Our take
FX bets join long list of duds for macro funds this year
Soured rates and FX strategies underscore painful time for macro hedge funds
Can AI be the great equaliser in e-FX?
FX market-makers see real benefits for agentic AI in code generation and data analysis
Trump’s FX impact: a tale of two terms
Traders say Trump version 2.0 is already proving a much trickier task to manage than the original, and have had to adapt
Turn of the skew: FX options dealers balance fragile market
Calls-versus-puts demand flips wildly in response to geopolitical events
Banks seek to advance predictive pricing models
AI and machine learning-based tools could give FX desks the power to forecast currency movements
FX traders revel in March Madness
Chaotic Trump policies finally bring diversity to flows – to the delight of market-makers
Could LPs explore renting out their client franchise?
Connecting regional banks with sophisticated clients may see dealers evolve to become liquidity distribution hubs
Higher rates see corporates reassess FX structured products
Treasurers are getting a taste for dual currency notes and structured forwards
Quants dive into FX fixing windows debate
Longer fixing windows benefit clients, but predicting how dealers will respond is tough
Low FX vol regime fuels exotics expansion
Interest is growing in the products as a way to squeeze juice out of a flat market
BofA quants propose new model for when to hold, when to sell
Closed-form formula helps market-makers optimise exit strategies
FX forwards dealers face added challenges in P&L analysis
Mark-out tools for forwards and swaps trading may not be a panacea
What T+1 risk? Dealers shake off FX concerns
Predictions of increased settlement risk and later-in-the-day trading have yet to materialise
Are market-makers better at dealing with central bank intervention?
Lack of pain following BoJ intervention suggests dealers are better at handling event risk
Execution algos evolve to make buy-side liquidity providers
Latest range of FX spot algos could give new roles to banks and buy side
Banks face tough choices over single-dealer platforms
Costly upgrades and shifting execution methods by corporates could challenge SDPs
Uncertain rates outlook poses challenge for corporate FX hedgers
Hedging programmes may need a revamp as EM/G10 rates differentials narrow
Could intraday FX swaps help reduce settlement risk?
New swap platform hopes to ease funding pains, but can it promote more use of PvP?
Corporates’ tech stacks face pressure from rising FX volatility
Treasurers and CFOs are worried about how their FX tech will cope with a potential increase in hedging activity
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’