Liquidity
Hedge before the fix to avoid predatory traders – research
In simulations, slow and steady hedging for 4pm benchmark orders shaved up to 25% from costs
Hedge funds return to HKD carry trade after May stop-outs
Widened interest rate differentials spur investors to re-enter positions, but risks remain
Limited-loss hedges help US firms dodge costly FX moves
Structurers say US corporates’ use of options-based net investment hedging helped soften impact of USD selloff
Best Asia FX spot house: UBS
Thanks to its significant investments to boost spot liquidity in Apac, UBS was able to continue quoting competitive prices throughout bouts of extreme volatility in the latter part of 2024 and first quarter of 2025
Best FX single-dealer platform for Asia currencies: UBS
UBS’s single-dealer platform, Neo, demonstrated its resilience throughout the market stress of the past year, providing exceptional FX liquidity to its clients in Apac across all currencies, including emerging markets pairs and precious metals
Fnality joins DLT-based PvP FX settlement service
Baton Systems and Osttra’s joint payment-versus-payment FX network adds central bank-backed settlement option
Disclosed trading an oasis in the FX liquidity ‘mirage’
LPs say growth of relationship-based trading bolstered market during April volatility
Best Asia FX derivatives exchange: SGX
Listed FX volumes continue to set records on SGX’s flagship contracts as market participants seek secure and cost-efficient sources of liquidity in an increasingly uncertain trading environment
Banks seek to advance predictive pricing models
AI and machine learning-based tools could give FX desks the power to forecast currency movements
FX house of the year Japan: MUFG
MUFG’s domestic success and growing onshore presence have strengthened the firm’s ambition to become an Asia powerhouse in FX
EU firms fear dollar liquidity becoming tariff bargaining chip
Eurozone banks rely on dollars for 17% of funding; trade war escalation could affect access
Trump tariffs sent FX options traders on a wild ride
As US assets sold off, dealers found themselves on the front lines of a hedging scramble
FX liquidity ‘worse than Covid’ amid tariff volatility, dealers say
Available liquidity for single clips dropped to as low as $20 million ahead of tariff pause
Tariffs volatility prompts rush to re-hedge EUR/USD options books
Banks left scrambling to buy vol as spot surged beyond expectations
NSCC liquidity shortfalls raise T+1 concerns
Lagging FX settlement processes could become a problem for clearing houses
FX Spot+: connecting OTC traders to FX futures liquidity
CME Group’s new all-to-all spot FX marketplace translates futures liquidity into spot terms, expanding liquidity access to OTC traders
Asia hours surge complicates FX options market-making
Late tariff announcements in US trigger hedging headaches during less-liquid Asia sessions
Automated market-making tested by intraday FX vol
Price gaps in spot FX markets could be exacerbated by algos trading on headline risk
FX Spot+: expanding liquidity access to OTC traders
The rationale behind the launch of FX Spot+ and what the market can expect from CME Group in the future
XTX Markets hires Brook for Emea market-making
Sam Brook previously worked on buildout of NatWest’s e-FX liquidity desk
Deutsche Bank hires JP Morgan’s James to run AutobahnFX
Richard James will oversee the bank's electronic FX SDP offering