Asia
Jackpot for JGB asset swaps after hedging rush
Multi-leg trade turned profitable as corporate cross-currency hedging flows helped push yen swap rates above JGB yields
Overall FX house of the year ASEAN (Malaysia, Indonesia, Philippines, Thailand, Vietnam): MUFG
MUFG’s integrated franchise and its One MUFG philosophy have driven stronger client integration, expanded product coverage and clearer, analytics-led hedging for FX market participants
Best Asia FX spot house: UBS
UBS has strengthened its position in Asian spot markets, including during some of the most testing trading conditions of the past year
Overall FX house of the year: UBS
UBS's single-dealer platform gives clients the confidence to execute large electronic risk transfers during Asia session stress
Best FX liquidity aggregator for Asia currencies: Integral
Integral has closed the liquidity gaps in Asia’s FX and precious metals markets, expanding access to a diverse liquidity network, deploying a patented pricing methodology and growing its regional infrastructure at pace
Best Asia FX derivatives exchange: SGX Group
Amid multiple market shocks, SGX registered record volumes, grew market share and extended its offering into cryptocurrency
FX Markets Asia Awards 2026: The winners
UBS and HSBC take four wins each, with Barclays, BofA, Citi, Crédit Agricole, Deutsche also among winners
Traders remain on alert as Kospi-KRW decoupling wanes
Negative equity-FX correlation normalises as vol subsides, but funds poised for future opportunities
Futures venues eye growth in BRL trading with Asian investors
CME and SGX see ramp-up in out-of-hours demand for lucrative carry trade
EU eases non-cleared margin rules for smaller players
New proposals aim to cut compliance and reporting requirements for phase five and six firms
Banks urge Singapore to relax exposure limit on crypto assets
Lower capital for tokenisation and stablecoins welcomed, but cap will curb bank involvement for now
Dealers shun yen barriers after joint US-Japan action
Market-makers retreat from exotic structures amid intervention risk, with funds in wait-and-see mode
Chinese exporters step up FX sophistication
Onshore corporates traded record FX options volumes in June and are tapping experienced bank traders
Hong Kong hedge fund taps Natixis’s senior Apac FX trader
Michael Rothlin joins as chief investment officer for macro strategies
Yen options dealers struggle to hedge intervention risk
Hedge funds’ bets on BoJ intervention are leaving dealers with vol-surface exposures they can’t hedge cheaply
Industry calls for Hong Kong T+1 delay amid congestion fears
Q4 2027 alignment with Europe and UK transition raises operational risk concerns
Macro trader Breakwell swaps Millennium for Point72
Scott Breakwell joins hedge fund in Sydney as Aussie rates and FX heats up
Dollar smiles again, but for how long?
Twitchy investors backed the buck during Iran war, but experts are divided on whether this marks a return of the dollar smile
Super fund FX growth threatens dealer ‘tipping point’
Overseas assets – and hedge ratios – set to grow, but lack of collateral squeezes banks
Korea’s leveraged ETF expansion aims to stem overseas outflows
Retail flows to US and Hong Kong listings may have exacerbated FX fragility
Indian banks in race against clock to unwind USD/INR trades
An estimated $7 billion of open arbitrage trades are set to be unwound by April 10