Quartz sync: May 5, 2025, 3:18 AM

Author: pseudolabel

content/Notes/FX Market Structure.md

@@ -242,4 +242,15 @@ Fintechs like Baton Systems have built a platform to coordinate FX settlements.
 - PFOF: Payment for order flow
 - Last Look: A liquidity provider, upon receiving a trade request, has a short window to accept or reject the trade if price moved or fails credit check. Meant to avoid stale pricing trade, but can be abused if misused.
 - VaR: Value at risk
-- NDF: Non-deliverable forward, OTC derivative to settle the difference between a forward rate and spot rate at a future date without delivery of the underlying currency from either party
+- NDF: Non-deliverable forward, OTC derivative to settle the difference between a forward rate and spot rate at a future date without delivery of the underlying currency from either party
+
+## References
+- [Bank for International Settlements – _Triennial Central Bank Survey 2022_'](https://www.bis.org/statistics/rpfx22_fx.pdf#:~:text=78,leading%20Asian%20financial%20centres%20diverged): Global FX volume and instrument breakdown; currency shares and trading center data.
+- [Reuters – _“Global FX trading hits record $7.5 trln a day – BIS survey”_](https://www.reuters.com/markets/us/global-fx-trading-hits-record-75-trln-day-bis-survey-2022-10-27/#:~:text=The%20headline%20%247,swaps%20and%20forwards%20market%20volumes) (Oct 2022): USD in 88% of trades; RMB rising to 7%; London’s market share dip and Singapore’s rise. 
+- [BIS Quarterly Review (Dec 2022) – _“FX settlement risk: an unsettled issue”](https://www.bis.org/publ/qtrpdf/r_qt2212i.htm#:~:text=,of%20currencies%20and%20market%20participants)_: ~$2.2T at risk daily, ~30% of deliverable FX turnover lacks PvP.
+- [Euromoney FX Awards 2024 – industry trends](https://www.euromoney.com/article/2dpv1vyj13vl7ipcprfgg/awards/euromoney-fx-awards/the-worlds-best-fx-clearing-and-settlement-venue-cls#:~:text=The%20growth%20of%20the%20CLSSettlement,bank%20financials%2C%20and%20corporates): CLS settlement averages $7T daily; 360T’s growth in swaps (NDF volumes).
+- [Global FX Code (2017, updated 2021)](https://www.fx-markets.com/infrastructure/7948449/fx-settlement-risk-grows-again-in-latest-triennial-survey#:~:text=,12) – principles on last look, information sharing.
+- [International Swaps and Derivatives Association (ISDA) – guidance on Sustainability-linked Derivatives.](https://www.isda.org/a/p7cgE/The-Way-Forward-for-Sustainability-linked-Derivatives.pdf#:~:text=,contribute%20to%20the%20green%20transition)
+- [BIS Innovation Hub](https://www.bis.org/about/bisih/topics/fmis/meridian_fx.htm) – reports on multi-CBDC experiments (Project mBridge, Jura) demonstrating cross-border FX PvP with digital currencies.
+- [CFTC and ESMA regulations](https://www.cftc.gov/sites/default/files/idc/groups/public/%40newsroom/documents/file/fd_qa_final.pdf) – various releases on FX forwards exemption, leverage rules for retail FX.
+- [Global Financial Markets Association](https://www.ecb.europa.eu/paym/groups/pdf/fxcg/2023/20230622/Item_2_Presentation_by_GFMA_and_OMG_and_SSM.pdf#:~:text=CLS%20report%20this%20reduces%20the,settles%20without%20risk%20mitigation) and [this](https://www.gfma.org/policies-resources/gfma-fx-global-code/) – reports on FX market clearing and settlement improvements (advocating expansion of PvP).