FX forwards
Citi tops 2025 FX trading revenues on hedging surge
US dealer posts 50% increase as Liberation Day turbocharged client activity
FX swaps price discovery challenges buy side, says Vanguard
Lack of transparent price validation data for FX forwards and swaps is holding back buy side, Vanguard’s head of FX says
Dealers warn of capital squeeze from increased FX hedging
Sharp rise in uncollateralised buy-side hedges could restrict banks’ ability to take on positions
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
Real money looks to dynamic hedges after tariff bout
FX Markets Europe: Buy-siders are adopting more responsive FX hedging strategies after correlations broke down
Inside Citi’s FX refresh
Flavio Figueiredo revelas how the bank revitalised its options and e-trading units – and finally tackled SA-CCR
ANZ’s FX forwards surge with Pimco
Counterparty Radar: Australian bank becomes top counterparty to the asset manager after huge jumps in cable and EUR/USD
LSEG readies hard matching on forwards venue
Forwards Matching eyes Q4 start for new function that enables faster credit checks
Hedge funds keep a toe in HKD carry trade despite rate rise
Positioning is currently a fifth of what it was in April, say dealers
Wells Fargo hires e-FX trading head for Europe
US bank also makes several senior changes to its European FX and rates trading business
HKD trading surge highlights pegged currency challenges
Pricing options on currencies with a peg requires a “different mindset”, say traders
Has US dollar hedging hype faded?
While the initial wave of real money USD hedging flows disappointed some dealers, many believe there is more to come
HSBC, Goldman prevail in shake-up of FX Markets’ Dealer Rankings
The pair thrived serving US retail funds, while Morgan Stanley retained title with life insurer clients
Mutual funds were USD bulls going into April’s tariff chaos
Counterparty Radar: Positioning in Q1 reflected market sentiment that tariffs would lead to a dollar rally
Investors hope US rate cuts will lower FX hedging costs
European investors in US assets set to boost hedge ratios as implied yields rise
Chinese corporates shunned hedging during tariff upheaval
High hedging costs and increasingly stable spot rate meant exporters opted not to add FX hedges as RMB rose
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
Hedge funds burned as Hong Kong dollar bets implode
Carry trades and call spreads unwound after Trump tariffs pushed spot to edge of currency peg
European investors ramp up FX hedging as ‘dollar smile’ fades
Analysts at one bank expect average hedge ratios to jump from 39% to 70% within six months
Wells Fargo’s FX strategy wins over buy-side clients
Counterparty Radar: Life insurers looked west for liquidity after November’s US presidential election