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SA-CCR hits Citi’s FX forwards pricing
Four clients say US bank has quoted “less competitive” spreads as a result of new capital regime
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Citi’s foreign exchange forwards business has been among the hardest hit by new rules measuring counterparty credit risk, with clients of the US bank saying it has widened its bid/offer spreads on short-dated G10 trades because of the new rule.
Four buy-side clients that use Citi for FX forwards and swaps single out the US bank as having noticeably widened out spreads this year as a result of increased regulatory costs brought about by the standardised approach to counterparty credit risk (SA
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