Emerging markets
FX losses mount after Argentina’s devaluation
Citi, Adidas among those taking hits totalling over $3.3bn in Q4 as dealers cite lack of hedging tools
Hedge funds turn to exotics for EM carry trades
Traders eye dual digitals to cheapen up carry plays
Barclays’ global co-head of EM and G10 flow trading departs
James Hassett leaves UK bank after 17 years in various senior FX trading roles
Stemming the tide of rising FX settlement risk
As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market
FX settlement risk grows again in latest triennial survey
BIS also finds falling market share on primary venues and more internationalisation of emerging currencies
Corporates rush to hedge emerging market currency risks
Falling forward points have reduced cost of hedging further drops in Chinese renminbi
Best EM trading platform: Deutsche Bank
Deutsche Bank’s high liquidity, cost efficiencies, innovative solutions and breadth of services secure it the Best emerging markets (EM) trading platform award at the FX Markets Asia FX Awards
Nomura hires Leng for dual global FX trading roles
Hire comes as Nomura looks to significantly bolster its FX and macro trading division globally
Asian central banks deploy FX reserves to prop up currencies
Analysts remain confident in Asia’s financial stability, but recession risks are building
Market braces for end of Russia central bank sanctions carve-out
Isda AGM: general licence expires on May 25, threatening bond payments and deliverable ruble settlement
Emta facing calls from FX industry for alternative RUB fixings
Sources also concerned about Ukrainian NDF fixing, which hasn’t changed since invasion began
Market braces itself for EBS’s great migration
FX industry prepares for tectonic shift as venue moves to CME Globex
Morgan Stanley solidifies forwards lead as Citi and BNP slip
Counterparty Radar: Non-G10 pairs regain momentum despite dip in total positions in Q3
Dealers back CLS plans for EM settlement system
12 banks announce support for project to extend PvP protection to certain CLS-ineligible currencies
China netting law drives interest in CSAs
Steady growth in contracts with CSAs suggests confidence that clean netting is near
Franklin Templeton and Citi top for FX options
Counterparty Radar: Data shows US bank as top dealer for mutual funds in Q3 and Q4, while Californian manager is biggest user
Industry bodies mull reform of disruption fallbacks
Following Argentine peso debacle, GFXC and others seek alternatives to fallback protocol
Isda plans separate workstream for currency disruption provisions
Industry body to exclude update from 2020 definitions
Markets search for FX factor as rates fall flat
Traders signal shift to currency strategies, but is it passing fad or permanent fixture?