Electronic trading
Internalisation in the spotlight? Don’t hold your breath
Industry relaxed about internal hedging despite BIS warning of potential threat to price discovery
Could private match-making sink public market?
Rise in internal hedging sparks debate over its threat to price discovery
FX options: the race to electronification has only just begun
Could years of entrenched voice trading in FX options be about to end as electronification gathers pace?
OTC FX options market gears up for faster electronification
Share of electronic trading remains low but host of factors promise to change that for good
Growing internalisation could threaten price discovery, say LPs
Dealers might have to deliberately hedge on venues to bolster data, says Credit Suisse’s Estrada
Digital Vega, Spark deal hints at wider shake-up for platforms
Two trading tech firms seek point of difference as dealers cull vendor relationships in cost-cutting drive
Optiver becomes first non-bank options market-maker on FXall
Dutch e-trading firm joins OTC FX options platform in a market taking electronic baby steps
Algo users seek apples-to-apples info
BIS study raised concerns; standards now a work in progress at GFXC
Why central banks aren’t worried about FX algos – for now
Disclosure failings have been fed into review of FX code; other risks are profound, but distant, says Andrea Maechler
Asia’s FX markets step to the algorithm
Buy-side use of automated trading programs builds, albeit from a low base
Bilateral streams slash FX trading costs by 80%, dealers claim
Risk Live: FX dealers report 70% of spot traded in bilateral feeds, at least four times cheaper than RFQs and venues
Ion-Broadway merger approved with strings attached
Broadway chief executive Tyler Moeller leads consortium to buy divested fixed income business
Unleashing the potential of NDFs
Trading in non-deliverable forwards is on a roll, despite concerns over liquidity
Algos make market thinner, but not less liquid – BIS
Trading robots change market microstructure, central banks conclude; new liquidity metrics may be needed
Forward momentum: the new world of NDF trading
NDF landscape is changing as trading volumes drive electronification and algo execution – but challenges remain
Euronext launches NDF trading in Singapore
Platform’s move brings spot-style execution methods to the non-deliverable market
Dealers divided over paring FX spot venue connections
Some liquidity providers aim to follow Citi’s lead and cut platforms, but others are wary
The FX swaps client clearing comeback
With possible price savings and non-bank competition, chatter about the service is picking up again – but significant hurdles remain
Barclays targets internalisation with new NDF algos
UK bank’s five algos aim to match-off more flow than G10 pairs
FX algos and the weight of industry expectations
Algo usage may reach saturation point unless operators try something new, writes Matt Clarke of XTX Markets
MUFG: Covid response could spur e-FX shift in Japan
FX head says operational agility during pandemic could lead to greater electronification
Ion forced to split Broadway, keeping FX
Remedy satisfies UK competition watchdog – but “a big defeat” for acquisitive tech giant
How Covid-19 exposed the fragility of FX options liquidity
Simon Nursey at Digital Vega digs into the data to reveal the lessons of the March shock
Avoiding market impact – it takes two
Dealer hedging practices have a big part to play in quiet execution, but so does client behaviour, writes UBS's Ciara Quinlan