Articles by Cole Lipsky
FX swaps price discovery challenges buy side, says Vanguard
Lack of transparent price validation data for FX forwards and swaps is holding back buy side, Vanguard’s head of FX says
Dealers warn of capital squeeze from increased FX hedging
Sharp rise in uncollateralised buy-side hedges could restrict banks’ ability to take on positions
Dealer views mixed over future of profitable EM FX carry trade
Emerging market FX carry trades have generated 7.5% returns since April, but dealers question longevity
Banks scale back short-dated FX swaps trading, BIS finds
Interbank FX swaps hit by higher short-term hedging and funding costs, while longer-dated forwards activity jumps
Institutional investors take profit on gold trades
Hedge funds trimmed longs after gold rally and triggered massive market selloff
Pimco piled into euro put options in Q2
Counterparty Radar: EUR/USD buying spree takes Pimco’s FX options book to $7 billion
European exporters add flexibility to FX hedges
Corporates with USD exposures have been reducing hedging tenors and adding optionality
Fed official dismisses de-dollarisation talk
Speakers at IIF conference believe dollar selloff is cyclical rather than a structural decline
Do BIS volumes soar past the trend?
FX market ADV has surged to $9.6 trillion in the latest triennial survey, but are these figures representative?
Integral launches on-chain crypto prime brokerage service
The model leverages stablecoins to exchange margin and settle trades on blockchain
Low-vol gold rush points to further upside
Options markets see no scramble to chase metal higher despite 43% year-to-date rally
Has US dollar hedging hype faded?
While the initial wave of real money USD hedging flows disappointed some dealers, many believe there is more to come
How Amundi’s options strategy profited from dollar slump
French asset manager grabbed euro call options at low prices in a tactical pivot for its FX absolute return fund
The investors who aren’t fretting over Trump’s stat sulk
Some see dismissal of statistics agency chief as an assault on US institutional integrity; for others it offers a chance to throw off outdated methods
As Fed meets, hedge funds buy ‘lottery’ FX options trades
Options bets reflect cautious pessimism over the dollar ahead of Jackson Hole conference
CME boosts FX access via new vendor partnerships
Tie-ups with Trading Technologies and Integral to bring new liquidity into EBS and Spot+ venues
Crackdown on FX vendors could raise costs for dealers
MTF designation could cost aggregators and EMSs $3m to set up and $1m in annual maintenance
Mutual funds were USD bulls going into April’s tariff chaos
Counterparty Radar: Positioning in Q1 reflected market sentiment that tariffs would lead to a dollar rally
Jive Investments quicksteps towards hedged returns
Brazilian fund manager uses combo of options and forwards to push down hedging costs compared with plain NDF strategy
LMAX: stablecoin bill sets stage for FX and crypto convergence
CEO David Mercer on what the Genius Act means for markets, and where the venue’s FX business goes next
Limited-loss hedges help US firms dodge costly FX moves
Structurers say US corporates’ use of options-based net investment hedging helped soften impact of USD selloff
DC hedges return amid tariff pause
Following a sharp drop in public deal flow in April, dealers say interest has come roaring back
Fnality joins DLT-based PvP FX settlement service
Baton Systems and Osttra’s joint payment-versus-payment FX network adds central bank-backed settlement option
Eyes on automation as FX options volumes surge
Dealers and trading platforms are gradually making progress to electronify FX options pricing and workflows