Bloomberg Selected as Benchmark Fallback Vendor

The International Swaps and Derivatives Association (ISDA) has announced that Bloomberg Index Services Limited (BISL) has been selected to calculate and publish adjustments related to fallbacks that ISDA intends to implement for certain interest rate benchmarks in its 2006 ISDA Definitions. Bloomberg was chosen following an in-depth selection process, which began with a public invitation to […]
Read More »

CLS Launches Same Day Settlement Service

CLS has unveiled CLSNow, a same day settlement service that was first mooted in September 2017. The bilateral, same-day FX gross payment-versus-payment (PvP) settlement service has been launched with JP Morgan and Goldman Sachs as the first banks to go live. The firm says CLSNow enables banks to exchange currency positions with mitigated settlement risk […]
Read More »

ISDA Publishes Preliminary Results of Benchmark Fallback Consultation

The International Swaps and Derivatives Association (ISDA) has published a statement summarising the preliminary results of its supplemental consultation on adjustments that would apply to fallback rates in the event certain interbank offered rates (Ibors) are permanently discontinued. The consultation was launched in May, and set out options for spread and term adjustments if fallbacks are triggered […]
Read More »

UK Execution Data Returns to Trend, but Concerns for Single Dealers?

Within the UK’s FX Joint Standing Committee (JSC) report on FX turnover, the data on execution styles suggests a return to trend on the part of the channels through which participants are trading. The last two reports from the UK have been notable for a significant surge in spot business executed via the voice channel, […]
Read More »

Interest Rate Risk Helps Steady FX Volumes

Although spot FX markets have been characterised as existing in a very low volatility and volume environment, the same cannot be said for the interest rate space, and that has enabled FX volumes to remain steady over the past year according to data from six regional FX committees. The FX committees of the UK, US, […]
Read More »

Basel Committee, IOSCO Agree to One Year Delay on Margin Rules

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) have announced a one year delay to the final phase of the implementation of the margin requirements for non-centrally cleared derivatives. The two bodies say they acknowledge the progress that has been made to implement the framework, the final phase of […]
Read More »

GFXC Updates on Working Group Progress

The Global Foreign Exchange Committee (GFXC) has released materials from its last meeting in Tokyo, including progress reports from its various working groups, a new illustrative example on “cover and deal” trading activity and a presentation on flash crash events in foreign exchange markets. The new cover and deal example, to be included in the […]
Read More »

Global FXC Names New Vice Chair; Details Review

The Global Foreign Exchange Committee (GFXC) has released further detail from its 22-23 May meeting in Tokyo, during which the committee discussed its mandate to consider the case for a comprehensive review of the FX Global Code at least every three years. “The FX Global Code has been in place for a few years now […]
Read More »

Qantas Commits to FX Global Code

Qantas has become the first Australian corporate treasury to sign a Statement of Commitment (SoC) to the FX Global Code. The SoC has been listed on the AFMA/ACI Australia FX Global Code Register. In a release, AFMA says widespread adoption of the Code contributes to the effective functioning of the foreign exchange market and that […]
Read More »

UK Regulator Recognises FX Global Code

Following a consultation process, the UK’s Financial Conduct Authority (FCA) has formally recognised two financial market codes of conduct, the FX Global Code and the UK Money Markets Code. To support and encourage the development and use of best practice industry codes of conduct, the FCA created a process to formally recognise those codes covering […]
Read More »