FX forwards

• Trading

Morgan Stanley solidifies forwards lead as Citi and BNP slip

Counterparty Radar: Non-G10 pairs regain momentum despite dip in total positions in Q3

• 16 Dec 2021

• Our take

Dealers face tough test on FX costs

Banks may pass on SA-CCR capital costs to FX clients

• 15 Dec 2021

• Trading

Lack of incentives slow uptake of deliverable FX clearing

Absence of regulatory drivers and use of prime brokerage curbing demand, say panellists

• 10 Dec 2021

• Trading

No fair: buy side takes on pricing problem in FX forwards

Interest in TCA is growing as new data sources offer glimpse into murky swaps and forwards market

• 21 Oct 2021

• Regulation

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

• 19 Oct 2021

• Trading

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

• 05 Oct 2021

• Trading

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

• 22 Sep 2021

• Trading

Futures aim to put a dent in FX swaps supremacy

Advent of margin rules sharpens appeal of exchange-traded instruments for buy-siders

• 06 Jul 2021

• Trading

Jumbo trades propel BNPP, TD up forwards rankings

Counterparty Radar: In Q1 2021 data, outsiders are eating into US banks’ business with domestic funds

• 24 Jun 2021

• Tech and data

Dealer concentration in FX forwards

Counterparty Radar: data shows panel depth and top bank share correlated to size of manager’s book

• 15 Jun 2021

• Tech and data

Vanguard, FX forwards kingmaker

Counterparty Radar: How the fund giant influenced banks’ overall forwards fortunes in 2020

• 01 Jun 2021

• Tech and data

US funds’ FX forwards settlement dates show clustering effects

Counterparty Radar: Analysis shows concentrations appear on certain dates, which can differ by currency

• 25 May 2021

• Trading

Invesco bets on new tech to refine its FX trading

Home-grown tool will improve order routing and execution strategies, asset manager believes

• 29 Apr 2021

• Infrastructure

FX HedgePool targets Europe as volumes grow

Platform eyes expansion, as swaps volumes hit $1.5 trillion since inception

• 25 Mar 2021

• Trading

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

• 18 Mar 2021

• Trading

Citi extends lead in FX forwards, BNP Paribas climbs

Counterparty Radar: Total value of forwards positions jumps 11% after second-quarter dip

• 19 Jan 2021

• Tech and data

Capitolis signs data deal with CLS

FX optimisation service to use settlement utility’s data to help boost efficiency

• 14 Jan 2021

• Trading

Strike a pose: deal contingents back in vogue after mid-year slump

M&A revival breathes life into deal contingent trades, but elevated risk keeps prices high

• 01 Dec 2020

• Regulation

China derivatives appetite set to grow as PBoC lifts deposit rule

Central bank rule change could cut hedging costs by up to 100bp, traders say

• 09 Nov 2020

• Trading

On dealer and currency choices, big US funds differ

Pimco, Vanguard and other fund giants account for up to 60% of forwards trades – but have very different hedging needs and dealer panels

• 22 Oct 2020

• Trading

Filings reveal biggest FX forwards dealers

Counterparty Radar: Group of four banks executed 48% of sector’s trades during second quarter

• 05 Oct 2020

• Infrastructure

The FX swaps client clearing comeback

Chatter about the service is picking up again, but significant hurdles remain

• 01 Sep 2020

• Infrastructure

Swaps platform aims to cut out the banks – but not entirely

Peer-to-peer newcomer FX HedgePool targets asset managers’ month-end hedging activity

• 06 Aug 2020

• Infrastructure

LCH to launch non-deliverable options clearing

Clearing service will go live in Q4 for nine currency pairs

• 29 Jul 2020