Welcome to
e-FOREX Winter 2012
A
transforming global foreign exchange markets
lthough there still remain many uncertainties surrounding the final rules governing OTC FX clearing, we have focused on the topic in this edition as it’s a good opportunity to examine some of the challenges facing exchanges, clearing houses, banks and service providers as they try to make their preparations for the coming changes as future-compliant as possible. Designing new workflows for a central clearing environment is a very significant undertaking for industry participants, who are all searching for ways to minimise the operational strain on their FX back-offices. Banks engaged in clearing on behalf of clients will also need to consider the best way to manage the clearing process for their client trades, as well as their own.
Te extra connectivity involved when building a clearing service across products, clearing houses and regions is a huge part of the puzzle that has to be solved. Gateways to multiple CCPs are going to have to be built and the existence of multiple clearers will require a new generation of smart routing technology to manage the routing of trades to the correct CCP and to continuously monitor and manage the various trade status updates from each CCP. Other issues involved, such as the need for real-time margining and collateral management are likely to raise the technology bar still further and present new business opportunities for specialist third party technology providers who have proven expertise in building clearing systems for other exchange-traded derivatives.
Given the amount of investment needed in new infrastructure to create a clearing solution and the complexities of connectivity to all the market participants involved, we tend to agree with those that argue that the build versus buy argument has been won by the latter in this situation. Only time will tell if this proves to be the case as further developments take place during 2012.
Finally, we are delighted to help launch the Social Forex Awards 2011 in this edition. Tese awards will honour those banks that have made the most significant achievements in developing social media tools and strategies to help them better engage with their customers and clients. We will be reporting on the various winners in our next edition.
As usual hope you enjoy this edition of the magazine.
Charles Jago Editor
Susan Rennie
Susie@Aspmedialtd.com Managing Editor
Charles Jago
Charles@Aspmedialtd.com Editor (FX & Derivatives)
Charles Harris
Charles@Cjag.demon.co.uk Advertising Manager
Helen Rochford
Helen@Aspmedialtd.com Production Manager
Michael Best
Michael@Aspmedialtd.com Subscriptions Manager
David Fielder
David.Fielder@
e-forex.net Features Manager
Larry Levy
Larry.Levy@e-forex.net Digital events manager
Felix Shipkevich Contributing writer Regulatory Roundup
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e-Forex (ISSN 1472-3875) is published quarterly in January, April, July and October
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