Risk management
Top 10 stories of 2019: a retrospective
FXPB pricing disputes, debate over last look and court cases were keenly followed stories
XTX: top 10 banks will move to zero hold times in 2020
Awareness and competitive pressures will compel market-makers who have held out to cut holding times
Volatility becalmed, trade in FX options plummets
With central banks in tandem on policy, market churn lessens considerably
First all-RFR cross-currency swap traded
Goldman Sachs and Morgan Stanley strike landmark €STR v SOFR trade
SVB Financial Group invests in TickTrade Systems
Parent company of Silicon Valley Bank partners Toronto-based fintech to bolster FX offering
Bad clocks block FX best-ex
To get a good deal in fast-moving FX markets, buy-side firms need to know the time. Some of them don’t
BNPP appraisal challenges Katz’s credibility
Former trader’s supervisor highlighted poor performance on FX swaps and bad risk management in 2011 review
FX cartel UK class action case receives nod to proceed
UK judge sets timetable of hearings to be heard
First cross-currency swap cleared at Eurex
Two more banks onboarding; CCP hoping to extend service to clients in 2020
Deal misfires expose risk of contingent hedging
Banks hike premiums on deal contingent swaps amid Brexit uncertainty
JP Morgan traded $250 billion via NDF algos this year
A fifth of all the NDF algo volumes conducted by JP Morgan’s clients is being internalised
Institutional crypto interest awaits infrastructure
Start-ups and entrenched players aim to bring over custody, execution and post-trade capabilities
Insight Investment wary of banks’ last-look claims
Buy side should “team up” in bid for more forex transparency, argues senior trader
Citi reshuffles FX management
Move intends to foster greater alignment of trading across the bank’s major product lines
BoE’s Hauser urges firms to adapt to FX market fragmentation
Less sophisticated firms are paying much higher spreads, executive director says
Eurex to launch cross-currency swap clearing ‘within weeks’
Clearing service will target dealer-to-dealer trades before later rolling out to clients
FX class action could run into billions – UK class representative
Given London’s share of the FX market, the damages sought could be greater than those received in the US
Carney warns Germany and France of Brexit derivatives cliff edge
Bank of England governor says it is in “interest” of EU countries to ensure full viability of financial contacts ahead of Brexit
Standard Chartered fares best in mixed Q2 European Ficc results
Client activity remains muted as low volatility and geopolitical uncertainties weigh on sentiment
How the top 50 liquidity providers tackle last look
Uneven disclosure practices are making life difficult for agency algos and ECN trading
Six big FX market-makers call for end to last look
Citadel Securities, Jump and Virtu among those repudiating controversial practice
UBS developing customisable client pricing engine
Swiss bank wants to give individual clients fully customised price without affecting system performance
FX last look: how non-banks stack up
Research shows patchy disclosures plus differences from banks on pre-hedging and rejected orders
Collective UK action brought against FX cartel banks
Banks targeted are those that took part in the ‘banana split’ and ‘Essex Express’ cartels