Liquidity
Review of 2025: A topsy-turvy ride
Rollercoaster year for FX traders ends with G10 volatility and hedging flows back where they started
Banks scale back short-dated FX swaps trading, BIS finds
Interbank FX swaps hit by higher short-term hedging and funding costs, while longer-dated forwards activity jumps
CME futures outage caused FX spot pricing problems
At least one non-bank was forced to pull prices, and NDFs also affected
Market-makers near limit for lira carry-based options trades
FX Markets Europe: Questions around liquidity, market risk and crowding constrain new Turkey flows
Internalisation trend driving FX market opacity to new highs
FX Markets Europe: Dealers say they internally matched up to 1,500% more volume than public markets during April
Caution needed for vendor-generated FX dealer suggestions
FX Markets Europe: TCA services to help buy side automate counterparty selection may offer incomplete execution analysis
Real money rides the hybrid options wave
Insurers follow hedge funds into exotic trades with equity-down, yields-down recession plays
Wells Fargo hires e-FX trading head for Europe
US bank also makes several senior changes to its European FX and rates trading business
Morgan Stanley sees the elephants in the room
Fixed income co-head Jakob Horder argues hedge fund crowding means macro markets have fatter tails; eyes more FX hedging to come
Integral launches on-chain crypto prime brokerage service
The model leverages stablecoins to exchange margin and settle trades on blockchain
Do humans still have a role in institutional FX?
As machines take over interactions between the buy and sell side, what’s left for human traders, asks Record’s Vurgest
How FX pricing is adapting to Trumpian markets
Dealers are tying pricing engines to new signals in effort to cope with out-of-the-blue moves
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
CME boosts FX access via new vendor partnerships
Tie-ups with Trading Technologies and Integral to bring new liquidity into EBS and Spot+ venues
How FX traders searched for the light amid tariff turmoil
Traders found consistent and actionable pricing in lit FX spot and futures order books during volatility rollercoaster in Q2, finds CME
BNP Paribas eyes selective algo white label tie-ups
The French bank struck its first FX algo white-labelling partnership with Lloyds
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