News
Quants look to language models to predict market impact
Oxford-Man Institute says LLM-type engine that ‘reads’ order-book messages could help improve execution
FXPBs see compression tech as key for credit optimisation
FX Markets USA: Providers hope new tech solutions can help replenish credit lines to hedge funds
Why GTS bought HC Tech’s FX business
Rubenstein and Rosenwald open up on reasons for the deal – plus US lawsuit and culture questions
Banks push back on proposal to lengthen CLS cutoff time
FX Markets USA: Move to widen window could mean significant infrastructure work for banks
JP Morgan pulls plug on deep learning model for FX algos
FX Markets USA: Bank turns to less complex models that are easier to explain to clients
US insurers take different paths to hedge FX
Counterparty Radar: Maturity and size of FX forwards trades vary significantly between firms
Isda proposes new central hub for critical notices
Trade body seeks industry feedback on one-stop shop for default notices and other critical comms; sceptics say the service is “not a universal solution”
Citi’s FX unit taps Hewson for new global sales division
Bank combines sales teams focused on hedge funds and asset managers with those for corporate FX
LatAm electronification – a market stuck in the past
Electronic pricing and execution of Latin American currencies is still lagging, say dealers
BIS wraps up cross-border CBDC trial
Project Mariana explored FX settlement using ‘automated market-makers’
HKEX and LCH look to expand eligible collateral
Chinese government bonds in the frame as clearing houses seek to boost non-cash margin options
StanChart sees big uptick in FX options positions
Counterparty Radar: UK bank benefits from MSIM trades as market for US mutual funds expands in Q2
Crypto ECNs aim to offer alternative to Clobs
CrossX and Cypator bring ECN-style trading and settlement to crypto, but rivals claim infrastructure isn’t ready
BNPP back in dealer top three for FX forwards with mutuals
Deutsche Bank, HSBC hit by cuts at Vanguard and Pimco in Q2
SGX’s new FX platform sees increased NDF trading from US firms
Sef exemption opens door to increased US buy-side interest
US life insurers take axe to FX forwards positions in Q2
Counterparty Radar: $47.5bn in G10 positions reported, a 12.9% decline from Q1
CFTC plan to relax MMF margin restriction sparks debate
Industry welcomes proposal to lift ban on repo-using funds as eligible IM, but some warn MMFs bring risks
Looking to the futures: Transtrend’s trading head on the power of EFP
Dutch CTA firm says increased costs in OTC FX world will drive banks and buy-side to EFP
MAS finalises rules for stablecoins
Singaporean central bank to label qualified coins as “MAS-regulated stablecoins”
FXSpotstream names Ward as new CEO
Ward will assume the role from the beginning of January 2024, taking over from Tom San Pietro who has served as interim CEO
CME picks Houston to lead revamped FX unit as EBS’s Ward exits
Move follows exchange group’s plans to closely integrate EBS with its FX futures business
Iosco takes aim at pre-hedging with new probe
Global standard-setter intends to release results of review in third quarter of 2024
GFMA’s disruption template paused due to Isda definition clash
Close-out framework put on hold as Isda reviews 1998 FX derivatives rule book
Hedge funds turn to exotics for EM carry trades
Traders eye dual digitals to cheapen up carry plays