Tag: clearing

clearing

Atlas Bank Eyes a New Model for FX Clearing

Galen Stops takes a look at how Atlas Bank is taking a new approach to prime banking and clearing processing in Latin America’s FX markets. Atlas has been around for quite some time now, and in fact has a long history in the FX industry. The group initially formed in 1994 with the launch of […]

SocGen Begins Supporting Eurex FX Futures

Societe Generale (SG) is now supporting Eurex FX futures, from clearing to trading. SG’s clients will now be able to trade FX on Eurex, while any of the exchange’s clients will be able to execute bilaterally off-exchange against the bank or to move between OTC FX and listed FX using exchange for physical (EFP). Chris […]

Atlas Bank Granted Credit Rating by Moody’s Subsidiary

Atlas Bank has been granted a BBB- rating and a stable outlook by Equilibrium, an affiliate of Moody’s Investors Service that provides credit rating services in Latin America. The bank claims that this makes it the first bank in Latin America providing clearing and settlement services to have obtained such a credit rating, which it […]

LedgerX Gets Nod for Physically Settled Bitcoin Derivatives

The US Commodity Futures Trading Commission (CFTC) has approved LedgerX, a cryptocurrency trading venue, as a Designated Contract Market (DCM). This will allow LedgerX to offer bitcoin spot and physically settled derivatives contracts to retail clients, which it plans to do through its new platform, LedgerX Omni. Founded in 2014, LedgerX obtained approval to act […]

Citi Report Advocates New FXPB Pricing Model

New regulations will increase the cost of FX prime brokerage (FXPBs) services and all market participants – including executing brokers (EBs) – will have to share these costs, says a new report from Citi.The report, Collateral Damage? How Uncleared Margin Rules Will Revolutionise the FXPB Business Model, argues that FXPB is entering a “new market paradigm” driven by upcoming regulatory requirements that will increase both the value proposition and the cost of the services that they provide.The Uncleared Margin Rules (UMR) alluded to in the title of the report require market participants to post and segregate initial margin (IM) for derivatives transactions, including FX forwards, swaps and options, that are traded bilaterally.

In the FICC of it

Following on from Profit & Loss’ recent Forex Network New York event, Galen Stops gives picks out a few key themes from each panel session for discussion with Colin Lambert.On the trading side, they talk about whether there is such thing as “the wrong kind of volatility”, Stops says that panellist responses to a Brexit question perfectly sums up the confusion around recent political events in the UK and they question whether the industry has become so good at trading FX that it’s effectively killed market.Looking at trends around credit intermedation, Stops reveals that there is an emerging debate about whether more buy side firms will gravitate towards the FXPB or centrally cleared model and the pair discuss why it might be inevitable that market participants will pay more for PB services in the future.

In the FICC of It

There is much for listeners to enjoy in this week’s podcast as Colin Lambert tries to sound intelligent on credit, clearing and crypto, three subject with which he has the loosest connection. Luckily Galen Stops is on hand to provide the voice of reason as our two podcasters discuss how prime brokers and their preferred target customers are poles apart on what the PB service should look like. The potential for big change is there, says Stops, but what, if anything, is going to trigger it?
This week’s podcast also looks at a new ETF launched in the crypto space, which, Stops explains, seeks to provide investor access to “digital assets”. Putting aside Lambert’s inevitable cynicism – “is ‘digital assets’ just another phrase for cryptocurrencies?” – the development is an interesting one, for as he asks, ‘does this make the technology underpinning the crypto world the asset in question?’
Luckily for him and sadly for listeners, Lambert does get to sound off about how the FX market is radically different from even 15-20 years ago, and of course he has a theory about why that is. He also gets to re-live his childhood thanks to Stops asking him, “If you were trading now, what would you do with Cable?”

Credit Pricing Under the Spotlight at P&L New York

In recent years there has been a significant re-pricing of credit, but are there more adjustments to come?This will be one of the key themes addressed by speakers at the upcoming Profit & Loss conference on March 27.Senior figures at Eaton Vance, Citi and JP Morgan will discuss some of the key factors impacting how credit is priced in the FX market, and discuss the major trends shaping post-trade decisions amongst trading firms.Talking points for the event will include:How are the structures of FXPB businesses changing in response to client demands?

360T: Executing On Its FX Strategy

2018 saw 360T – part of Deutsche Börse Group since 2015 – make a number of changes to its business, both internally and externally. Internally, there was a significant turnover within the group’s senior management. Alfred Schorno left after 15 years at 360T, with Sebastian Hofmann-Werther replacing him as head of EMEA at the firm; Christian Schuhegger left his role as head of technology and was replaced by Jens Kramer, and Matthew Kuppe changed from having a regional role covering APAC to a product-focused role based in Sydney, with Andrew Jones named as managing director for APAC in his stead. In addition, Jens Quiram (Eurex) was added to the group’s executive board and Vincent Sangiovanni joined as part of the GTX acquisition that was announced in May 2018 and retains responsibility for running that platform. “

360T: Executing On Its FX Strategy

2018 saw 360T – part of Deutsche Börse Group since 2015 – make a number of changes to its business, both internally and externally. Internally, there was a significant turnover within the group’s senior management. Alfred Schorno left after 15 years at 360T, with Sebastian Hofmann-Werther replacing him as head of EMEA at the firm; Christian Schuhegger left his role as head of technology and was replaced by Jens Kramer, and Matthew Kuppe changed from having a regional role covering APAC to a product-focused role based in Sydney, with Andrew Jones named as managing director for APAC in his stead. In addition, Jens Quiram (Eurex) was added to the group’s executive board and Vincent Sangiovanni joined as part of the GTX acquisition that was announced in May 2018 and retains responsibility for running that platform. “