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Thomson Reuters Launches FX CLOB in Nigeria Thomson Reuters (TR) launched an FX Central Limit Order Book (CLOB) for the Nigerian market, a move that it claims will enhance liquidity in the local FX market there and give the Central Bank of Nigeria (CBN) the tools to foster greater freedom in its financial markets. In launching the CLOB, TR says it worked closely with both the CBN and FMDQ OTC Securities Exchange (FMDQ), a Nigerian debt capital and FX securities exchange, with the goal of creating an orderly framework for the Nigerian FX market.
Firms Missing Out on China Boom Despite RMB Uptake Nearly a quarter of global businesses are now using the renminbi (RMB) to trade with China, yet only two in five firms are aware of the trade initiatives being put in place by the Chinese government to facilitate cross-border trading, a HSBC Commercial Banking survey shows. Of the 1,600 decision-makers polled, 24% of companies that are trading with China say they now do so using the renminbi, up from 17% last year. But just 41% said they were aware of the government’s flagship Belt and Road initiatives, intended to generate USD2.5 trillion of cross-border commerce annually through policy and infrastructure developments, including plans to boost trading connectivity.
Survey: SMEs Struggle with FX Volatility Managing FX volatility is the most common problem facing small and medium enterprises (SMEs) when making international payments, according to a new survey from Afex. Of the more than 500 SME respondents to the survey, 43% cited managing FX volatility as the biggest challenge to making international payments, which Afex claims highlights the role that the range of hedging products has in helping firms to manage their FX exposures. The next biggest challenge, according to the survey results, was the cost of making payments and ensuring that payments are made correctly, which 26% and 18%, respectively, cited in their responses.
Lucera Launches Pre-Trade Credit, TCA Tools Lucera has launched two new products to complement their LumeFX platform The LumeFX credit service provides pre-trade credit monitoring that can be set up on a hierarchical basis to alert prime brokers, or clients of prime brokers that are also extending credit, when one of their clients is reaching their credit limit. “We’re getting a lot of traction in the prime-of-prime market with this product, following a shift in the industry where traditional prime brokers are not extending as much credit as they used to.
And Another Thing... Profit & Loss's Scandinavia conference was a great success which once again provided some really good discussions over a range of issues from regulation and conduct, through macro-economics, to intelligent execution and liquidity. I would love at this point to provide you all with a cutting edge analysis of some of the key themes but I am afraid the event was over-shadowed by one discovery, which was clearly the creation of a local market expert and genuinely in one of the funniest things I have seen in FX circles for quite a while
What is(n't) Going on in the Rand? Dealers are talking about an interesting, and for the foreign exchange market, unusual, reaction to the latest political upheaval in South Africa. News that finance minister Pravin Gordhan had been summoned to be interviewed by police saw a sharp move ...
RMB Moves Back Up to Fifth in Swift Rankings Data from Swift shows that in July RMB bounced back to its position as the fifth most active currency for global by payments by value, with a share of 1.90%, a slight increase from 1.72% in June 2016. Overall, the data shows that ...
And Finally... So, back in the saddle after two weeks without a decent Internet connection – it’s at this point that I bemoan that fact but I’m sure you all know how upset(!) I was so I won’t bother – and ...
Chinese RMB Not a Safe Haven Currency, Study Finds The Chinese offshore convertible renminbi cannot currently be considered a safe haven currency, and neither does it appear to be on the path of becoming one, a study published by the Federal Reserve Bank of Dallas suggests. The study analyses ...
RMB Sixth Most Popular Payments Currency in June, Down YoY The Chinese Renminbi has seen a slight slowdown in terms of global payments by value in June, being surpassed by the Canadian dollar and standing as the sixth most popular currency, according to Swift. Swift data shows that the RMB ...