FRA-Cross, ICAP’s Internet-based matching facility for crossing forward rate agreements (FRAs), will use the SwapsWire network to confirm electronically matched trades. Commenting on the development, Chip Carver, Chief Executive Officer of SwapsWire, said: ‘By replacing paper documentation with electronic messages the banks and brokers using the system are expected to realise substantial cost savings and will reduce their operational risk.’ The FRA-Cross system enables traders of interest rate swaps to input all their unhedged positions – their FRA exposures or mismatches – onto the FRA-Cross website which then automatically matches one exposed FRA with another.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.