Our take
FX-style crypto platforms could bridge gap with TradFi
Emergence of execution-only ECNs, prime brokers and clearing houses brings new confidence in crypto
A ‘unified ledger’ and the future of money
Blueprint set out by the BIS staff raises plenty of questions about the ‘singleness of money’
Shhh, don’t tell: the struggle to keep skew under wraps
Liquidity recycling by clients has made it more difficult for banks to keep skews quiet
How a machine learning model closed a hidden FX arbitrage gap
MUFG Securities quant uses variational inference to control the mid volatility of options
US banks fight back in FX forwards
Price differentials have narrowed as banks learn to live with SA-CCR
China needs an RMB liquidity absorber – HK might be the answer
Increasing HKMA’s CNH debt issuance could help cement renminbi’s role in financial markets
Analyse this: why the buy side is hungry for FX trade data
TCA data from vendors is just the start as buy-side firms enlist quants to analyse execution
What’s next for FXSpotstream?
Departure of founder could herald a shift from the venue’s no-brokerage model
Living with SA-CCR, one year on
Collateral agreements and FX futures may be some of the ways to tackle increased capital costs
GFXC to entice buy-side code adoption with ESG tie-ups
Rating agency partnerships would link FX code adoption to ESG scores
Review of 2022: the return of volatility
Russia and the Fed set markets ablaze, while SA-CCR shook up FX swaps
Should RMB be treated as a G10 currency?
As it becomes the fifth most-traded currency, dealers weigh pricing and risk managing RMB like a G10 equivalent
Crypto structured products come of age
After some growing pains, the space now offers the type of structures seen in TradFi equities markets
Should you hedge or should you wait?
New approach introduces quantitative framework for optimal FX hedging
Time to shine: corporate FX’s surprise glow-up
Corporate FX enjoys its time in the sun as currency headwinds spark corporate hedging needs
Will last look disclosures come to FX derivatives?
JPM and NatWest have published their swaps and options last look windows – will others follow suit?
FX dealers bolstered by return of volatility
Vol's resurgence this year has created opportunities for dealers – but also some risks
Is Citi’s SA-CCR hit a sign of things to come?
Higher cost of capital for banks dealing in short-dated uncollateralised FX swaps and forwards could impact dealers and clients alike
Can ESG trading and best execution coexist?
Not everyone thinks making a statement on ESG would work against client interests
Direction of travel on last look becomes clear
Hold time holdouts likely to fall into line in face of increased regulatory scrutiny
Dealers face tough test on FX costs
Banks may pass on SA-CCR capital costs to FX clients
Anonymous venues could do more on last look
Platforms could reduce max response times to encourage eradication of additional hold times
Platforms on edge as industry eyes progress of Currenex case
Lawsuit’s passage through US courts could determine whether copy-cat filings follow
Algo sniffers make a tough business tougher
FX spot is already a hard game for many LPs, and the rise of skew sniping only makes things harder