ISDA Publishes Final Consultation on Benchmark Fallbacks

The International Swaps and Derivatives Association (ISDA) has launched a new consultation to finalise the methodologies for the adjustments that will be made to derivatives fallbacks in the event certain interbank offered rates (Ibors) are permanently discontinued. The latest publication follows two earlier consultations, which set out options for the adjustments that will apply to […]
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The FX Market’s New Benchmark – $6.6 Trillion

The number used globally to measure the size of the FX market will be set at $6.6 trillion per day after the Bank for International Settlements (BIS) released the results of its Triennial Survey for Foreign Exchange Turnover. The BIS says that globally $6.59 trillion was executed daily across FX products in April 2019, a […]
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The Inexorable Rise of the “Others”

A notable figure in this year’s Bank for International Settlements (BIS) survey of FX turnover highlights the increasingly important role of firms like retail aggregators in the FX market. While in the 2016 survey the “Other” category of the Other Financial Institutions segment of the report (this is largely the retail aggregator/prime-of-prime sector) was responsible […]
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Financial Firms Plan to Increase Cloud Usage: Survey

Financial institutions across the globe will allocate almost half (48%) of their IT budget to spending on public cloud services in 2020, up from 41% this year and 34% in 2018, according to the results of Refinitiv’s latest research into the use of cloud technology for financial data. The findings are based on a survey of 300 […]
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P&L Talk Series: Kim Winding Larsen

Days after being confirmed as the next President of ACI – The Financial Markets Association, Kim Winding Larsen talks to Colin Lambert about the job facing him and what he wants to achieve in his new role. Colin Lambert: You have been involved with ACI FMA – and Danske Bank – for a long time; […]
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And Finally…

Forex Network Chicago takes place later this month, from September 23-25, you can register here, and in our efforts to keep the events fresh we have introduced two “Ask the Experts” sessions where audience members – and P&L readers – can ask questions of a panel of specialists in their field. This year’s conference has […]
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MAS Established Benchmark Transition Team

The Monetary Authority of Singapore (MAS) has announced the establishment of the Steering Committee for SOR Transition to SORA. The committee will oversee an industry-wide interest rate benchmark transition from SOR to SORA. SOR is a key interest rate benchmark in Singapore that is used in the pricing of SGD interest rate derivatives, commercial and retail […]
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And Finally…

I have been away from the FX world for a week looking at strange fish, playing golf and trying my hardest to ignore the “real world”. Therefore, while I catch up on a week’s emails and stories, I will point you in the direction of a webcast and transcript of a session I moderated recently […]
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BoE Governor Raises the Prospect of a Global Digital Reserve Currency

In a speech at the Jackson Hole symposium at the weekend, Bank of England Governor Mark Carney raised the question of a global digital reserve currency, asking whether it may not be the most suitable long term solution to reform of the international monetary and financial system (IMFS). In a wide ranging speech on the […]
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DSB Survey Finds Demand for Analytics Functionality

The Derivatives Service Bureau (DSB), founded by the Association of National Numbering Agencies (ANNA) 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, has announced the results of its second 2019 industry consultation. The survey reveals “a […]
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