Industry turns to utility as CLS emerging markets push stalls
Icma ERC continues to push for plans to improve Bridge settlement times
RMB volumes set for growth but settlement remains an issue
Working with banks and CCPs to facilitate central clearing of OTC forex options is 'high priority strategic initiative' for CLS this year, says chief executive David Puth
Divide and rule
Speaking at the FX Invest West Coast conference, the New York Fed's Jeanmarie Davis addressed the challenges associated with clearing and settlement of forex options
Is fully compliant SSI data finally in sight?
Greater use of capital and collateral to mitigate all risks relating to foreign exchange trading is crucial, warns head of financial market infrastructure at the New York Fed
Having added Swedbank and Lloyds as settlement members in the past two years, CLS has committed itself to further expanding its membership and its currencies
In comment letters published last week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
The revised guidance on managing settlement risk could distort the forex market if implemented inconsistently, but should ultimately lead to greater use of CLS, say market participants
Governance, replacement cost risk, liquidity risk, operational risk and legal risk are among the issues forex dealers must address, according to newly released Basel Committee guidance
David Puth will become the next chief executive of CLS, starting next week, the settlement risk utility announced today
A new consultation paper on risk management practices in the FX market will be released in the third quarter – and may be published as early as this month
Updated guidance on foreign exchange settlement risk from the Basel Committee and CPSS was originally expected by the end of 2011, but now has an expanded remit
The central settlement utility is feeding greater resources into expanding its universe of currencies, according to chief executive Alan Bozian
The Bank of Thailand and the country’s leading banks are moving to ensure the country’s payments systems do not grind to a halt due to Thailand’s worst flooding in 50 years. So far, Thailand’s high value settlement system as well as cash reserves...
The cash must flow
Moves to overhaul Chaps will cut risk for central bank as well as members, says Chris Salmon, chief cashier at the Bank of England
Bank of Japan Policy Board member Ryuzo Miyao says in-house power generation at central bank branches would support settlements systems ahead of planned power shortages
DBS to debut CNH structured notes in Singapore; close-out settlement backstop in place to deal with China policy u-turn
DBS is set to become the first financial institution to offer renminbi structured notes and unit trust to private banking clients in Singapore on February 28. The bank has also drawn up contingency plans to address the policy risk of Beijing changing...
68% of respondents to FX Week online poll believe CLS should be central clearer for FX products, but CLS insists it remains focused on mitigating settlement risk
HKEx plans to beef up its risk management following the bankruptcy of Lehman Brothers in September 2008 by introducing margin rules and seeking more funds from cash clearing members. The move would bring cash clearing more in line with existing derivatives...