Hints and tips:
...For CLS, this branch of their work for Prigozhin was known as Project Hamlet. Leading law firms were eager to work with CLS on behalf of Prigozhin....
...The contrary view — at least in the case of the FX market — is that up to 70 per cent of CLS settlement goes through a mechanism called the in/out swap rather than pure netting....
...JPMorgan acted as financial adviser to CLS....
...Last week, the government decided to establish a Russian national clearing system as a separate corporation controlled by the Central Bank of Russia (CBR)....
...The BoE has consulted with other central banks, including the Federal Reserve Bank of New York over clearing of foreign exchange....
...CHIPS is a clearinghouse for interbank payments in the US and CLS is a clearinghouse for international, multicurrency payments. 2....
...Prosecutors imply they took particular delight in hacking anti-hacking organisations: the FBI, the CIA website, the UK’s Serious Organised Crime Agency, the Irish Garda and a number of private security companies...
...imposing central clearing.”...
...The vast sums traded in FX have indeed given the banks a central role they long ago gave up in some other asset classes....
...And as far as the industry is concerned, it had already dealt with this one, via CLS, before the crisis appeared....
...The average size of trades has also continued to decline, with CLS reporting a tripling of sub-$1m trades since April 2008, even as the number of larger deals has remained largely static....
...CLS was not always appreciated by the market; almost all banks saw it as a high-cost utility in its early days and had to be bullied into developing the system by central banks who oversaw the whole market...
...The system matches both sides of a trade – it does not stand as a central counterparty – and then nets each member bank’s total obligation....
...The joint venture will be a CLS subsidiary, 51 per cent owned by CLS Group and 49 per cent owned by Icap. Technology will be provided by Traiana....
...It’s clear that it is staying ahead of the market,” said Rob Close, chief executive of CLS Bank, which settles more than half of global currency trades....
...At the bike’s launch at Lake Garda in Italy, the twistiest of mountain roads could be dispatched with ease....
...The writer is a hedge fund manager at CL Willard Capital. www.cody willard.com...
...Cody Willard is a hedge fund manager at CL Willard Capital. He is long shares of Google and Apple. cody@clwillard.com...
...Cody Williard is a hedge fund manager at CL Williard Capital cody@clwillard.com...
...Ludwig eiter desert boots, Vienna If Italy Inc’s shoe industry is up in arms over shoe dumping from China and Vietnam, imagine how the Austrians feel?...
...Cody Willard is a hedge fund manager at CL Willard Capital cody@clwillard.com...
...CLS, which stands for continuous linked settlement, began operating in 2002 after more than five years of talks between central banks and the biggest market participants....
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