CME Optimistic for FX Futures Despite Low Volatility

CME Group sees cause for optimism as it reached a new single-day volume record for its FX futures of 2.7 million contracts on December 11, amid what has otherwise been a broadly subdued year of trading in the currency markets. Given that, aside from the Mexican peso, the majority of FX trading on CME takes […]
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FX Settlement Risk Has Increased; Exposures Down: BIS

FX settlement risk has increased since 2013 according to the Bank for International Settlements (BIS), both in relative and absolute terms, however the gross market value of outstanding FX and OTC derivatives has fallen, thanks largely to the growth in clearing. An article in the bank’s latest Quarterly Review says that in spite of “significant […]
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In the FICC of It

This week’s podcast starts with a bombshell that leaves Galen Stops reeling and lost for words before he and Colin Lambert get into the details with a look at the results of the first day of the Global FX Committee’s deliberations this week. Lambert highlights one of two challenges he believes the committee face, not […]
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FIA Delivers Execution Source Code to CME Globex

FIA and FIA Tech have announced the successful implementation of execution source codes at CME Group. Over the last several months, the three entities have worked with market participants to make what they term “the necessary adjustments” to trading systems to support a new industry standard, which will allow for greater automation and efficiencies in […]
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Eurex Begins Clearing Euro Short-Term Rate Swaps

Eurex Clearing has cleared its first euro short-term rate (€STR) swap trades. The clearing house claims that this represents an important milestone in both the establishment of €STR as the new benchmark risk-free rate, and in expanding Eurex’s EUR-denominated product offering. BNP Paribas, Citi, Deutsche Bank, JP Morgan, Landesbank Baden-Württemberg (LLBW), Morgan Stanley, Nordea and […]
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Integral Teams Up with Jefferies for TrueFX Launch

Integral has partnered with Jefferies to launch a new liquidity network called TrueFX, which aims to leverage the former’s technology and the latter’s credit intermediation services to reduce trading costs for buy side firms, which includes retail brokers, macro hedge funds, prime of primes, and regional banks. Essentially, the aim of this initiative is to […]
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CME FX Link Hits New Peak

CME Group says that its FX Link service achieved a record average daily volume of 20K contracts for October, equivalent to $2 billion in notional value and says the growth reflects “the perspective of a growing number of participants that FX Link is a viable proxy for FX swaps and a proven vehicle for macro […]
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DekaBank Moves Trades from LCH to Eurex Ahead of Brexit

With the UK still headed for a Brexit in 2020, subject to December’s General Election, German banking group DekaBank, the securities services provider of the German Savings Banks Finance Group, has successfully transferred a substantial portion of its swap book from UK-based LCH to Frankfurt-based Eurex Clearing in a single day. What the firm calls […]
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HKEX Eyes FX Clearing Growth

Hong Kong Exchanges & Clearing (HKEX) becomes the latest major exchange group to identify FX clearing as a growth area, after announcing last week that its OTC Clear service handled its first deliverable FX swaps and forward contracts. The banks involved in the transaction – which was hailed by HKEX as “a step forward in […]
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CME, Bakkt, Outline Bitcoin Option Details

CME Group has released details of its options on bitcoin futures, which were announced in September and are targeted for launch in Q1 2020. As expected, each contract is to be based on one of CME’s bitcoin futures contracts, which in turn consists of five bitcoin, and will be settled into one futures contract when […]
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