Trading
Dealers shun yen barriers after joint US-Japan action
Market-makers retreat from exotic structures amid intervention risk, with funds in wait-and-see mode
MSIM retools renminbi options wager
Counterparty Radar: US manager rebuilds USD/CNH call book to $15.7bn with strikes closer to spot and cheaper premiums
SocGen FX forwards trading rockets with US fund managers
Counterparty Radar: Surge in French bank’s FX forward volumes propels it to second spot in Q1 2026
Yen options dealers struggle to hedge intervention risk
Hedge funds’ bets on BoJ intervention are leaving dealers with vol-surface exposures they can’t hedge cheaply
At the deep end: FX HedgePool’s struggle to stay afloat
Lack of offsetting flow, tech bottlenecks and higher-than-expected costs weighed on start-up’s growth
Will Kalshi and Polymarket win over prop shops? Don’t bet on it.
A few market-makers – Jump Trading and Susquehanna among them – are dabbling in prediction markets but most are holding off due to patchy liquidity and legal uncertainty
XTX Markets’ US sales head joins rival IMC Trading
Benjamin Klixball takes up new role at Dutch prop trader in New York
Jane Street taps former Barclays e-FX trader
Latest hire comes as HFT firm expands spot FX market-making activities
Industry calls for Hong Kong T+1 delay amid congestion fears
Q4 2027 alignment with Europe and UK transition raises operational risk concerns
Macro trader Breakwell swaps Millennium for Point72
Scott Breakwell joins hedge fund in Sydney as Aussie rates and FX heats up
Societe Generale sees several departures from FX desk
Among those leaving are co-head of FX options trading and several EMFX traders
Market-makers give mixed verdict as CME Spot+ turns one
Traders encouraged by depth of liquidity despite wider spreads and passive performance qualms
Former Citi FX options duo join Millennium and Morgan Stanley
The US bank has seen also made new hires for the options desk over recent months
Dollar smiles again, but for how long?
Twitchy investors backed the buck during Iran war, but experts are divided on whether this marks a return of the dollar smile
Morgan Stanley’s DiTrapano joins DB in top e-FX role
He replaces Benedict Carter as global head of electronic FX spot trading
Deutsche Bank’s head of FX e-trading Benedict Carter retires
Carter spent over 15 years at Deutsche in various spot and electronic trading roles
Traders revive emerging market carry trades on vol drop
Investors turn back to high-yield Latin America currencies as implied volatility falls
FX options traders lost in Iran fog
Headline ‘ping-pong’ saps hedge funds’ conviction, though pockets of vol selling have re-emerged
Super fund FX growth threatens dealer ‘tipping point’
Overseas assets – and hedge ratios – set to grow, but lack of collateral squeezes banks
Staff exodus sparks questions about LMAX’s FX swaps venue
At least nine execs that joined from FX HedgePool – including CEO Jay Moore – have left the company
The dollar do-si-do: hedgers review FX moves
Brief return of US dollar to safe-haven status amid Iran upheaval prompts real money investors to pause hedging activity