Michael Spencer, the group CEO of Icap, claimed to be
“cautiously optimistic” about his firms’ future prospects despite heightened
uncertainty surrounding the macroeconomic outlook for the UK and the global
In a trading statement for the period April 1 2016 to ...
TriOptima announces that 11 CME Group IRS clearing members
eliminated 12.5 trillion MXN ($664 billion) notional outstanding in the first
triReduce multilateral compression cycle for cleared Mexican peso (MXN)
interest rate swaps (IRS).
Over 35% of the cleared MXN notional principal outstanding
in CME ...
As leverage requirements make FX exposures a bigger pain point for the banks, many are looking towards compression services to solve for this. Galen Stops looks at how these services work and what they could mean for the industry.
One of the responses by global regulatory bodies to the 2008 financial crisis was to require banks to hold more capital against their financial exposures, creating a bigger buffer to protect them against adverse market conditions.
Capital constraints have widely been cited as a reason for declining activity in some markets and liquidity events in other, therefore it is not surprising that compression services, whereby offsetting trades are netted off against one another to reduce the notional amount on banks’ balance sheets, have found favour amongst banks and major dealers.
Icap has appointed Guy Rowcliffe, CEO of its Reset business as head of Asia Pacific, Icap Post Trade Risk and Information Services (PTRI), which comprises a portfolio of businesses, including Reset, TriOptima, Traiana, ENSO, Abide and Icap Information..
In the newly created role, Rowcliffe will be responsible for Asia Pacific regional strategy for Icap’s PTRI business and will represent the company amongst regulators, industry bodies and committees. He will continue in his role as CEO of Reset and will report to Jenny Knott, CEO of Icap’s PTRI division.
Last week’s Icap results saw a sell of in the share price due to the under-performance of the Nex Group. Normally I wouldn't bother myself with share price movements (and I won't now to any degree) but any move that reflects market expectations for the Nex Group is interesting, not least because it could inform the price of any potential takeover bid. Nex is, in many ways, a proxy for the OTC industry so is it right that stock markets seem bearish (for this five minutes at least) over FX and OTC markets?