FX Markets - Jul 2023
Articles in this issue
US banks fight back in FX forwards
Price differentials have narrowed as banks learn to live with SA-CCR
China needs an RMB liquidity absorber – HK might be the answer
Increasing HKMA’s CNH debt issuance could help cement renminbi’s role in financial markets
MSIM revived RMB options activity in Q1
Counterparty Radar: Investment firm added $2 billion in dollar/renminbi options, mainly with JP Morgan and StanChart
Citi promotes top corporate sales exec to global FX role
The 35-year veteran takes over from Stuart Staley who led the business for two years
CME and Digital Vega to offer joint solution for block FX options
Tie-up aims to enable buy-side firms to tap benefits of central clearing via OTC-style workflows
Hedge funds ease off profitable China FX options trade
Some still hold positions but an appreciating renminbi may make them less profitable for now
US banks eye collateralisation to tackle SA-CCR costs
Dealers are asking asset managers to post margin on their FX swaps and forwards to offer more competitive prices
Hedge funds turn to exotics for EM carry trades
Traders eye dual digitals to cheapen up carry plays
HSBC, JP Morgan and Morgan Stanley take top spots in FX dealer rankings
US dealers tend to have larger books, but face increased competition from European rivals, according to new analysis
EBS unveils incentives to boost liquidity post-Globex move
Focus is on brokerage discounts and product expansion following replatforming
NatWest’s plan to put the XVA into RFQs
Bank to launch approximation tool on its electronic pricing framework for FX forwards
