The companies, products and regulatory developments shaping the broker industry.
A reconstruction of the BIS settlement methodology separates $1.4tn in average daily gross bilateral FX obligations from actual settlement failures and from the independently measured $9.5tn daily FX trading turnover.
The systemically important FX settlement operator reports completion of a major migration and a first settlement cycle, with resilience assertions distinguished from independent service-level data.
CBPR+ messages must carry town and country in designated fields; the change affects brokerage payment operations but not trading order protocols.
An October industry report identifies the operating changes needed for faster settlement and longer trading hours. The practical test for brokers and liquidity providers is whether funding and controls can keep pace with execution.
The new environment processed nearly two million transactions worth more than $9 trillion in its first settlement cycle, according to Kyndryl. The change supports a utility used directly by banks and indirectly by thousands of financial organisations.