CLS Joins the Record Setting

FX settlement utility CLS is the latest market function to unveil record turnover in March following a raft of platforms doing the same earlier this month. CLS says that it handled $2.194 trillion per day across FX products, with increases in all segments. This represents a 21.1% increase from February and a17.8% rise year-on-year. Spot […]
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JPM Launches FX Pricing Engine in Singapore

JP Morgan has become the latest FX player to establish an e-FX trading and pricing engine in Singapore as it seeks to speed up execution for clients in the region. It joins a host of trading firms and platforms to set up a presence in the city state as part of a plan announced by […]
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Trump Sees “Horrible” Next Few Weeks

White House Watch: US President Donald Trump Tuesday night warned the nation that the virus has become a “dark, epic and incredibly horrible” challenge that threatens to kill Americans by the hundreds of thousands. Trump, saying he wants to be a “cheerleader for our country”, nevertheless drew on the most stark and galvanising language of […]
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RBI Opens NDF Trading to Onshore Banks

The Reserve Bank of India (RBI) has announced that as of June 1, onshore banks will able to transact in the Indian rupee (INR) NDF market. The announcement was made as part of a raft of measures by the central bank as it strives to cope with the Covid-19 pandemic. Noting that the offshore INR […]
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Gruesome Virus Developments Hardly News Any More

Virus infection cases kept multiplying in the US Thursday, death tolls kept going up, more governors and mayors ignored President Trump’s dream of packed churches on Easter and the US kept mostly ignoring the kind of contact tracing that slowed the virus to a crawl elsewhere. By one count, the US number of infection cases […]
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XTX Commits £20mn to Charities Battling Covid-19 Effects

XTX Markets is committing £20 million to three funds battling the effects of COVID-19. The funds are to help bring immediate relief for frontline workers in hospitals caring for those with the disease, as well as those in New York City who are unable to get access to food during these difficult times. XTX has […]
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GFXC Issues Statement on Market Conditions

With increased focus on the impending quarter end WM Fix, the Global Foreign Exchange Committee has issued a statement reminding market participants of their responsibilities in what is likely to be a challenging market environment. In the statement the GFXC says given the intense volatility seen in global financial markets this month, it is possible […]
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Trade Associations Urge UMR Implementation Delay

In response to the COVID-19 pandemic, 21 financial industry associations have submitted a letter on behalf of their members requesting BCBS (Basel Committee on Bank Supervision), IOSCO (International Organization of Securities Commissions), and other global regulators to suspend the current timeline for the initial margin phase-in. The letter says this will to allow market participants […]
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Virus Still Unchallenged in US and Dominating the Narrative

The coronavirus, heedless of the new battle of narratives, is steadily spreading mostly unseen Tuesday in and beyond the “hotspots” as US cases topped 50,000, more than half of them around New York City. Fearful that infected New Yorkers fleeing the city will seed other virus hotspots elsewhere, the two most senior government experts in […]
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VaR Shock Has Led to “Clean” EM Positions: Morgan Stanley

New research from Morgan Stanley has concluded that emerging markets investors faced a “VaR shock” in the first two weeks of March which led to the “unprecedented” weakness in EMFX markets as they cut overweight positions., but that shock has passed. The research, by Min Dai, head of Asia Rates and FX strategy at Morgan […]
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