Trading
Review of 2025: A topsy-turvy ride
Rollercoaster year for FX traders ends with G10 volatility and hedging flows back where they started
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
Dealer views mixed over future of profitable EM FX carry trade
Emerging market FX carry trades have generated 7.5% returns since April, but dealers question longevity
BIS points to ‘structural transformations’ in markets
Quarterly review cites higher volatility and gold losing its status as a safe haven asset
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
MAS official flags risks in Asia’s path to T+1 settlement
Regulator says region faces “unique challenges” in establishing a shorter settlement cycle
All that glisters: precious metal volumes surge on FX venues
Gold and silver liquidity on foreign exchange trading platforms improves as more dealers link precious metals with e-FX
CME futures outage caused FX spot pricing problems
At least one non-bank was forced to pull prices, and NDFs also affected
From market-makers to matcha: 10 years on an FX desk
Nathan Vurgest from Record reflects on how much change there really has been in FX in the past decade
BofA, Reactive Markets pick up Risk.net awards
US bank wins FX house for performance during Liberation Day, while Reactive Markets takes OTC trading platform prize
Inside Safran’s $54bn FX options book
French aircraft parts supplier emerges as key exotics player
NatWest retunes options tool to create, not hedge
Auto-hedging algo replicates non-linear exposures in spot for clients that can’t trade options
Market-makers near limit for lira carry-based options trades
FX Markets Europe: Questions around liquidity, market risk and crowding constrain new Turkey flows
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
Nomura eyes FRTB models expansion for FX desks
With rates desks all now on FRTB internal models, markets head says FX is next
Institutional investors take profit on gold trades
Hedge funds trimmed longs after gold rally and triggered massive market selloff
Pimco piled into euro put options in Q2
Counterparty Radar: EUR/USD buying spree takes Pimco’s FX options book to $7 billion
European exporters add flexibility to FX hedges
Corporates with USD exposures have been reducing hedging tenors and adding optionality
PBoC’s language suggests policy shift on yuan – China economist
Central bank drops “cautious” from pronouncements on currency’s internationalisation
Inside Citi’s FX refresh
Flavio Figueiredo revelas how the bank revitalised its options and e-trading units – and finally tackled SA-CCR
Real money rides the hybrid options wave
Insurers follow hedge funds into exotic trades with equity-down, yields-down recession plays