It’s not easy being green: why the FX market is lagging on ESG

And what’s being done to fix it

Imagine a meeting of desk heads at a bank, to discuss progress on ESG transactions. The rates head describes an interest rate swap linked to climate metrics. The equity head talks about an index futures trade that tracks environmental benchmarks. Then it’s the turn of the foreign exchange head – and an awkward silence.

The FX market has slipped behind other asset classes in developing trades linked to environmental, social and governance factors. But banks are working to reverse this trend.


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