Derivs - FX

Hong Kong Exchange, through its subsidiary OTC Clear, has launched a clearing service for cross-currency swaps, beginning with the dollar/offshore renminbi currency pair.

In this round-up, Hong Kong sees further drops in its RMB deposits base in June, new RMB futures contracts on the Hong Kong Exchange (HKEX) reach trading records in early August, and a Chinese regulator sets up a working group to prepare for the Shenzhen Connect launch. Plus, a recap of GlobalRMB's top stories this week.

Tullett Prebon has extended its land grab in hybrid voice brokerage across trading classes, with a foreign exchange platform launch this week adding to recent manoeuvres in other areas such as rates and credit derivatives.

The London Metals Exchange plans to offer a range of exchange traded and centrally cleared precious metal products, starting with gold and silver spot and futures contracts.

Tullett Prebon has teamed up with GMEX Group to launch a hybrid voice and electronic trading platform for foreign exchange options.

It was a tale of two interventions this week, as Japan underwhelmed markets with its stimulus plan while the Bank of England delivered more than expected, in moves that also sent the yen and pound reeling in different directions.

GlobalCapital is pleased to announce the preliminary shortlist of nominees for its Global Derivatives Awards 2016. Nominations are based upon market feedback and research conducted in recent months. Winners will be unveiled at a gala dinner in London in September.

Tradition has entered a strategic partnership with LMRKTS to execute and compress foreign exchange forwards contracts.

Deutsche Börse and CME Group have both reported double digit revenue growth in the second quarter, helped in part by a spike in derivatives trading volume around the UK’s vote to leave the European Union.

The costs incurred to centrally clear derivatives trades could be greater than transacting them bilaterally, US government researchers have argued, in findings that would deal a blow to regulators’ attempts to curb systemic risk in the global market.

Big moves in credit, equity and foreign exchange markets this week were magnified by mass unwinding of previously popular trades as investors capitulated to a reversal of fortunes for Japan and European banks.

Confusion reigns over Europe’s plans to impose margin on uncleared swaps, with the European Commission facing calls from supervisory bodies to pick up its pace on implementing the rules, as an industry survey found that banks are woefully unprepared to meet the deadlines.