FX Markets - Mar 2021
See below for a full listing of the articles in the March 2021 issue of FX Markets, or click here to download the PDF.
Articles in this issue
FX options: the race to electronification has only just begun
Could years of entrenched voice trading in FX options be about to end as electronification gathers pace?
First P2P trade completed on Siege FX
Dark pool aims to match algo orders among its 30 buy-side clients
Industry bodies mull reform of disruption fallbacks
Following Argentine peso debacle, GFXC and others seek alternatives to fallback protocol
CFTC urged to take lead on CCP margin models
Advisory committee unable to agree steps on margin period of risk, model transparency
Foreign corporates rally round new Thai baht hedge rules
Cheaper onshore pricing draws non-Thai corporates to Bank of Thailand’s new FX hedging scheme
Japanese lifers boost FX hedging as new capital rules loom
Banks expect insurers to pile on long-dated JGBs and USD/JPY cross-currency swaps
Has Covid stopped the clocks on FX timestamp efforts?
Budget reallocation may not be the only factor stalling standardisation progress, say participants
Growing internalisation could threaten price discovery, say LPs
Dealers might have to deliberately hedge on venues to bolster data, says Credit Suisse’s Estrada
Buy-side physical FX clearing at LCH faces scepticism
Lack of clearing mandate and settlement wrangles mean demand for putative service remains weak
BIS and central banks partner to create CBDC ‘bridge’
Cross-border project will link up digital currencies of China, Hong Kong, Thailand and the UAE
ECB pushes for greater crypto asset powers
Central bank suggests changes to afford it greater oversight of e-money issuers
Brazil ramps up FX interventions to defend real
Governor Campos Neto says fall “is not justified by fundamentals”
Industry demarcation – Liquidity providers versus prime-of-prime brokers
The term ‘non-bank liquidity provider’ may not be new, but recent months have seen it used more liberally in corners of FX markets. Richard Elston, head of institutional at CMC Markets Connect – the recently rebranded business-to-business division of CMC…
OTC FX options market gears up for faster electronification
Share of electronic trading remains low but host of factors promise to change that for good
Embracing the next evolution of FX swaps
Gavin Wells, head of swaps strategy at 360T, explores new products and growth drivers in the FX swaps market, and explains how MidMatch – the firm's fully automated FX swaps limit order book with mid-rate matching capability – can help clients capitalise…
Optimisation firms prep for SA-CCR boom
FX expected to be big focus of industry’s new slimming drive – and vendors are jockeying for position
All roads lead to Bergamo: Euronext eyes new home for its tech
Market participants fear a “horrible” relocation project and more room for latency arbitrage
If stablecoins are money, they should be backed by reserves
The growth of stablecoins could reduce the supply of safe collateral available to markets