FX Markets - Jan 2022
See below for a full listing of the articles in the January 2022 issue of FX Markets, or click here to download the PDF.
Articles in this issue
Direction of travel on last look becomes clear
Hold time holdouts likely to fall into line in face of increased regulatory scrutiny
Morgan Stanley and UBS remove FX hold times
Goldman Sachs follows suit in new GFXC cover sheets, but NatWest Markets holds on
Citi drops last look hold times for e-FX
Bank joins Goldman Sachs, Morgan Stanley and UBS in ditching controversial practice after GFXC clampdown
Margin rules lead to rise in Asian NDF clearing volumes
LCH and Eurex position themselves for NDF clearing uptick ahead of next UMR phase
GFXC names SNB’s Maechler as new chair
Swiss central banker succeeds Guy Debelle
FX: a market in flux
Jens Quiram, global head of FX at Eurex, outlines how the changing nature of FX trading could open up new opportunities for market participants
EU’s IM model validation rules may put Simm in jeopardy
Draft RTS creates validation hurdles and cross-border conflicts, industry warns
Mexican government announces CBDC for 2024
Bank of Mexico has yet to comment publicly on the initiative
Euro/dollar crosses embrace RFRs, while other currencies lag
€STR becomes new standard for euro cross-currency swaps; CAD and AUD stick with legacy rates
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
Asset managers want better access to spot crypto market
Top buy-side exec bemoans constraints in debate on use of futures versus spot for cryptocurrency
Lack of incentives slow uptake of deliverable FX clearing
Absence of regulatory drivers and use of prime brokerage curbing demand, say panellists
Hedging specialists vie for swelling FX overlay business
Custodians, banks and others look to capitalise on trend for buy side to outsource currency hedging
Quantum computing: kryptonite for bitcoin and cyber security
Race is on to secure new encryption algorithms for DeFi, before quantum computers become a present danger
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
B2C2 platform seeks to bring banks into crypto derivatives
By using a Japanese bank as intermediary, market-maker hopes to tap into growing trading demand from dealers