Franck Mikulecz, managing director of the newly established clearing house FXCH, explains why
and how his firm is using distributed ledger technology to clear spot FX
Profit & Loss: You’ve launched a clearing house to clear spot FX using ...
Sofiane Saidi is set to leave LCH Clearnet, where he currently works in NDF and FX options product development, according to market sources.
Profit & Loss understands that although no official date has been set for Saidi’s departure from the ...
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
ForexClear, LCH Clearnet’s centrally cleared FX operation, reported record volumes in October, driven in large part by activity in Latin American currencies.
The CCP cleared $500 billion in notional in October, with over 20,000 trades cleared in just one week and almost 80,000 cleared during the entire month.
By contrast, in July less than 20,000 contracts with a notion value of less than $125 billion were cleared at the CCP.
ForexClear says that while an increase in Asia currency NDF volumes helped drive this growth, Latin American currencies saw and even greater increase in activity, with $64 billion of BRL fixing at the end of the month.