FX Markets - Mar 2025
Articles in this issue
FX traders revel in March Madness
Chaotic Trump policies finally bring diversity to flows – to the delight of market-makers
Short-term Trump FX trades ‘dead’ as euro rallies
EUR/USD spot rally and vol spike sees mass unwinds of long USD trades
Automated market-making tested by intraday FX vol
Price gaps in spot FX markets could be exacerbated by algos trading on headline risk
Asia hours surge complicates FX options market-making
Late tariff announcements in US trigger hedging headaches during less-liquid Asia sessions
Positive M&A outlook could boost deal contingent hedges
Traders predict hedging activity linked to deal completions will take off this year
Former Nomura FX co-head joins JB Drax Honoré
Kevin Connors joins agency broker as head of business and client development
FX Spot+: connecting OTC traders to FX futures liquidity
CME Group’s new all-to-all spot FX marketplace translates futures liquidity into spot terms, expanding liquidity access to OTC traders
Tech firm OneChronos to offer ‘bundled’ equity-FX trading
New auction algorithms will optimise multi-leg trades; FX roll-out due in second quarter
Adoption of standard FX reject code too slow – Schroders trader
Standardised codes aim to improve consistency and transparency around why trades are rejected
Does FX Spot+ add up for traders?
New CME venue aims to provide easier access to FX futures liquidity, but some worry about its stability in choppy markets
FX Spot+: expanding liquidity access to OTC traders
The rationale behind the launch of FX Spot+ and what the market can expect from CME Group in the future
Hedge funds flock to hybrids to trade macro uncertainty
Firms repurpose structure made popular by Trump trades last year
NSCC liquidity shortfalls raise T+1 concerns
Lagging FX settlement processes could become a problem for clearing houses
Mastering the millisecond market
Leveraging millisecond-level data could unlock FX trading opportunities, says LMAX Group’s Sundaram
