The International Swaps and Derivatives Association (ISDA) and IHS Markit have announced the launch of the ISDA 2016 Variation Margin Protocol on ISDA Amend.
The protocol automates the process for amending existing collateral documents or setting up new agreements in order to comply with new variation margin requirements going into effect on March 1 2017.
The ISDA Amend platform enables counterparties to electronically share specially designed questionnaires through a centralised online platform, removing the need for bilateral negotiations. Counterparties can make elections under the protocol, including which regulatory regimes apply and which method they will use to make the required changes to their documentation. The service also automates the reconciliation of questionnaires between counterparties.
The Intercontinental Exchange (ICE) has announced the appointment of Lee Yi Shyan as chairman of ICE Futures Singapore (IFS) and ICE Clear Singapore (ICS) effective November 24 2016.
Lee is a Member of Parliament in Singapore and previously served in the Singapore government over a 10 year period as a senior minister of state in the Ministry of Trade and Industry, the Ministry of National Development and the Ministry of Manpower.
Prior to this, between 2001 and 2006, he served as the CEO of International Enterprise Board, an organisation promoting international trade with businesses in Singapore. Lee joined the boards of IFS and ICS on November 7.
The US Financial Industry Review Authority (FINRA) has filed a notice with the Securities and Exchange Commission that will enable it to clamp down on what it considers “disruptive quoting and trading activity” much quicker than is currently possible.
In the filing FINRA notes that taking action against an alleged miscreant can take “several years” before it is concluded, but it points out that there are, “…certain clear cases of disruptive and manipulative behaviour or cases where the potential harm to investors is so large, that FINRA should have the authority to initiate an expedited proceeding to stop the behaviour from continuing”.
The US National Futures Association (NFA) has raised margin requirements on three currencies whilst cutting the margin required on one. The changes apply to NFA registered Forex Dealer Members (FDMs) in the US.
The NFA cites recent volatility in the currency markets as well as the margin increases implemented by exchanges CME and ICE with respect to foreign currency futures involving the Mexican peso, Japanese yen, and New Zealand dollar, in notifying members to raise margins on those three currencies.
Vince O’Sullivan joins Gain Capital’s GTX this week as director of foreign exchange sales in London.
O’Sullivan will have a focus on selling to hedge funds and banks throughout Europe, the Middle East and Africa (EMEA) and reports to John Meisner, global head of sales at GTX.
O’Sullivan was last at Barclays in London where he was a director and head of EMEA distribution for e-FX. He started at Barclays in 1978 as a foreign exchange cashier, before moving onto the FX trading.
Erste Group Bank has joined the TraderTools Unique Liquidity Network (ULN) as a market maker in CE3 pairs.
TraderTools says through its existing network of local market making banks in Eastern Europe, Erste will be making markets in Romanian, Czechoslovakian, Hungarian, and Polish pairs.
The firm adds that banks on the ULN have what it terms a strong presence in emerging and local market currencies such as central European, Turkish lira, South African rand, Scandinavian currencies, and the Russian ruble.
The Australian Competition and Consumer Commission (ACCC) has commenced legal proceedings on a consent basis against ANZ and Macquarie Bank in relation to alleged attempts to engage in cartel conduct in FX markets.
The ACCC says that following cooperation by ANZ and Macquarie, the parties have agreed that a Macquarie trader and multiple traders within ANZ engaged in a private chatroom to discuss daily submissions to be made to the Association of Banks in Singapore (ABS) in relation to the benchmark rate for the Malaysian ringgit fixing rate.
Technology provider Gold-I will launch its MT5 Gateway at the end of November, providing brokers using MetaTrader 5 with access to the firm’s MT4 Bridge.
The new gateway launches with access to over 70 liquidity providers, Gold-I says, and provides an integration between retail and institutional financial trading systems.
The MT5 Gateway has been designed to work with Matrix – Gold-i’s modular multi-asset liquidity management platform, meaning brokers using MetaTrader 5 can aggregate incoming liquidity feeds and offer their own liquidity out to clients, providing opportunities for them to diversify, add new revenue streams and reduce risk.
Gain Capital has announced the Beta launch of ForeignExchange.com, its new international money transfer service, in the UK market.
The firm says the site “meets the growing need for cheaper, easier and trusted online services for international money transfers” and supports 26 currency pairs across over 200 countries.
Gain adds that the site offers “competitive” exchange rates and no transfer fees, and says savings of up to 80 percent are available compared to prices typically offered by banks. Transfers between European countries are usually received within one business day, and two business days for all other countries, it adds.
The Depository Trust & Clearing Corporation (DTCC) says that its Global Trade Repository (GTR) has added trade repository services for Newfoundland and Labrador.
With this addition, DTCC says GTR now supports all Canadian provinces and territories.
In an effort to achieve improved risk analysis, all Canadian provinces and territories have adopted harmonised derivatives reporting regulations. These rules require reporting for OTC derivatives transactions, including rate, credit, equity, FX and commodity derivatives.
GTR is anticipated to begin support for public price dissemination in January 2017, across all Canadian provinces and territories, DTCC says.