FX Markets - Nov 2025
Articles in this issue
From market-makers to matcha: 10 years on an FX desk
Nathan Vurgest from Record reflects on how much change there really has been in FX in the past decade
European exporters add flexibility to FX hedges
Corporates with USD exposures have been reducing hedging tenors and adding optionality
NatWest retunes options tool to create, not hedge
Auto-hedging algo replicates non-linear exposures in spot for clients that can’t trade options
CME futures outage caused FX spot pricing problems
At least one non-bank was forced to pull prices, and NDFs also affected
Real money looks to dynamic hedges after tariff bout
FX Markets Europe: Buy-siders are adopting more responsive FX hedging strategies after correlations broke down
BofA, Reactive Markets pick up Risk.net awards
US bank wins FX house for performance during Liberation Day, while Reactive Markets takes OTC trading platform prize
Compression eases capital, risk bottlenecks amid CNH swap boom
Dealers say multilateral compression for yuan cross-currency swaps can increase trading capacity
LSEG adds market risk optimisation for FX options
Tool attracts eight dealers and could be expanded to rates and equity options
Market-makers near limit for lira carry-based options trades
FX Markets Europe: Questions around liquidity, market risk and crowding constrain new Turkey flows
Internalisation trend driving FX market opacity to new highs
FX Markets Europe: Dealers say they internally matched up to 1,500% more volume than public markets during April
Caution needed for vendor-generated FX dealer suggestions
FX Markets Europe: TCA services to help buy side automate counterparty selection may offer incomplete execution analysis
More interdealer e-trading needed to support FX swap streaming
FX Markets Europe: Dealers say primary venues must gain more traction to allow further electronification on client side
Institutional investors take profit on gold trades
Hedge funds trimmed longs after gold rally and triggered massive market selloff
Nomura eyes FRTB models expansion for FX desks
With rates desks all now on FRTB internal models, markets head says FX is next
All that glisters: precious metal volumes surge on FX venues
Gold and silver liquidity on foreign exchange trading platforms improves as more dealers link precious metals with e-FX
Inside Safran’s $54bn FX options book
French aircraft parts supplier emerges as key exotics player
Pimco piled into euro put options in Q2
Counterparty Radar: EUR/USD buying spree takes Pimco’s FX options book to $7 billion
