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Bank ALM crisis leaves FX hedgers with steeper roll costs
Spreads on EUR/USD forwards jumped more than fourfold in past two weeks
TMX eyes spot crypto trading launch next year
Exchange group would become first in North America to offer direct access to spot market in digital assets
Mutual funds dump two-thirds of FX options positions in Q4
Counterparty Radar: Morgan Stanley Investment Management leads fall in volumes with big cuts to RMB trades
Quotes
For a business like ours, forward points are extremely important … particularly where we have passive hedges. The transaction cost of forward points can have a large impact on the performance we deliver to clients
James Binny, State Street Global Advisors
There just hasn’t been a lot of sound practices in the crypto marketplace over the course of the past five or six years
Chris Zuehlke, Cumberland
We still feel as if FX structured notes are a market worth pursuing
Andy Kaufman, NatWest Markets
Pimco nearly halves FX forwards book in Q4
Pimco reduced the size of its foreign exchange forwards positions by nearly half during the fourth quarter of 2022 – from $177.1 billion in Q3 to $97 billion in Q4. Of the amount cut by the California-based asset manager, nearly $64.7 billion and $12.2 billion were in G10 and Americas non-G10 pairs, respectively. As a result, Pimco's overall market share among US mutual funds fell from 20% to 12%.
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Editor's choice
Editor's choice
Fenics’ Kace launches FX options OMS
The system will help regional banks tap white-labelled liquidity from a single access point
Trendlines
Big Figure
Growth and stability
After enduring a turbulent period in 2018 and 2019, when Invesco suffered damaging fund outflows and its share price underperformed rivals, the outlook for the asset manager has stabilised. Assets under management at Invesco have returned to growth and stood at $1.4 trillion in March, a 20% increase in the last 12 months.
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