Trading
BIS 2025 FX survey: What the results mean for global markets
Key findings from the BIS triennial FX and OTC derivatives survey
Hedge funds keep a toe in HKD carry trade despite rate rise
Positioning is currently a fifth of what it was in April, say dealers
Wells Fargo hires e-FX trading head for Europe
US bank also makes several senior changes to its European FX and rates trading business
Morgan Stanley sees the elephants in the room
Fixed income co-head Jakob Horder argues hedge fund crowding means macro markets have fatter tails; eyes more FX hedging to come
Natixis bolsters Apac market-making presence with new hires
Additions include head of Apac linear G10 rates and FX trading, and China markets head
Low-vol gold rush points to further upside
Options markets see no scramble to chase metal higher despite 43% year-to-date rally
HKD trading surge highlights pegged currency challenges
Pricing options on currencies with a peg requires a “different mindset”, say traders
Has US dollar hedging hype faded?
While the initial wave of real money USD hedging flows disappointed some dealers, many believe there is more to come
Political turmoil rattles Turkish lira carry trade
Echoes of March crackdown that sparked market rout leave traders on alert
Hybrids go for gold
Spot gold surge sees investors eye dual digitals on new highs
How Amundi’s options strategy profited from dollar slump
French asset manager grabbed euro call options at low prices in a tactical pivot for its FX absolute return fund
Do humans still have a role in institutional FX?
As machines take over interactions between the buy and sell side, what’s left for human traders, asks Record’s Vurgest
How FX pricing is adapting to Trumpian markets
Dealers are tying pricing engines to new signals in effort to cope with out-of-the-blue moves
The investors who aren’t fretting over Trump’s stat sulk
Some see dismissal of statistics agency chief as an assault on US institutional integrity; for others it offers a chance to throw off outdated methods
Barclays braces for a macro storm
Client FX hedging signals helped bank navigate April’s US rates volatility
As Fed meets, hedge funds buy ‘lottery’ FX options trades
Options bets reflect cautious pessimism over the dollar ahead of Jackson Hole conference
Trump’s FX impact: a tale of two terms
Traders say Trump version 2.0 is already proving a much trickier task to manage than the original, and have had to adapt
Hedge before the fix to avoid predatory traders – research
In simulations, slow and steady hedging for 4pm benchmark orders shaved up to 25% from costs
HSBC, Goldman prevail in shake-up of FX Markets’ Dealer Rankings
The pair thrived serving US retail funds, while Morgan Stanley retained title with life insurer clients
Turn of the skew: FX options dealers balance fragile market
Calls-versus-puts demand flips wildly in response to geopolitical events
Taco trades or fake news fatigue
Is another era of ‘will he, won’t he’ numbing rates and FX traders to its jeopardy?
Japan election result sours hedge funds’ yen options bets
Dealers saw flows in significant size for JPY weakness but were forced to take profits
Mutual funds were USD bulls going into April’s tariff chaos
Counterparty Radar: Positioning in Q1 reflected market sentiment that tariffs would lead to a dollar rally
Investors hope US rate cuts will lower FX hedging costs
European investors in US assets set to boost hedge ratios as implied yields rise