Derivs - FX

Clearing houses must implement recovery plans and avoid resolution, or they risk destabilising financial systems, according to guidance by the Bank for International Settlements and the International Organization of Securities Commissions.

French corporates have been picking up accumulators on the euro against the US dollar as a tool to buy euros for a more favourable exchange rate by selling volatility in return.

Regulators should be cautious when proposing a clearing mandate for non-deliverable forwards due to the global nature of the fx market, along with regulatory differences between the US and Europe that have yet to be resolved.

Benjamin Fussien, who worked in institutional sales of equities, derivatives and exchange-traded funds at Carax in Paris, has joined Euronext as head of ETFs and investment funds, also in Paris.

Swap execution facility TeraExchange has executed the first bitcoin derivatives transaction between bitcoin firm digitalBTC and an unknown hedging company.

Market participants have been trading very short-dated options on the euro against the dollar in a bid to hedge other cash positions that they still have on the currency pair.

THEAM, a €40bn asset management division of BNP Paribas, plans to buy a nine-month put butterfly on the euro against the dollar to express a bullish dollar position in the coming weeks.

William Knottenbelt, senior managing director; Europe, Middle East and Africa and ceo at CME Europe in London, has been promoted to senior managing director, international at the firm.

The Foreign Exchange Benchmarks Group has recommended the fixing window used to calculate FX rates should be widened from its current width of one minute, following its review of major FX benchmarks on the back of allegations that FX fixing rates were being manipulated.

Market participants have been picking up options on the New Zealand dollar against the US dollar following a recent spike in volatility, due to the Reserve Bank of New Zealand's intervention in the FX market.

Market participants may have been making the shift to adopting overnight indexed swap (OIS) discounting for swap portfolios since 2007, but this year the focus has shifted to include the challenges surrounding credit valuations and a whole host of other complications.

Jamie Gavin, ex-executive director of operations and global head of change for listed derivatives and over-the-counter clearing at Morgan Stanley, has joined brokerage Newedge as head of institutional OTC clearing sales for the UK.