition Message

The Financial Stability Board (FSB) and Basel Committee (BCBS) have published a report, Supervisory issues associated with benchmark transition, in which they observe that “continued reliance of financial markets on Libor poses clear risks to global financial stability”. The report acknowledges that transition away from Libor by end-2021 requires significant commitment and sustained effort from […]
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WM/R at Heart of Singapore Concerns over LSEG, Refintiv Merger

Singapore’s Competition and Consumer Commission (CCCS) says it wants a full, in-depth review of the proposed takeover of Refinitiv by London Stock Exchange Group (LSEG), citing in particular the dominant position of the WM/R FX benchmark as a concern going forward. Based upon information supplied by the parties, the CCCS says it has raised competition […]
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