United States (US)
BNPP back in dealer top three for FX forwards with mutuals
Deutsche Bank, HSBC hit by cuts at Vanguard and Pimco in Q2
Why Isda ditched ‘off-cycle’ updates for Simm
Ad hoc updates riled industry, while regulators pushed for predictability in model recalibrations
CFTC plan to relax MMF margin restriction sparks debate
Industry welcomes proposal to lift ban on repo-using funds as eligible IM, but some warn MMFs bring risks
US banks fight back in FX forwards
Price differentials have narrowed as banks learn to live with SA-CCR
HSBC, JP Morgan and Morgan Stanley take top spots in FX dealer rankings
US dealers tend to have larger books, but face increased competition from European rivals, according to new analysis
Buy-siders to face rising settlement risks when 2 becomes 1
Non-US asset managers may miss crucial window to settle trades with CLS after switch from T+2 to T+1
Regulatory confusion clouds first annual IM recalculation
Firms dropping out of scope may need to continue posting non-cleared margin in some jurisdictions
e-FX Awards 2023: The winners
JP Morgan and Deutsche Bank win two categories each, while UBS is best for spot
Mizuho fined over deal contingent FX forwards
CFTC finds clients weren't told about pre-hedging activity that likely resulted in worse pricing
Athene dominates FX forwards market for US life insurers
Counterparty Radar: Morgan Stanley claims top dealer spot in $56 billion sector
Large US funds shrink exposure to top FX forward counterparties
Smaller managers increase top-dealer allocations as big beasts pull back
FX options hint at potential for euro shock
Months-long rally powered by ongoing hikes, but euro-bears fear economy will crack
Mutual funds dump two-thirds of FX options positions in Q4
Counterparty Radar: Morgan Stanley Investment Management leads fall in volumes with big cuts to RMB trades
High-frequency flap over CME’s Aurora data centre
Exchange group’s migration to Google’s cloud could render HFT networks redundant
Pimco nearly halves FX forwards book in Q4
Counterparty Radar: West Coast manager’s 45% cuts send Morgan Stanley to fifth place in dealer rankings
Morgan Stanley IM slashes FX options book
Counterparty Radar: Manager’s reduction tanks JP Morgan’s market share with sector
Morgan Stanley regains FX forwards top spot
Counterparty Radar: US bank dethrones HSBC, which slipped to fourth in Q3
MSIM option strategy set for payout
Manager has spent over $400 million buying options that have yet to generate returns – until now
SA-CCR hit on US banks could hinder year-end dollar funding
Potential lighter presence of US banks in swaps market may affect buy side’s ability to roll hedges
BNP’s new macro trading unit to make greater use of FX algos
French bank plans to bring FX algos to US Treasuries for combined currencies and rates trading unit
HSBC claims top FX forwards spot as US banks fall back
Counterparty Radar: Morgan Stanley falls from pole position for first time since Q2 2021 amid wider volume decline
Margin costs leap on Simm rejig and rates hikes
Acadia finds roughly one-third jump in exposure following Simm recalibration, with higher funding costs adding to burden
Return of volatility revs up FX options market
Macro disruption hikes volatility for eager dealers, however liquidity and spread compression remain a concern
Phase six margin cohort may exceed estimates as vol bites
Acadia sees numbers around a third higher than initial count, with fewer set to rely on relief