FX Markets - Oct 2025
See below for a full listing of the articles in the October 2025 collection of FX Markets
Articles in this issue
Do BIS volumes soar past the trend?
FX market ADV has surged to $9.6 trillion in the latest triennial survey, but are these figures representative?
Row breaks out over cause of FX settlement fails
One European bank blames T+1 for a 50% jump in FX fails, but industry groups dispute the claims
XTX alleges Currenex entered own trades ahead of users
Market-maker claims venue used triangular arb tool to trade before users
Real money rides the hybrid options wave
Insurers follow hedge funds into exotic trades with equity-down, yields-down recession plays
CFTC sprints to approve spot crypto trading by year-end
Acting chair Pham also expects tokenised collateral to be up and running by then or early 2026
Fed official dismisses de-dollarisation talk
Speakers at IIF conference believe dollar selloff is cyclical rather than a structural decline
LSEG readies hard matching on forwards venue
Forwards Matching eyes Q4 start for new function that enables faster credit checks
Hedge funds switch yen bets after Japan election shock
Takaichi victory forces unwinds and a move to topside trades, while barriers give dealers a headache
Hedge funds keep a toe in HKD carry trade despite rate rise
Positioning is currently a fifth of what it was in April, say dealers
PBoC’s language suggests policy shift on yuan – China economist
Central bank drops “cautious” from pronouncements on currency’s internationalisation
Wells Fargo hires e-FX trading head for Europe
US bank also makes several senior changes to its European FX and rates trading business
BIS 2025 FX survey: What the results mean for global markets
Key findings from the BIS triennial FX and OTC derivatives survey
Inside Citi’s FX refresh
Flavio Figueiredo revelas how the bank revitalised its options and e-trading units – and finally tackled SA-CCR
Morgan Stanley sees the elephants in the room
Fixed income co-head Jakob Horder argues hedge fund crowding means macro markets have fatter tails; eyes more FX hedging to come
ANZ’s FX forwards surge with Pimco
Counterparty Radar: Australian bank becomes top counterparty to the asset manager after huge jumps in cable and EUR/USD
