Articles by Joe Parsons
Streaming with the enemy: banks turn to non-bank liquidity
Larger banks are becoming more receptive to consuming FX prices from prop traders like Citadel Securities and Virtu
Time to shine: corporate FX’s surprise glow-up
Corporate FX enjoys its time in the sun as currency headwinds spark corporate hedging needs
XTX Markets set to clear NDFs on ForexClear
Move makes XTX first non-bank liquidity provider to clear NDFs
GFMA proposes disruption settlement framework for FX
Russian ruble close-out pain triggers calls for voluntary multilateral pricing framework
Return of volatility revs up FX options market
Macro disruption hikes volatility for eager dealers, however liquidity and spread compression remain a concern
HSBC-Finastra aim to centralise white labelling
Proponents say connecting via central hub can streamline the often-bespoke process
Banks prepare to unleash FX swap bots
BNP Paribas, JP Morgan build execution algos to plug into platforms – but swaps liquidity needs to catch up first
JP Morgan fined for not reporting half of FX swap trades
US bank incorrectly believed one-day swaps did not have to be reported
Dealers advancing electronic FX swaps trading on CME
Deutsche Bank is among a handful of dealers using CME’s FX Link platform to help automate market-making
FX dealers bolstered by return of volatility
Vol's resurgence this year has created opportunities for dealers – but also some risks
In a bit of a fix: Refinitiv seeks ideas to improve WM/R
Operator launches consultation following criticism of 4pm fixing rate
Crypto derivatives should be banks’ ‘gateway drug’ to spot
Improved spot market liquidity means cash-settled derivatives shouldn’t be the end goal, says co-founder
Is Citi’s SA-CCR hit a sign of things to come?
Higher cost of capital for banks dealing in short-dated uncollateralised FX swaps and forwards could impact dealers and clients alike
Banks turn to analytics playbook to take on FX platforms
Dealers aim to lure clients from high-fee multi-dealer platforms with improved investment analytics
SA-CCR hits Citi’s FX forwards pricing
Four clients say US bank has quoted “less competitive” spreads as a result of new capital regime
Yen exotics re-hedging fuelled vol surge, say traders
USD/JPY spike forced dealer stampede into call options, pushing FX vol even higher
Russian ruble trading steps back in time
Wild spread swings see offshore RUB market and electronic trading disappear
Optiver aims to gatecrash FX options private party
Dutch non-bank hopes to exploit shift to electronic markets in OTC options, following record $7bn trading day
Ruble fixing conundrum sparks new debate on pricing benchmarks
Uncertainty over Russia-linked hedges raises prospect of a replacement for Moscow Exchange fix
Citi names Stuart Staley FX co-head
US bank’s Asia-Pacific markets head moves to London to work alongside Itay Tuchman
Market braces itself for EBS’s great migration
FX industry prepares for tectonic shift as venue moves to CME Globex
EBS delays migration to CME Globex following member requests
FX dealers experiencing IT freezes or reallocation of resources have asked for more time to prepare
‘Broken’ euro FX options market facing liquidity concerns
Traders worry about market depth as surge in put buying sees risk reversals hit extremes
Ruble NDF pricing rupture alarms traders
Conflict sparks big dislocation between ruble NDF and spot, threatening hedges and clouding valuations