News
JP Morgan leads US banks’ FX trading revenues
Only two dealers recorded growth last year as Goldman Sachs reports 75% drop
Basel Committee prepares crackdown on bank ‘window dressing’
Study says lenders have obscured their true systemic importance at reporting dates
Emir 3.0 threatens lag for Simm revisions
New EU rules could stall changes aimed at improving risk sensitivity of industry margin models
Quarter-ends add $184bn to FX swap costs, study finds
Academics observe 36% increase in bid/ask spreads in short-tenor liquid currency pairs at quarter-end
FX options traders rethink vol drivers amid macro uncertainty
Market-makers believe more and more events will influence options pricing as political risk bubbles up during 2024
As T+1 looms, non-US firms consider out-of-hours trading
Pruned settlement cycle forces foreign buy-siders to explore automating the FX leg of securities trades
Trend following struggles to return to vogue
Macro outlook for trend appears to be favourable, but 2023’s performance flop gives would-be investors pause for thought
Philippine central bank may issue wholesale CBDC in two years
However, governor rules out using blockchain-based technology for digital peso
Dealers braced for Taiwan swaps clearing mandate
Expected FSC directive on TWD interest rate swaps could spur growth in FX clearing, say bank execs
FX losses mount after Argentina’s devaluation
Citi, Adidas among those taking hits totalling over $3.3bn in Q4 as dealers cite lack of hedging tools
Westpac fined over interest rate swap pre-hedging
Court finds against Australian bank for “unconscionable” behaviour, amid calls for broader guidance around the practice
Kings and kingmakers in the Ucits FX forwards market
Counterparty Radar: First look into European retail fund data reveals HSBC and Vanguard as top dealer and manager
Clearing members fear CFTC bending rules for crypto
Critics warn new framework for Bitnomial and LedgerX could undermine clearing integrity
Citi appoints new global head of FX product amid MD cuts
Ayesa Latif will oversee end-to-end delivery of FX products and services, as well as its electronic FX distribution platforms
New trading platform costs weigh on FX dealers
As roughly 75 platforms vie for business, LPs complain of struggle to keep up with connectivity costs
Citi and JP Morgan vie to extend collateral optimisation to CCPs
High rates and increasing collateral requirements have ignited race for greater efficiency
IMC appoints head of FX trading
Ex-UBS exotics head Ramon Puyane to join Dutch market-maker
Regulators’ FRTB estimates based on faulty premise – industry study
US market risk capital requirements could more than double if banks abandon IMA
Corporates eye FX options as hedging costs shrink
With hedge ratios tipped to rise, dealers say treasurers are increasingly open to optionality
Bloomberg’s Figi extends crypto inroads
Identifiers rolled out for almost 8,000 crypto assets as institutions seek structure and uniformity
LoopFX nears launch with Factset’s Portware partnership
New dark pool matching platform aims to integrate with existing buy-side workflows
Deutsche Bank’s global spot trading head departs
Lee Merchant is latest in a string of senior FX departures for German dealer
LMAX taps real money clients with Cürex deal
Acquisition aims to offer liquidity providers diverse flows from asset managers
JPM falls out of favour in FX forwards with US insurers
US bank exits top 10 after cuts from TIAA and Athene in Q3