Articles by Ben St Clair
Hedge funds push yen options bets to next BoJ meeting
Target shifts as vol punts on change to rates policy fall flat
Morgan Stanley IM slashes FX options book
Counterparty Radar: Manager’s reduction tanks JP Morgan’s market share with sector
HKD de-peg bets gather steam
Options struck outside the permitted band grew this year, with some dealers recycling flows via structured products
MSIM option strategy set for payout
Manager has spent over $400 million buying options that have yet to generate returns – until now
UK budget gives sterling options traders a wild ride
Reaction to tax cuts sparks most active week for GBP/USD options traders since Brexit negotiations
European banks can’t escape SA-CCR hit, warns FX exec
Although not yet directly affected, EU dealers may feel regulation’s impact, says Goldman’s Wilkins
Hedge funds pile into renminbi FX options
Investors target call spreads and RKOs in what traders say is one of 2022’s most profitable trades
MSIM's baffling $400m options splurge
Funds owned or advised by the manager have spent vast sums on a USD/CNH strategy that appears not to have paid off
Pimco, Franklin Templeton affiliates top for Russia derivatives exposure
Counterparty Radar: Funds had biggest long exposures to Russia across credit, rates, FX at end of Q4
Russia sanctions throw derivatives market into disarray
Lawyers say western banks face illegality terminations; industry groups plan deliverable ruble workaround
Can ESG trading and best execution coexist?
Not everyone thinks making a statement on ESG would work against client interests
Buy-side traders start to cool on ESG-deficient dealers
Managers adopting ESG metrics in counterparty evaluations may exclude dealers that aren’t up to scratch
JP Morgan flies into top FX options spot
Counterparty Radar: Renminbi/US dollar trades also keep Morgan Stanley IM in front
Dealers look to cut SDP prices amid platform fee battle
JP Morgan offers different pricing for single and multi-dealer venues; Barclays mulls same approach
FX option selling and weak demand behind vol slide, say traders
EUR/USD vol inches towards pre-Covid lows, but some believe inflation could upset trend
US mutual funds’ crypto holdings doubled to over $1bn in Q1
BlackRock and MSIM are among 16 US fund managers dipping their toes into crypto investing
Dealer concentration in FX forwards
Counterparty Radar: data shows panel depth and top bank share correlated to size of manager’s book
Crypto market structure pushing institutions towards synthetics
Credit risk and custody challenges with spot could push investors to derivatives and ETPs
US funds’ FX forwards settlement dates show clustering effects
Counterparty Radar: Analysis shows concentrations appear on certain dates, which can differ by currency
Franklin Templeton and Citi top for FX options
Counterparty Radar: Data shows US bank as top dealer for mutual funds in Q3 and Q4, while Californian manager is biggest user
Vanguard extends forwards dominance as Citi dips
Counterparty Radar: Fund giant responsible for more than a third of total forwards volumes and half of EUR/USD in Q4
Markets search for FX factor as rates fall flat
Traders signal shift to currency strategies, but is it passing fad or permanent fixture?
Cross-currency swaps will use RFRs on both legs, says JPM exec
Despite slow start, all-RFR swaps will become the market standard within a year, according to Tom Prickett
Forward momentum: the new world of NDF trading
NDF landscape is changing as trading volumes drive electronification and algo execution – but challenges remain