United States (US)
Currenex lawyers ask judge to dismiss class action lawsuit
Case alleging secret priority trading deals brought too late and not based on facts, defence argue
US banks step up FX optimisation push as SA-CCR looms
With swaps and forwards hit hard by new capital measure, dealers turn to vendors and bilateral restructuring
FX hedge ratios fall across top 10 US managers
Counterparty Radar: Proportion of forwards to assets has been sliding since Q3 2020, but some firms buck trend
State Street launches tri-party custody for IM clients
Third-party provider begins shifting phase five clients to full-service collateral model
Phase five margin queues spur calls for custody revamp
Custodians urged to update “antiquated technology” ahead of threefold jump in phase six initial margin onboarding
BNP hits top spot for FX options
Counterparty Radar: French bank ousts long-time leader Citi as biggest dealer for mutual funds
Morgan Stanley bests Citi as top forwards shop for US funds
Counterparty Radar: A $30bn boost from Vanguard sends MS to top of Q2 charts
Citi clearing head departs for crypto firm
Senior departure is latest among swaps giant’s clearing ranks
Capitolis to acquire LMRKTS
Deal for multilateral compression provider latest in wave of post-trade tie-ups, as SA-CCR bites
Renminbi splurge lifts BNPP, MSIM in Q1 options data
Counterparty Radar: Morgan Stanley IM is largest options user, following series of huge renminbi calls
Quantum trading and the search for the perfect clock
Government push to overhaul satellite technology could improve time-stamping accuracy for trading firms – and for regulators
Inside Wells Fargo’s bid to take on big FX players
The third-largest US bank by assets plans to use large corporate flows to lure institutional clients
CFTC rule change sparks dealer-client margin scuffle
FCMs fear “race to the bottom” as funds lobby dealers for lower margin status
Quant fund aims to tame bitcoin, and 39 other digital assets
Ex-Morgan Stanley, Winton vets reimagine institutional risk management for volatile crypto markets
Dollar’s share of global reserves falls to 25-year low
Gradual decline may stem from currency diversification by emerging market central banks – IMF report
Simm template to be expanded for SA-CCR and FRTB
Crif-plus will capture risk exposures for all instruments, boosting optimisation potential
‘Crypto Dad’ Giancarlo says DLT could have aided in Archegos
Former CFTC chair says managing collateral by distributed ledger technology would enable better oversight of risks
IMF weighs up $650 billion SDR issuance
Figure would allow Biden administration to avoid a vote in Congress
‘Do no harm’: central bankers warn against rush to issue CBDC
Agustín Carstens, Jerome Powell and Jens Weidmann highlight risks of acting too fast
CFTC’s Behnam wants federal oversight of crypto markets
Proposal would make US first western country to regulate crypto exchanges and traders
Vanguard extends forwards dominance as Citi dips
Counterparty Radar: Fund giant responsible for more than a third of total forwards volumes and half of EUR/USD in Q4
A bitcoin ETF could threaten the world’s biggest crypto fund
Regulated funds may suck away demand for Grayscale’s off-exchange investment trusts
The world’s largest bitcoin fund has a tracking error problem
Grayscale Bitcoin Trust moved from trading at an average premium of 36.5% to an 11.6% discount
Optimisation firms prep for SA-CCR boom
FX expected to be big focus of industry’s new slimming drive – and vendors are jockeying for position