FX Markets - Nov 2020
See below for a full listing of the articles in the November 2020 issue of FX Markets, or click here to download the PDF.
Articles in this issue
Benchmark rigging scandal: a remake in the making
Regulators should act now to prevent any repeat of the fixing scandal of 2013
Big moves, but no panic after tumultuous US election
Treasury market saw its largest post-election move since at least 2000 – but liquidity held up
FX vol markets shrug off US election fears
Vols are trading below their pre-election levels despite uncertainty over result
Algos make market thinner, but not less liquid – BIS
Trading robots change market microstructure, central banks conclude; new liquidity metrics may be needed
Mifid best execution relief for buy side hangs by a thread
Largest grouping in European Parliament faces uphill battle to suspend RTS 28 reporting
HKEX to clear SOFR cross-currency swaps from early 2021
Legacy Libor cross-currency swaps could move to SOFR discounting at the same time
China derivatives appetite set to grow as PBoC lifts deposit rule
Central bank rule change could cut hedging costs by up to 100bp, traders say
Ion-Broadway merger approved with strings attached
Broadway chief executive Tyler Moeller leads consortium to buy divested fixed income business
Bilateral streams slash FX trading costs by 80%, dealers claim
Risk Live: FX dealers report 70% of spot traded in bilateral feeds, at least four times cheaper than RFQs and venues
FX markets start to test sentiment data
Already widely used in equities trading, data derived from news and social media is now being applied to foreign exchange
How low can you go: falling cost of FX fix sparks concern
Algorithms are reducing fixing fees, but some dealers are willing to go even lower – perhaps dangerously so
Joe Biden’s slow road to remaking US financial regulation
Moves on climate risk could come early; other changes may have to wait until the end of 2021, or later
How to navigate fragmented NDF liquidity
Liquidity consumers need to embrace dialogue with their LPs as an integral part of the liquidity curation process, argue HSBC execs
FX Markets Asia Awards 2020: The winners
Citi lands four wins in this year’s awards