IntercontinentalExchange (NYSE: ICE) , an operator of regulated global futures exchanges and over-the- counter (OTC) markets, announced today that ICE Clear U.S.(TM) will begin clearing sugar, coffee and cocoa swap contracts on January 30, 2009.
As previously announced, the three contracts will be cleared by ICE Clear U.S. and will be cash-settled at expiration based on the settlement prices of the related traded futures contract. Qualifying swap agreements will be submitted to the Market Supervision department of ICE Futures U.S.(R), which will expedite the contracts for clearing.
The new cleared swaps are the first such contracts offered by ICE and are specifically designed to meet the needs of OTC market participants. ICE Clear U.S.'s September 2007 application to clear these swaps was approved by the Commodity Futures Trading Commission on December 12, 2008.
Showing posts with label OTC. Show all posts
Showing posts with label OTC. Show all posts
Saturday, 3 January 2009
Wednesday, 5 November 2008
ICE Completes Derivatives Transition
IntercontinentalExchange (NYSE: ICE) , has successfully transitioned its energy futures and OTC markets to ICE Clear Europe(TM). On the morning of November 3, 2008, 100 percent of open positions, or 28.5 million contract sides, were transferred from LCH.Clearnet to ICE Clear Europe. The total margin requirement now managed by ICE Clear Europe for these novated positions is approximately $16.5 billion. ICE Clear Europe launched with 44 member firms.
"We want to take the opportunity to express our gratitude to members of the clearing community who have supported our transition over the course of the past year and a half," said Paul Swann, President of ICE Clear Europe. "We will continue to work closely with market participants to expand ICE Clear Europe and to offer additional benefits to our clearing firms and customers. Our next steps will be to respond to the enormous demand for additional cleared energy contracts."
"ICE Clear Europe will allow us to introduce new cleared OTC and futures contracts in our energy markets in the coming weeks and months," added David Peniket, President and Chief Operating Officer of ICE Futures Europe. "The coordinated effort by our clearing members, customers and employees to launch the first new derivatives clearing house in the U.K. will result in more products and services for the broader trading community."
"We believe ICE's commitment to clearing is demonstrated by the collaborative nature of the development of ICE Clear Europe," said ICE Chairman and CEO Jeffrey C. Sprecher. "Integrated clearing, in particular, plays a central role in risk management and in the sound operation of global markets, especially in today's volatile environment. We will strive to bring further innovative risk management solutions to the global marketplace."
As the first new major clearing house in London in over a century, ICE Clear Europe was formed to provide clearing services to the global energy markets for over-the-counter and European futures transactions executed on ICE's electronic platform. ICE Clear Europe will enable the efficient development of new cleared markets to support the risk management needs of customers, with the capability to offer similar services to an expanded range of asset classes.
"We want to take the opportunity to express our gratitude to members of the clearing community who have supported our transition over the course of the past year and a half," said Paul Swann, President of ICE Clear Europe. "We will continue to work closely with market participants to expand ICE Clear Europe and to offer additional benefits to our clearing firms and customers. Our next steps will be to respond to the enormous demand for additional cleared energy contracts."
"ICE Clear Europe will allow us to introduce new cleared OTC and futures contracts in our energy markets in the coming weeks and months," added David Peniket, President and Chief Operating Officer of ICE Futures Europe. "The coordinated effort by our clearing members, customers and employees to launch the first new derivatives clearing house in the U.K. will result in more products and services for the broader trading community."
"We believe ICE's commitment to clearing is demonstrated by the collaborative nature of the development of ICE Clear Europe," said ICE Chairman and CEO Jeffrey C. Sprecher. "Integrated clearing, in particular, plays a central role in risk management and in the sound operation of global markets, especially in today's volatile environment. We will strive to bring further innovative risk management solutions to the global marketplace."
As the first new major clearing house in London in over a century, ICE Clear Europe was formed to provide clearing services to the global energy markets for over-the-counter and European futures transactions executed on ICE's electronic platform. ICE Clear Europe will enable the efficient development of new cleared markets to support the risk management needs of customers, with the capability to offer similar services to an expanded range of asset classes.
Thursday, 2 October 2008
The Clearing Corporation
The Clearing Corporation provides clearing services for global exchange and over-the-counter (OTC) traded derivatives. As an independent derivatives clearinghouse, The Clearing Corporation is in a unique position to provide innovative and customer-focused OTC and exchange-traded derivatives clearing services. The Clearing Corporation is a stockholder-owned, Delaware corporation, now in its 83rd year of business and serves numerous clients in a variety of markets. Additional information on The Clearing Corporation is available at www.clearingcorp.com.
Monday, 15 September 2008
Omgeo Acquires Allustra
Omgeo, has acquired Allustra, a London-based provider of collateral management solutions. Allustra offers a suite of products that provide customers the ability to consolidate trade positions across asset classes, including OTC derivatives, and to manage the collateral process that mitigates the associated counterparty risk. Mark James, managing director of Allustra, joins Omgeo's executive committee as managing director.
In addition, Omgeo acquired a derivatives portfolio reconciliation platform designed by Global Electronic Market's (GEM), after piloting the technology with one of the largest brokers/dealers and one of the most sophisticated hedge funds in the world. By joining GEM's derivatives reconciliation capabilities with Allustra's collateral management solution, Omgeo sets a new standard for the market as the only organization to provide clients such a combined derivatives product line.
"We are truly excited to extend our expertise in operations beyond matching and allocations," said Marianne Brown, president and CEO of Omgeo. "By acquiring Allustra, Omgeo can provide its community access to the leading collateral management solution available today. Combining this with GEM's unique derivatives reconciliation technology means we are poised to truly change the way the industry manages counterparty risk."
Over the past five years, investment managers have dramatically increased the use of derivatives within their portfolio management strategies and, as a result, augmented the use of collateral to manage risk. Today, more than 2 trillion USD of cash and securities are being used to mitigate that risk. While trade strategies have become more sophisticated, the infrastructure to manage operational risk in the back office has not kept pace. Omgeo has successfully set the standard of efficiency for post-trade matching and allocations; with its combined derivatives reconciliation and collateral management offering, Omgeo is extending its operational expertise to automate post-settlement life cycle events.
"There is an urgent need for a standard, automated process for investment managers to reconcile derivative positions and confirm the movement of collateral," said John Devine, COO of Threadneedle Asset Management and a member of Omgeo's Board of Managers. "The market sees Omgeo as the logical provider of a solution that combines both derivatives reconciliation and collateral management, as they truly understand the operational pain-points of the financial community."
Omgeo's derivatives solution will automate processes that are predominantly manual, including reconciliation and dispute management (derivatives positions, mark-to-market values, payments amount and margin amounts), margin calculations, collateral inventory management and the collateralization process with counterparties. This combined approach will allow Omgeo's clients to realize operational efficiency, reduce operational risk and more effectively manage their counterparty credit risks. The Omgeo derivatives offering will be available for all Omgeo clients, including hedge funds, investment managers, prime brokers, broker/dealers and custodians.
"We are thrilled to join the Omgeo community," said Mark James, managing director of Allustra. "Over the past seven years, we have strived for excellence in the collateral management space. By aligning with Omgeo, the market leader for providing operational stability in the post-trade world, and by continuing to partner closely with our clients we will keep developing the ground-breaking solutions required by the market."
"Given that our research in the market indicated a growing need for a centralized solution for reconciling portfolios of derivatives, we decided to combine our market-proven reconciliation technology with the Omgeo infrastructure to address this critical need. We have invested five years of research and development on addressing the unique problems of reconciling portfolios of derivatives and are excited about delivering that capability to the Omgeo community," said Brian Lynn, CTO and founder of GEM.
Omgeo will continue to expand its derivatives suite of services. Next year, Omgeo Central Trade Manager(SM) will offer functionality for exchange-traded derivatives. Other enhancements will also be made over the next several months.
In addition, Omgeo acquired a derivatives portfolio reconciliation platform designed by Global Electronic Market's (GEM), after piloting the technology with one of the largest brokers/dealers and one of the most sophisticated hedge funds in the world. By joining GEM's derivatives reconciliation capabilities with Allustra's collateral management solution, Omgeo sets a new standard for the market as the only organization to provide clients such a combined derivatives product line.
"We are truly excited to extend our expertise in operations beyond matching and allocations," said Marianne Brown, president and CEO of Omgeo. "By acquiring Allustra, Omgeo can provide its community access to the leading collateral management solution available today. Combining this with GEM's unique derivatives reconciliation technology means we are poised to truly change the way the industry manages counterparty risk."
Over the past five years, investment managers have dramatically increased the use of derivatives within their portfolio management strategies and, as a result, augmented the use of collateral to manage risk. Today, more than 2 trillion USD of cash and securities are being used to mitigate that risk. While trade strategies have become more sophisticated, the infrastructure to manage operational risk in the back office has not kept pace. Omgeo has successfully set the standard of efficiency for post-trade matching and allocations; with its combined derivatives reconciliation and collateral management offering, Omgeo is extending its operational expertise to automate post-settlement life cycle events.
"There is an urgent need for a standard, automated process for investment managers to reconcile derivative positions and confirm the movement of collateral," said John Devine, COO of Threadneedle Asset Management and a member of Omgeo's Board of Managers. "The market sees Omgeo as the logical provider of a solution that combines both derivatives reconciliation and collateral management, as they truly understand the operational pain-points of the financial community."
Omgeo's derivatives solution will automate processes that are predominantly manual, including reconciliation and dispute management (derivatives positions, mark-to-market values, payments amount and margin amounts), margin calculations, collateral inventory management and the collateralization process with counterparties. This combined approach will allow Omgeo's clients to realize operational efficiency, reduce operational risk and more effectively manage their counterparty credit risks. The Omgeo derivatives offering will be available for all Omgeo clients, including hedge funds, investment managers, prime brokers, broker/dealers and custodians.
"We are thrilled to join the Omgeo community," said Mark James, managing director of Allustra. "Over the past seven years, we have strived for excellence in the collateral management space. By aligning with Omgeo, the market leader for providing operational stability in the post-trade world, and by continuing to partner closely with our clients we will keep developing the ground-breaking solutions required by the market."
"Given that our research in the market indicated a growing need for a centralized solution for reconciling portfolios of derivatives, we decided to combine our market-proven reconciliation technology with the Omgeo infrastructure to address this critical need. We have invested five years of research and development on addressing the unique problems of reconciling portfolios of derivatives and are excited about delivering that capability to the Omgeo community," said Brian Lynn, CTO and founder of GEM.
Omgeo will continue to expand its derivatives suite of services. Next year, Omgeo Central Trade Manager(SM) will offer functionality for exchange-traded derivatives. Other enhancements will also be made over the next several months.
GFI Says No Lehman Exposure
GFI Group Inc. (NASDAQ:GFIG) stated today that it believes that it has no material exposure to Lehman Brothers. GFI is an inter-dealer broker specializing in over-the-counter derivatives products and related securities.
IntercontinentalExchange Claims No Lehman Exposure
IntercontinentalExchange (NYSE:ICE) , an operator of global regulated exchanges and over-the- counter (OTC) markets, confirmed that Lehman Brothers continues to meet all obligations at its U.S. futures clearinghouse.
ICE Clear U.S. has conducted an analysis of Lehman's financial position as a clearing member of ICE Clear U.S.(TM), and has concluded that it continues to meet all obligations. ICE and Creditex also said that receivables relating to Lehman are immaterial.
ICE Clear U.S. has conducted an analysis of Lehman's financial position as a clearing member of ICE Clear U.S.(TM), and has concluded that it continues to meet all obligations. ICE and Creditex also said that receivables relating to Lehman are immaterial.
Thursday, 11 September 2008
ICE Reiterates Hours During Hurricane
IntercontinentalExchange (NYSE:ICE) , has issued a reminder in advance of Hurricane Ike that all ICE OTC markets, including the Henry Hub natural gas swap, are open around-the-clock throughout the weekend, per the exchange's standard seven-day per week operating schedule.
ICE OTC energy markets will be available beginning at midnight on Friday, September 12, continuously through 6:30 p.m. ET on Monday, September 15. The markets will re-open on Monday at 7:30 p.m. ET, per the standard operating hours.
ICE's crude oil futures markets on ICE Futures Europe will also maintain standard operating hours, re-opening the afternoon of Sunday, September 14 at 6:00 p.m. ET. ICE will expand its standard after-hours and weekend support. Market participants may contact the ICE Helpdesk at (770) 738-2101 for around-the-clock market support.
ICE OTC energy markets will be available beginning at midnight on Friday, September 12, continuously through 6:30 p.m. ET on Monday, September 15. The markets will re-open on Monday at 7:30 p.m. ET, per the standard operating hours.
ICE's crude oil futures markets on ICE Futures Europe will also maintain standard operating hours, re-opening the afternoon of Sunday, September 14 at 6:00 p.m. ET. ICE will expand its standard after-hours and weekend support. Market participants may contact the ICE Helpdesk at (770) 738-2101 for around-the-clock market support.
Tuesday, 9 September 2008
ICE Announces Results Date
IntercontinentalExchange (NYSE: ICE) , an operator of regulated global derivatives exchanges and over-the-counter (OTC) markets, will announce third quarter 2008 financial results on Thursday, October 30, 2008. An earnings press release will be issued prior to the earnings conference call, which will begin at 8:30 a.m. ET.
A live audio webcast of the earnings call will be available on the company's website at www.theice.com under About ICE/Investors & Media. Participants may also listen via telephone by dialing (877) 795-3646 if calling from the United States, or (719) 325-4774 if dialing from outside of the United States. For participants on the telephone, please place your call ten minutes prior to the start of the call.
The webcast will be archived on the company's website for replay. A telephone replay of the earnings call will also be available at (888) 203-1112 for callers within the United States and at (719) 457-0820 for callers outside of the United States. The passcode for the replay is 5433981.
A live audio webcast of the earnings call will be available on the company's website at www.theice.com under About ICE/Investors & Media. Participants may also listen via telephone by dialing (877) 795-3646 if calling from the United States, or (719) 325-4774 if dialing from outside of the United States. For participants on the telephone, please place your call ten minutes prior to the start of the call.
The webcast will be archived on the company's website for replay. A telephone replay of the earnings call will also be available at (888) 203-1112 for callers within the United States and at (719) 457-0820 for callers outside of the United States. The passcode for the replay is 5433981.
Wednesday, 3 September 2008
GFI Group
GFI Group Inc. (http://www.gfigroup.com/) is a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments.
Monday, 1 September 2008
IntercontinentalExchange (ICE)
IntercontinentalExchange(R) (NYSE:ICE) operates regulated global futures exchanges and over-the-counter (OTC) markets for agricultural, energy, equity index and currency contracts, as well as credit derivatives. ICE(R) offers these markets to participants around the world through its technology infrastructure and trading platform, together with clearing, market data and risk management services. ICE Futures Europe(TM) is ICE's regulated energy futures exchange. ICE's regulated North American exchanges, ICE Futures U.S.(TM) and ICE Futures Canada(TM), offer markets for agricultural and financial contracts. Creditex, a market leader in trade execution and processing for credit derivatives, is also a wholly-owned subsidiary of ICE. A member of the Russell 1000(R) and S&P 500 indices, ICE is headquartered in Atlanta, with offices in New York, London, Chicago, Winnipeg, Calgary, Houston and Singapore. www.theice.com
Monday, 23 June 2008
SuperDerivatives and Standard Poors
Recognizing the need of financial markets for readily accessible and comprehensive pricing capabilities across a broad spectrum of cash, structured and derivative instruments, Standard & Poor's Securities Evaluations, Inc. (SPSE) and SuperDerivatives®, today announced that they have signed an agreement to establish a strategic sales and marketing alliance to combine their valuation offerings for fixed income securities (cash and structured products) and all major OTC (over the counter) and exchange- traded derivative asset classes into one sales and marketing channel.
This new alliance will offer the broadest coverage of asset classes and geographical reach available, combining the technological and market strengths of both companies. The joint offering will help market participants manage investment and operational risk and regulatory compliance more easily and effectively across a vast range of securities.
“Our clients increasingly demand more global coverage and depth for their derivatives portfolio valuations. In SuperDerivatives we believe we have found the ideal alliance partner to create the most comprehensive and robust global coverage possible from one offering,” said Lou Eccleston, Executive Managing Director, Standard & Poor's. “For more than 35 years, Standard & Poor's Securities Evaluations has been a leader in providing daily independent, mark-to-market valuations for market participants of all sectors. Joining forces with SuperDerivatives teams us with a leader in OTC and exchange-traded derivatives valuation and together we will form the largest independent revaluation service in the combined cash and derivative market place.”
The joint Standard & Poor's Securities Evaluations-SuperDerivatives (S&P-SD) offering will provide both companies' models and market data-based pricing services to provide independent valuations for global instruments, including government, municipal and corporate bonds, syndicated loans, asset and mortgaged backed securities and money market instruments. Additionally, the services will cover “vanilla” and “exotic” OTC derivatives as well as exchange-traded derivatives on major asset classes including foreign currency, interest rates, commodities, energy, equities and credit.
“This commercial venture between SuperDerivatives and Standard & Poor's Securities Evaluations is aimed at enabling our customers from developed and emerging markets to effectively value the widest range of products in a single offering,” said David Gershon, SuperDerivatives Chief Executive Officer. “Whether they are from the buy or sell side, our customers will benefit from a ‘one stop shop' experience with the objective of delivering the most accurate and reliable valuation service with significant economy of scale advantages. I believe that this alliance will form a new global standard for independent valuation service.”
This new alliance will offer the broadest coverage of asset classes and geographical reach available, combining the technological and market strengths of both companies. The joint offering will help market participants manage investment and operational risk and regulatory compliance more easily and effectively across a vast range of securities.
“Our clients increasingly demand more global coverage and depth for their derivatives portfolio valuations. In SuperDerivatives we believe we have found the ideal alliance partner to create the most comprehensive and robust global coverage possible from one offering,” said Lou Eccleston, Executive Managing Director, Standard & Poor's. “For more than 35 years, Standard & Poor's Securities Evaluations has been a leader in providing daily independent, mark-to-market valuations for market participants of all sectors. Joining forces with SuperDerivatives teams us with a leader in OTC and exchange-traded derivatives valuation and together we will form the largest independent revaluation service in the combined cash and derivative market place.”
The joint Standard & Poor's Securities Evaluations-SuperDerivatives (S&P-SD) offering will provide both companies' models and market data-based pricing services to provide independent valuations for global instruments, including government, municipal and corporate bonds, syndicated loans, asset and mortgaged backed securities and money market instruments. Additionally, the services will cover “vanilla” and “exotic” OTC derivatives as well as exchange-traded derivatives on major asset classes including foreign currency, interest rates, commodities, energy, equities and credit.
“This commercial venture between SuperDerivatives and Standard & Poor's Securities Evaluations is aimed at enabling our customers from developed and emerging markets to effectively value the widest range of products in a single offering,” said David Gershon, SuperDerivatives Chief Executive Officer. “Whether they are from the buy or sell side, our customers will benefit from a ‘one stop shop' experience with the objective of delivering the most accurate and reliable valuation service with significant economy of scale advantages. I believe that this alliance will form a new global standard for independent valuation service.”
Monday, 31 March 2008
SmartStream Selected by Asset Manager
SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that one of the world’s leading Asset Managers has selected TLM® Reconciliations to create a global reconciliation solution.
The firm has a strong control-oriented culture and wanted to replace manual and semi-automated processes across its cash, securities and OTC derivatives reconciliations. TLM Reconciliations was selected to deliver a single solution across its global operations, enabling the firm to introduce more proactive back office processes. As a result, it can concentrate on resolving exceptions rather than managing the entire reconciliation processes, driving down operational risk and cost.
TLM Reconciliations was chosen for its unprecedented matching ability, allowing the firm to process every instrument type, from vanilla cash and stock transactions to more complex instruments such as OTC derivatives. TLM’s volume-insensitive design provides the firm with the scalability to process more and new types of instruments as the organisation grows.
Ease of deployment to a global workforce was also a decisive factor. TLM’s thin client user interface, TLM® WebConnect, removes the need to perform local upgrades in each location, enabling the firm to efficiently add new users through a browser.
Richard Cummings, UK Regional Director, SmartStream, said: “It’s clear that with higher trading volumes and ever more complex instruments, greater back office automation is critical to improving operational efficiency in today’s markets. We are delighted that this leading Asset Manager has selected TLM Reconciliations as the basis for a single reconciliations solution globally and recognised its ability to support its processing needs. This deal is testament to SmartStream’s global delivery capabilities, engaging with the client in each of its key markets to demonstrate TLM’s ability to meet their complex processing requirements. It highlights, once again, that TLM offers a proactive approach to effectively managing the transaction lifecycle, which enables firms to reduce both operational risk and cost.”
The firm has a strong control-oriented culture and wanted to replace manual and semi-automated processes across its cash, securities and OTC derivatives reconciliations. TLM Reconciliations was selected to deliver a single solution across its global operations, enabling the firm to introduce more proactive back office processes. As a result, it can concentrate on resolving exceptions rather than managing the entire reconciliation processes, driving down operational risk and cost.
TLM Reconciliations was chosen for its unprecedented matching ability, allowing the firm to process every instrument type, from vanilla cash and stock transactions to more complex instruments such as OTC derivatives. TLM’s volume-insensitive design provides the firm with the scalability to process more and new types of instruments as the organisation grows.
Ease of deployment to a global workforce was also a decisive factor. TLM’s thin client user interface, TLM® WebConnect, removes the need to perform local upgrades in each location, enabling the firm to efficiently add new users through a browser.
Richard Cummings, UK Regional Director, SmartStream, said: “It’s clear that with higher trading volumes and ever more complex instruments, greater back office automation is critical to improving operational efficiency in today’s markets. We are delighted that this leading Asset Manager has selected TLM Reconciliations as the basis for a single reconciliations solution globally and recognised its ability to support its processing needs. This deal is testament to SmartStream’s global delivery capabilities, engaging with the client in each of its key markets to demonstrate TLM’s ability to meet their complex processing requirements. It highlights, once again, that TLM offers a proactive approach to effectively managing the transaction lifecycle, which enables firms to reduce both operational risk and cost.”
FXMarketSpace Launches FXSettle
FXMarketSpace, the first centrally-cleared, global foreign exchange (FX) platform for the over the counter (OTC) market, today announced the launch of FXSettle, a ground breaking settlement solution that delivers advances in both the risk management and cost model for institutional FX transactions.
Live for the past two months, FXSettle is currently available through two global settlement banks, with another in the process of becoming live. This service benefits both their prime brokerage customers and their in-house trading over the FXMarketSpace platform. With the introduction of FXSettle, customers now have a choice in how they settle completed trades and have the potential to substantially cut settlement costs. FXSettle securely routes trades dealt on FXMarketSpace directly to the customer’s bank or agent for settlement, providing increased efficiency whilst guaranteeing against both settlement risk and replacement risk.
FXMarketSpace now provides its customers with:
• Broad access - enabled by CME Group’s Globex® API, over 100,000 Reuters FX desktops and a growing list if Independent Software Vendors
• Total transparency - where all prices are available to all participants
• Trading anonymity - through a central counterparty model that enables all customers to buy and sell without having their name disclosed
• Robust, scalable technology – that supports minimum latency and maximum order throughput
• Efficient settlement services - that minimise risk and reduce costs
Mark Robson, Chief Executive Officer, FXMarketSpace, said, “FXSettle provides the market with a secure, low cost settlement framework that enables further growth in the global FX markets. By building partnerships with CME Clearing and leading settlement banks, FXMarketSpace can now deliver this unique solution, providing customers with cost reductions whilst ensuring the highest level of protection against both replacement risk and settlement risk.”
Live for the past two months, FXSettle is currently available through two global settlement banks, with another in the process of becoming live. This service benefits both their prime brokerage customers and their in-house trading over the FXMarketSpace platform. With the introduction of FXSettle, customers now have a choice in how they settle completed trades and have the potential to substantially cut settlement costs. FXSettle securely routes trades dealt on FXMarketSpace directly to the customer’s bank or agent for settlement, providing increased efficiency whilst guaranteeing against both settlement risk and replacement risk.
FXMarketSpace now provides its customers with:
• Broad access - enabled by CME Group’s Globex® API, over 100,000 Reuters FX desktops and a growing list if Independent Software Vendors
• Total transparency - where all prices are available to all participants
• Trading anonymity - through a central counterparty model that enables all customers to buy and sell without having their name disclosed
• Robust, scalable technology – that supports minimum latency and maximum order throughput
• Efficient settlement services - that minimise risk and reduce costs
Mark Robson, Chief Executive Officer, FXMarketSpace, said, “FXSettle provides the market with a secure, low cost settlement framework that enables further growth in the global FX markets. By building partnerships with CME Clearing and leading settlement banks, FXMarketSpace can now deliver this unique solution, providing customers with cost reductions whilst ensuring the highest level of protection against both replacement risk and settlement risk.”
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