Tag: swaps

swaps

CFTC Clarifies Uncleared Swap Margin Rules

The Commodity Futures Trading Commission (CFTC) has issued an advisory noting that under its uncleared swap margin rules, the documentation of initial margin will not be required until the initial margin threshold amount exceeds $50 million. The CFTC says that this advisory was issued in furtherance of the March 2019 statement by the Basel Committee […]

CFTC Issues No Action Relief Regarding Swap Dealer Rules

The Commodity Futures Trading Commission (CFTC) has granted no-action relief to registered floor traders from compliance with rules relating to the “swap dealer” definition. According to the CFTC’s swap dealer definition, a registered floor trader does not need to consider cleared swaps executed on or subject to the rules of a designated contract market (DCM) […]

Peer-to-Peer Matching: FX HedgePool Tries a New Approach

There have been numerous attempts in the past to create buy side to buy side matching pools for FX, with very limited success. FX HedgePool is the latest venture seeking to do this and, as the company edges towards launch, Galen Stops takes a look at what it is doing differently. In April, Profit & […]

CLS Volumes Reflect April Slowdown

The average daily volume (ADV) of FX trades submitted to CLS in April was $1.63 trillion, down 12.5% from the $1.86 trillion reported in March 2019. This is consistent with previous reports from Profit & Loss showing that the multibank FX trading venues which publicly release their volumes all saw double digit decreases in percentage […]

In the FICC of It

After a week-long absence Profit & Loss‘ managing editor, Colin Lambert, and editor, Galen Stops, are back on the airwaves to discuss some of the most eye-catching items in the news recently. They begin with some reader feedback from stories published last week. Firstly, a story about the attempt by a futures exchange to introduce […]

Awards for Excellence in e-FX – Credit Suisse

Agency Swaps The starting point for this award is that we think, finally, e-ratios in FX swaps are going to climb and also that at some stage there will be an ECN-type venue or venues servicing the major dealers. If that is indeed the case then at some stage inevitably thoughts will turn to the […]

Exclusive: 360T Looks to Drag FX Swaps Trading into the 21st Century

As 360T prepares to go live with a new electronic marketplace for banks trading FX swaps, Galen Stops takes a look at the details behind the launch. “There’s been zero innovation in the FX swaps space for 20 years,” Simon Jones, chief growth officer at 360T, tells Profit & Loss. “So we decided last year […]

And Another Thing…

Here are three statements. “Fragmentation exacerbates the already inherent challenge – adequate liquidity – and increases market fragility as a result.” “Fragmentation leads to smaller, disconnected liquidity pools and less efficient and more volatile pricing.” “Divided markets are more brittle, with shallower liquidity, posing a risk of failure in times of economic stress or crisis.” […]

CLS Volumes Tick Up in March

The average daily volume (ADV) of FX trades submitted to CLS was $1.86 trillion last month, up 8% compared to February but largely flat compared to March 2018. The ADV of spot trades submitted to CLS was $439 billion, up 9.2% month-on-month and but down 8.5% year-on-year. The ADV of swaps was $1.31 trillion, up […]