Liquidity
Should buy-side execution teams stay in their lane?
Does loading more responsibilities onto trading desks dilute their edge, asks Record’s Nathan Vurgest
ISITC’s Paul Fullam on the ‘anxiety’ over T+1 in Europe
Trade processing chair blames budget constraints, testing and unease over operational risk ahead of settlement move
Why FX liquidity is harder to read than ever
A breakdown of FX execution methods shows how liquidity is truly formed, writes Isomiq's Jamie Rose
How JPM AM swapped platforms for pipes
Asset manager wanted to cut FX venues – and their fees – out of dealer relationships. Now, it only trades direct
Review of 2025: A topsy-turvy ride
Rollercoaster year for FX traders ends with G10 volatility and hedging flows back where they started
Dealers warn of capital squeeze from increased FX hedging
Sharp rise in uncollateralised buy-side hedges could restrict banks’ ability to take on positions
FX Trading Leaders’ Network: FX liquidity – a ‘hall of mirrors’
The inaugural FX Trading Leaders’ Network examined how market participants can best adapt to an increasingly complex FX ecosystem
Quants tell FX dealers how to make the most of passive liquidity
Paper from HSBC and Imperial sets out when to skew pricing, and when not
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