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Exchanges & Clearing

ABN Amro Clearing Bank Joins DGCX as Clearing Member ABN Amro Clearing Bank has joined the Dubai Commodities Clearing Corporation, a wholly owned subsidiary of the Dubai Gold and Commodities Exchange (DGCX), as a special clearing member. This means ABN Amro clients will now be able to use the bank's global post-trade services to access DGCX. "ABN Amro Clearing is a global leader in clearing services and its addition to the DGCX community further demonstrates our ability to offer a platform for international banks to expand and build their global footprint in this region,” says Gaurang Desai, CEO of DGCX Group.
LCH Adds Its First Australian PPS Bank LCH has announced today that Commonwealth Bank of Australia (CBA) has become its first Australian Protected Payments System (PPS) bank. Having an Australian PPS bank enables LCH to make and receive Australian dollar payments in the local time zone. The PPS system is the method by which LCH calls and pays cash margin to its clearing members. As part of the membership criteria for LCH, members are required to maintain a PPS bank account. Overseen by the Bank of England, PPS has been in operation in London for over 20 years, and also operates in New York.
Citi Joins Tradebook FX as CCP Tradebook FX (TBFX), Bloomberg’s FX ECN, has reached an agreement with Citi for the bank to serve as a central clearing counterparty (CCP) on the platform. “We feel that the combination of Citi’s expertise in FX, and FXPB in particular, and market leading role in foreign exchange globally, coupled with the wide network of Bloomberg clients will be very synergistic,” says Tom Murphy, head of FX, futures and equity options sales at Bloomberg Tradebook. Citi will be the second CCP on TBFX
Bilateral Margining Driving Growth at LCH Clearing house LCH says its ForexClear service has seen 10 entities turn to actively clearing FX non-deliverable forwards in the past six months and that it has experienced a “significant” rise in cleared notional and trade count in 2016, with over $220 billion in notional cleared to date in September 2016. As of 23 September, the firm says over $1 trillion in notional has been cleared in 2016. “The uncleared margin rules that are coming into force across the world have been a catalyst for driving eligible and appropriate derivatives trades towards central clearing,” says Daniel Maguire, LCH’s global head of rates and FX derivatives.
CBOE to Buy Bats Global Markets for $3.2 Billion CBOE Holdings has confirmed its plan to buy Bats Global Markets for a total of approximately $3.2 billion, with trading across all asset classes expected to migrate onto a single platform utilising Bats’ proprietary trading technology. The transaction is expected to close in the first half of 2017, subject to regulatory approvals. While the Bats-owned Hotspot FX business is not expected to be materially impacted, the combination of CBOE’s futures platform and Hotspot’s spot FX products creates a unique opportunity, Chris Concannon, Bats' CEO, told Profit & Loss on a media call.
LCH Gets the Nod for Hong Kong LCH has added Hong Kong to the centres in which it can offer clearing services.
CME to Add Contract Months for MXN/USD Options CME Group plans to list additional contract months for the options on its MXN/USD futures contract on Globex. Effective September 11 2016, for trade date September 12 2016, CME will list nine additional contract months for these options. The exchange group already lists ...
CCP Risk, Resolution, Recovery Back in the Spotlight Three papers have been released focusing on central counterparty (CCP) risk and how CCPs should be resolved or recovered in the event of a failure. The Committee on Payments and Market Infrastructures (CPMI) together with the International Organisation of Securities ...
OTC Clear Claims First in USD/CNH Swaps Clearing OTC Clearing Hong Kong (OTC Clear) has launched a clearing service for cross-currency swaps (CCS), which will initially focus on swaps in the USD/CNH currency pair. OTC Clear is the first international clearing house to provide clearing for USD/...
CME Drops More FX Futures Contracts The CME Group has delisted its E-micro USD/JPY and E-micro USD/CHF futures contracts with immediate effect. The contracts were listed for trading on CME Globex as well as for submission for clearing via CME ClearPort. There is no ...