News
SA-CCR hits Citi’s FX forwards pricing
Four clients say US bank has quoted “less competitive” spreads as a result of new capital regime
HSBC, StanChart face capital hit on cleared renminbi trades
Lack of UK recognition for Shanghai Clearing House could prompt banks to reduce exposures
Yen exotics re-hedging fuelled vol surge, say traders
USD/JPY spike forced dealer stampede into call options, pushing FX vol even higher
New FX trading engines power growth for banks in Singapore
Influx of banks setting up electronic matching engines drives trading volumes in city-state
FX class action case to go ahead on opt-in basis
Firms will have to sign up to US-style class action against six banks accused of FX manipulation in UK
Emta facing calls from FX industry for alternative RUB fixings
Sources also concerned about Ukrainian NDF fixing, which hasn’t changed since invasion began
Capitalab co-founder quits firm
David Bachelier leaves BGC-owned compression venture after seven years
OTC nickel contracts stuck despite trading resumption
Contracts still unable to settle using new prices, but Isda solution may solve the issue
Russian invasion stirs up ‘perfect storm’ for XVA desks
Declining credit quality of Russian companies and spike in inflation threaten CVA and FVA double-whammy for banks
Currenex and LPs move to dismiss class-action lawsuit from US
Defence lawyers say XTX is trying to dodge agreements that it would settle any complaint in UK courts
Crypto industry faces ‘fork in the road’ over sanctions
Bow to policy-makers’ concerns about sanctions evasion or face reputational damage, says LSEG’s Schwimmer
MSIM holds half of FX options notionals among US funds
Counterparty Radar: Manager tops up on USD/RMB calls to extend lead and helps Goldman into second place among dealers
Citi names Stuart Staley FX co-head
US bank’s Asia-Pacific markets head moves to London to work alongside Itay Tuchman
EBS delays migration to CME Globex following member requests
FX dealers experiencing IT freezes or reallocation of resources have asked for more time to prepare
Pimco, Franklin Templeton affiliates top for Russia derivatives exposure
Counterparty Radar: Funds had biggest long exposures to Russia across credit, rates, FX at end of Q4
JP, Goldman and TD surge in FX forwards as Citi falls back
Counterparty Radar: Citi drops to fifth, losing a third of market share with US mutual funds
‘Broken’ euro FX options market facing liquidity concerns
Traders worry about market depth as surge in put buying sees risk reversals hit extremes
‘Dead’ derivatives market leaves big Russia dealers unhedged
VTB and Sberbank face directional exposure to local corporates after mass unwinds by foreign banks
Ruble NDF pricing rupture alarms traders
Conflict sparks big dislocation between ruble NDF and spot, threatening hedges and clouding valuations
Russia sanctions throw derivatives market into disarray
Lawyers say western banks face illegality terminations; industry groups plan deliverable ruble workaround
CLS wants more members to help it boost third-party access
New members are fuelling PvP settlement growth, but utility says it will need more to maintain this
Banks, prime brokers and trading venues shun ruble trades
FXPBs turn away derivatives bets as spot platforms block ruble trades and NDF fixings go dark
Traders turn to ruble NDFs to avoid sanctions trouble
Basis between physical and non-deliverable trades hits record high as users shun local currency
XTX joins Currenex class-action lawsuit
Non-bank LP claims rival HC Tech could see every order submitted to the platform