- Bank of America picks up currency derivatives house of the year from sister publication Risk.net, for the build-out of its emerging markets business. The bank retooled its desk to better manage options EM flows in the year of the carry trade and focused on corporate client flow to boost its ability to recycle risks.
- HSBC was named prime broker of the year thanks to its work on incorporating interest rate risk into the margin calculations for FX options. The standard net open position measurement ignores certain rate risk exposures in calendar spreads – but the bank’s new approach gave the PB confidence to take on more client exposures.
Predictions of consolidation have been wide of the mark
Ala’a Saeed, who oversaw its single-dealer platform, leaves US bank
P2P platform starts daily matching and opens up to banks, hedge funds and ECNs
Unstable markets have forced corporate treasurers to adopt whizzier methods for managing currency exposures
Sun platform could help banks auto-hedge and develop algo execution for the instruments
Offering allows users to surface data and notifications from internal systems without leaving Instant Bloomberg chatrooms
Litany of pricing variables fuel wide differences in how dealers calculate discount rates for collateral agreements
US banks report higher FX swaps and forwards volumes from corporates as SA-CCR effect wanes, BCG research shows