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Forex derivatives nudged out into the open as regulations increase…

By Laura Matthews

NEW YORK, June 20 (Reuters) – Foreign-exchange investors are moving more of their over-the-counter (OTC) derivatives trades to lookalike products on exchanges to avoid higher costs due to recent global regulations, helping inject transparency into a multitrillion-dollar market that is largely hidden from the public eye.

The growing interest in clearing trades through an exchange comes as regulations capture more users of these contracts, bolstering the need to shift away from bilateral trading and manage rising compliance cost.

“There is more transparency, lower margin requirement overall (in trading listed products), which is clomid without a prescription benefit for asset managers and hedge funds in leveraging their positions,” said Ben Feuer, head of FX trading and head of sales trading at Societe Generale in New York.

The gradual behavioral change in FX derivatives trading is being caused by increasing margin and collateral costs, said Joe Midmore, chief commercial officer at OpenGamma, a derivatives analytics firm.

Effective September 2022, buy-side firms with uncleared OTC derivatives totaling at least $8 billion are subject to the regulations – set by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions – and have to ensure there is enough margin to cover the risk of a default by a counterparty to the transaction.

OTC derivatives are privately negotiated contracts while cleared derivatives, though bilaterally negotiated, are booked with a clearinghouse such as a listed exchange. The new margin rules exempt cleared trades.

Higher interest rates make posting margin more expensive.

“Lots of exchange salespeople have been going out to investors for a long time saying ‘look at how much more efficient trading in listed futures is,’ but it didn’t matter until now when interest rates are 5% instead of zero,” said Michael Riddle, CEO at Eris Innovations which partners with the CME Group and other exchanges to develop futures and options products.

The shift is most acute for buy-side firms that have to post margin for the first time, said Paul Houston, head of FX markets at CME Group.

“They will also incur the operational, legal and custody costs of setting up margin facilities as well as the capital costs of posting margin,” Houston said.

CME’s listed FX futures and options market now trades an average daily volume of $85 billion versus $76 billion in 2021, indicating more investors are using exchange-traded derivatives to replace OTC trades where possible.

That is still a fraction of the $7.5 trillion that trades daily in the FX markets, the vast majority of which happens OTC.

British clearing house LCH’s ForexClear also had a record May for FX options, surpassing $200 billion in notional value, meaning the total value of a derivatives trade, for the first time.

“For the buy-side, FX clearing materially lowers counterparty risk, enables portfolio optimization and provides operational benefits,” said James Pearson, head of ForexClear.

GROWING ACCEPTANCE

Some 60 firms started trading FX futures and options at the CME Group for the first time this year, more than two-thirds of which are buy-side clients, according to CME data. Last year, 300 firms were trading new instruments for the first time.

An estimated 775 firms came under the scope of the new rules last September, according to ISDA.

Some clients of Record Financial Group, a specialist currency and asset manager, were exploring listed alternatives while others were adjusting their risk management programs to “stay within or under the regulatory threshold,” said the firm’s head of sales, Tom Arnold.

Joe Spiro, director of product management at Hazeltree, said as a firm’s exposure grows more may have to adhere to the new rules, widening the appeal for trading on exchanges.

Investors can also now transact on clomid without a prescription relationship basis as they do in the OTC space and access clearing.

For instance, some 274,000 contracts in privately negotiated blocks and exchange-for-related-positions (EFRPs), products that allow users to trade on a disclosed, relationship basis against their liquidity providers and access clearing, were traded on CME on March 8, up 23% from the previous record in December.

Client clearing of nondeliverable forwards at ForexClear for January to May reached $261 billion, 58% higher than the corresponding period in 2022.

Not all see the need to shift even with higher costs and not all derivative products have a cleared alternative, which limits broader adoption.

Exchange-traded futures contracts have a fixed settlement date relative to OTC forwards, making them unattractive to some investors, said Peter Vassallo, a portfolio manager for the currencies team at BNP Paribas Asset Management.

There are also concerns that pushing more trades to the clearinghouse will consolidate risk rather than reduce it.

“There is inherently risk involved in lots of people transacting derivatives with each other,” said Riddle. “And there is no model that removes all that risk, it only changes where it is, but can mitigate it.”

(Reporting by Laura Matthews in New York Additional reporting by Shankar Ramakrishnan in New York Editing by Megan Davies and Matthew Lewis)

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U.S. FDA to review Perrigo’s birth control pill for OTC use in…

Sept 12 (Reuters) – Perrigo Co Plc said on Monday that the U.S. Food and Drug Administration had scheduled a meeting of external experts on Nov. 18 to review the application of its daily birth control pill for over-the-counter (OTC) use.

The drugmaker’s unit, HRA Pharma, in July submitted an application to the health regulator seeking to make its clomid without dr prescription contraceptive drug, Opill, an over-the-counter pill.

Since the U.S. Supreme Court’s decision in June to overturn the 1973 Roe v. Wade case that legalized abortion nationwide, the spotlight has been on contraception access.

Abortion rights activists have stepped up calls to make mifepristone, which, in combination with misoprostol, induces an abortion up to 10 weeks into a pregnancy, available clomid without dr prescription a clomid without dr prescription.

Opill, a non-estrogen contraceptive, has been used with clomid without dr prescription since its approval in 1973. If the FDA approves HRA Pharma’s application, Opill would become the first daily OTC birth-control pill in the United States.

HRA said in July it was expecting a decision from the FDA in the first half of 2023.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Anil D’Silva)

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LME to commission independent review of nickel market chaos

April 4 (Reuters) – The London Metal Exchange said on Monday it would commission an independent review into the events that led to chaos in the nickel market last month, and said it had introduced daily price limits can i order clomid for sale can i order clomid for sale all its metals.

The LME, the world’s oldest and largest market for can i buy generic clomid industrial metals, last month brought in 15% upper and lower daily price limits for all of its physically delivered metals plus cash-settled cobalt.

The exchange suspended nickel trading on March 8 after prices spiked by more than 50% to hit $100,000 a tonne. Activity resumed on March 16 when it launched daily price limits and the provision of OTC nickel trading data for the first time.

The price surge was blamed on short-covering by one of the world’s top nickel producers, China’s Tsingshan Holding Group. The LME has said the large short positions originated primarily from the over-the-counter (OTC) market.

The exchange also said it wanted to introduce OTC trade reporting across the board and that a first step was to extend provision of OTC daily position reporting, as is now implemented for nickel, to other metals.

The LME said it welcomed an announcement by British financial regulators who said on Monday that they would review the way the exchange handled the halt in nickel trading last month.

It added that it would also commission an independent review of events leading up to the trading suspension in an attempt to prevent a repeat cost of generic clomid such a situation. (Reporting by Swati Verma in Bengaluru; Editing by David Goodman,Pravin Char and David Evans)

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McKesson to buy pharma tech firm Rx Savings for up to $875 mln

Sept 19 (Reuters) – Drug distributor McKesson Corporation said on Monday it would acquire private pharma technology firm Rx Savings Solutions for can i order generic clomid price up to $875 million.

The company helps health insurers and employers seek lower cost prescription medicines, and clomid without rx also provides ongoing medication reminders to help improve adherence to prescriptions.

“Rx Savings Solutions´ offerings for employers and patients will strengthen McKesson´s ability to help solve the most common medication challenges related to access, affordability and adherence,” McKesson Chief Executive Officer Brian Tyler said.

The transaction, can i get generic clomid which includes a $600 million upfront payment and up to $275 million contingent on Rx Savings’ financial performance through 2025, generic clomid without dr prescription is expected to close in the second half of fiscal year 2023. (Reporting by Leroy Leo and Khushi Mandowara in Bengaluru; Editing by Vinay Dwivedi)

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People taking blood thinners may risk danger by mixing with OTC meds

By Reuters Staff

(Reuters Health) – People taking blood-thinning medications often use over-the-counter (OTC) medicines with the potential to cause dangerous internal bleeding, a recent study suggests.

The study focused on 791 patients prescribed apixaban, one of several newer blood thinners known as NOACs (non-vitamin K antagonist oral anticoagulants) that are recommended to prevent stroke in people with atrial fibrillation, a heart rhythm disorder.

Almost all of these patients used over-the-counter medicines, and 33% of them took at least one nonprescription drug daily or most days of the week with the potential to cause dangerous side effects when combined with apixaban. And almost 7% of them regularly took two or more over-the-counter medicines that could be a dangerous mix with apixaban.

“New OTC products are constantly being adopted by patients,” clomid without dr prescription. Derjung Tarn of the David Geffen School of Medicine at UCLA and colleagues write in the Journal of the American Geriatrics Society. “This study demonstrates that patients have limited knowledge about potential serious interactions between OTC products and apixaban.”

In atrial fibrillation, electrical impulses in the upper chambers of the heart are chaotic, causing the heart muscle to quiver rather than contracting normally. As a result, blood doesn’t flow smoothly through the heart. This can lead to the formation of clots that can then travel through the arteries to the brain.

NOACs are the drug of choice for stroke prevention in patients with atrial fibrillation, which occurs most frequently in older patients. Apixaban is one of the most frequently prescribed. Others include dabigatran, rivaroxaban, and edoxaban.

Unlike the older blood-thinner warfarin, which required regular blood tests to prevent side effects, most people prescribed apixaban or other NOACs are not followed in specialized anticoagulation clinics or monthly by health care professionals, the study team writes. As a result, they may not be aware of potential drug interactions.

In the current study, researchers surveyed patients prescribed apixaban in 2018. They asked patients how often they took over-the-counter remedies like aspirin, ibuprofen, naproxen, and acetaminophen. They also asked about common dietary supplements, including Chinese herbs, various fish oils, ginger and herbal teas.

Aspirin was the most commonly used nonprescription treatment in the study, and almost two-thirds of people on aspirin also took at least one other over-the-counter medicine with the potential to increase the risk of bleeding when mixed with apixaban.

The study didn’t look at whether mixing over-the-counter medicines or supplements with blood thinners actually caused bleeding or other dangerous side effects in these patients.

One limitation of the analysis is that researchers relied on patients to accurately recall and report on what over-the-counter medicines and supplements they used.

It’s also not clear from the study whether people started using any of these nonprescription remedies before or after they were prescribed apixaban.

“Patients who have taken OTC medications or dietary supplements clomid without dr prescription any problems prior to starting apixaban may not consider potential interactions, particularly if they ingest the supplements as part of their diet,” the study team writes.

“For example, certain ethnic groups may regularly incorporate dietary supplements, such as turmeric and Chinese herbs, in their meals,” the study team notes. “Unless providers ask them, patients may not realize these are important to disclose.”

SOURCE: website Journal of the American Geriatrics Society, online October 28, 2019.

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LME starts consultation to make OTC metals market more transparent

By Zandi Shabalala

LONDON, May 13 (Reuters) – The London Metal Exchange (LME) on Friday proposed measures that it said would improve transparency and how can i get clomid stability in the over-the-counter (OTC) metals market, clomid brand name including more frequent disclosures of all positions.

In March, the exchange was forced to halt trading of nickel after short-covering by one of the world’s top producers, China’s Tsingshan Holding Group, caused prices to skyrocket.

The LME, owned by Hong Kong Exchanges and generic clomid tablets Clearing Ltd , has said Tsingshan’s trades originated primarily in the OTC market.

“Recent events in the LME Nickel market have demonstrated the effects that OTC activity can have on the wider LME market,” the exchange said in a notice announcing a consultation with market participants on its proposals.

“The LME believes it is now essential to accelerate the introduction of regular OTC reporting.”

The OTC market is made up of banks and traders who do deals with one another outside of any exchange.

The LME proposed that its members report weekly to the exchange on all the OTC positions they hold in physically deliverable metals with no minimum position size threshold.

It also proposed that holders of large OTC positions should tell the exchange why they held them.

Previous attempts to introduce transparency to the OTC market were resisted by market participants, the LME said. It said a consultation on its proposals would run until May 27.

In the longer term, clomid order the LME said it was considering imposing real time reporting of OTC trades alongside reporting of OTC positions.

British financial regulators are probing the suspension of the LME’s nickel market.

(Reporting by Zandi Shabalala Editing by Mark Potter)

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LME launches reporting of OTC positions after nickel chaos

By Pratima Desai

LONDON, June 17 (Reuters) – The London Metal Exchange (LME) approved rules on Friday for members where to get clomid report all over the counter (OTC) positions, a move taken after off-exchange trading was partly blamed for a wild spike in nickel prices in March.

“This … will improve the ability of the LME to oversee activity holistically through increased visibility, ensuring future market stability,” the exchange said in a statement.

The exchange, owned by Hong Kong Exchanges and Clearing Ltd , was forced to suspend nickel trading and cancel all deals on March 8 because of disorderly activity caused partly by a large OTC short nickel position.

The new rules, due where to get clomid take effect in one month, require OTC positions reported on a weekly basis in all physically-delivered metals including aluminium, copper and nickel.

The LME has withdrawn an existing requirement for members to report daily their OTC nickel positions.

The LME, the world’s oldest and largest market for industrial metals, will also require holders of large OTC positions to tell the exchange the rationale for holding them.

The LME received 27 submissions during its two-week consultation period, with a majority opposed to introducing the OTC rules before probes were completed into what caused chaotic nickel trading in March.

Benchmark nickel on the LME doubled to a record above $100,000 a tonne on March 8 on expectations China’s Tsingshan Holding Group and others would have to buy back their short positions, which bets on prices falling.

British financial regulators in April launched a sweeping probe into how the LME suspended nickel trading and the LME also commissioned its own independent review.

“While any relevant findings from the independent review will also be considered and factored into the LME´s plans in due course, the LME will not delay taking appropriate actions,” it said.

U.S. hedge fund Elliott Associates and Jane Street Global Trading are suing the LME for $456 million and $15.3 million respectively for cancelled nickel trades. (Additional reporting by Eric Onstad; Editing by Edmund Blair)

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