News
SGX launches new Clob for FX spot and NDFs
CurrencyNode to tap into new matching engines in Singapore, and eventually will look to offer futures-spot spreads
GFXC set to focus on FX market data access
Costs of data needed for buy-side benchmarking exercises under spotlight
JP Morgan increases FX options dealer lead as Goldman slips
Counterparty Radar: GSAM up five manager spots amid market decline, while MSIM holds RMB positions steady
HSBC claims top FX forwards spot as US banks fall back
Counterparty Radar: Morgan Stanley falls from pole position for first time since Q2 2021 amid wider volume decline
BNY Mellon, NAB and RBC latest to ditch additional hold times
Banks join growing list of LPs to have scrapped the controversial practice
FX hedging dilemma vexes corporates as costs spiral
High volatility jacks up option prices, forcing firms to reconsider hedging activities
BofA rehires Velani to head transactional FX trading
Velani rejoins BofA as bank continues to strengthen its foreign exchange ranks
Margin costs leap on Simm rejig and rates hikes
Acadia finds roughly one-third jump in exposure following Simm recalibration, with higher funding costs adding to burden
Asia FX Awards 2022: The winners
FX Markets has revealed the winners of the Asia FX Awards 2022. The annual event – now in its fifth year – recognises and showcases the best banks, dealers, brokers and currency managers in the Asia-Pacific (Apac) region.
EU Parliament creates multiverse of SA-CCR outcomes
Some MEPs want to ease rules further than EC draft; others want return to undiluted Basel text
360T is second venue to demand FX code compliance
GFXC urges other platforms to follow suit, potentially making code adoption an entry ticket to FX markets
Nomura hires Leng for dual global FX trading roles
Hire comes as Nomura looks to significantly bolster its FX and macro trading division globally
Nomura targets smaller Chinese banks after first CFETS trade
Japanese bank is one of seven offshore FX dealers offering G10 pricing on China’s interbank market
Streaming with the enemy: banks turn to non-bank liquidity
Larger banks are becoming more receptive to consuming FX prices from prop traders like Citadel Securities and Virtu
XTX Markets set to clear NDFs on ForexClear
Move makes XTX first non-bank liquidity provider to clear NDFs
LCH mulls FX spot clearing as buy-side demand grows
Anticipated ForexClear service could reduce funds’ reliance on prime broker credit lines
The closer quants look, the less diversifying crypto appears
Analysis seems to confirm that the asset class is not an effective diversification play
GFMA proposes disruption settlement framework for FX
Russian ruble close-out pain triggers calls for voluntary multilateral pricing framework
Currenex pushes back in fight to dismiss class-action lawsuit
Defence lawyers mount stubborn defence in civil suit brought by XTX and two other financial firms
State Street is latest LP to publish a GFXC disclosure sheet
More liquidity providers expected to publish disclosures this week following GFXC deadline
Cboe bans FX code holdouts from Full Amount platform
Only FX Global Code signatories will be allowed to trade on the anonymous platform from August 1
Phase six margin cohort may exceed estimates as vol bites
Acadia sees numbers around a third higher than initial count, with fewer set to rely on relief
Banks look to settle non-CLS currencies on Baton
HSBC and Wells Fargo said to be eyeing expanded use of blockchain tech to currencies not covered by CLS
BNP’s FX sales head takes on new rates role
Neehal Shah will take on additional role as head of G10 rates sales following mini shake-up