Pricing
Survey: FX swaps e-trading sees greater client sophistication
BofA study shows increasing electronic trading of derivatives as users embrace MDPs and APIs
Skylight finds an opening in consensus pricing
Service provider claims key factors differentiate its own offer from the market leader’s
FX futures momentum challenges primary venues’ pricing role
Panellists suggest spot FX primary markets’ importance in models has “diminished”
Are market-makers better at dealing with central bank intervention?
Lack of pain following BoJ intervention suggests dealers are better at handling event risk
Hedge funds’ pricing often trumps other buy-siders – SNB
Research shows “advantageous” prices result in outperformance of 139bp trading USD/CHF
FX dealers face end-of-day trading stress from T+1 shift
Experts say switch to using overnight swaps could be “problematic” and lead to wider spreads
Natixis turns on the taps in flow trading
French bank boosts flow business, balancing structured solutions capabilities
How banks are adapting to all-powerful pod funds
Growth of multi-manager funds such as Citadel, Millennium and Balyasny has forced dealers to switch tactics in an attempt to preserve profits
Quarter-ends add $184bn to FX swap costs, study finds
Academics observe 36% increase in bid/ask spreads in short-tenor liquid currency pairs at quarter-end
FX options traders rethink vol drivers amid macro uncertainty
Market-makers believe more and more events will influence options pricing as political risk bubbles up during 2024
Nomura’s tech revamp propels its global FX push
Bank hopes overhaul of pricing tech and new single-dealer platform will boost FX business
Why GTS bought HC Tech’s FX business
Rubenstein and Rosenwald open up on reasons for the deal – plus US lawsuit and culture questions
LatAm electronification – a market stuck in the past
Electronic pricing and execution of Latin American currencies is still lagging, say dealers
Goldman’s Marquee is a gradual revelation
Multiple apps are being corralled into a sticky cross-asset ecosystem, updated with Python and cloud
Plugging the leaks in skewed pricing
Liquidity recycling has made it trickier for LPs to identify information leakage
Shhh, don’t tell: the struggle to keep skew under wraps
Liquidity recycling by clients has made it more difficult for banks to keep skews quiet
US banks eye collateralisation to tackle SA-CCR costs
Dealers are asking asset managers to post margin on their FX swaps and forwards to offer more competitive prices
US banks fight back in FX forwards
Price differentials have narrowed as banks learn to live with SA-CCR
NatWest’s plan to put the XVA into RFQs
Bank to launch approximation tool on its electronic pricing framework for FX forwards
What’s the right price limit for an algo?
BestX assesses the different impacts a price limit can have on FX algo performance
It’s not easy being green: why the FX market is lagging on ESG
And what’s being done to fix it