Trading
FX Week Forum: The challenges of clearing options
In the first in a series of video features addressing key themes in the global FX industry, editorial director Nick Sawyer talks to FX Week editor Joel Clark about the complex issues that have delayed central clearing of FX options
FX swaps and forwards off initial margin hook
Working Group on Margining Requirements has confirmed the exemption of FX swaps and forwards from initial margin, as well as a more restricted exemption for cross-currency swaps
Barclays to add algo tools to Gator aggregator
Barclays will add new, less aggressive algos to Gator in the fourth quarter as it looks to make the product more accessible to real-money and corporate clients that prefer to trade with minimal market impact
Saxo Bank to publish monthly volume data
Danish firm aims to promote greater transparency by going public with its volume figures on a monthly basis
Marex Spectron pushes forward after FX overhaul
Recently recruited sales team are fired up and seeking to expand Marex's footprint in agency FX business following recent restructure
Shadow of Cyprus crisis remains cast on retail FX
Some retail brokers in Cyprus claim the recent crisis has driven concentration of clients among larger firms, but others argue there is little data to support this
EM stress prompts investors to turn to options
As the crisis in Syria continues, the Turkish lira this week became the latest victim of the emerging market sell-off, leading to an increased interest in options
Royal Bank of Scotland to exit CFD trading
RBS informed customers this week that its marketindex CFD business will close in November
FX structurers see mixed demand for cross-asset hedges
Increased hedging costs in rates and credit has led some investors towards FX structured products, but some remain concerned that correlation may not hold up
FXPBs call for new approach to credit allocation
Overallocation of credit remains a challenge for FX prime brokers, but the industry is looking to create a clearer picture of where credit is being used
Striking a balance on pricing
FX platform pricing models have come under fire, with calls to reduce or abandon fixed costs, but how should platforms seek to get the balance right?
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May
EM exodus continues ahead of imminent QE tapering
The Indian rupee and Indonesian rupiah have continued to fall this week as tapering of quantitative easing in the US looms in the coming months
Rates volatility buoys hopes for currency forwards desks
Banks are preparing for a return of investor appetite for FX forwards, driven by the prospect of interest rate hikes, but some face challenges when it comes to expanding their teams as a result of the Libor scandal. Michael Watt reports
Saxo Bank adds ruble pairs to options platform
USD/RUB and EUR/RUB will be added today as the Danish bank answers increasing client demand for the ruble
Thomson Reuters acquires start-up options technology vendor
SigmaGenix, a London-based provider of FX options technology, has been acquired by Thomson Reuters and its chief executive Jeremy Gelber becomes global head of FX options
Morgan Stanley restructures FX prime brokerage
Global co-heads of FXPB have both left the bank and relationships with several clients have ceased following an ‘extensive review’ of the business
Buy side scales back on yen positions as volume dips
Market participants report a significant decline in investor and corporate appetite for the yen, following the rush to the currency in the first quarter
Rupee sell-off continues, despite repeated RBI efforts
Efforts by the Reserve Bank of India to stabilise the currency's depreciation have failed, as the rupee falls to a record low
FX platforms encouraged to consider liquidity enhancing pricing models
A proposal made to the FX Joint Standing Committee in July 2012 for a per-order fee that is rebated in proportion to actual executed volume has garnered support among market participants
Legal & General's FX trading head tasked to grow derivatives
Newly appointed to head FX trading at Legal & General Investment Management, options trader Virginie Queval is looking at ways to grow the firm's small FX business
Credit hubs vie to increase Sef and FCM participation
Several banks and platforms have backed both of the new pre-trade credit hubs that handle credit screening and clearing certainty, but MarkitServ and Traiana are now locked in a race to sign up more participants
Russia's ruble expected to become major currency by 2015
Market participants are bullish about the ability of the ruble to quickly penetrate the group of top global currencies, but settlement issues remain the biggest obstacle
FX markets in mid-year lull as yen volatility dries up
The yen has become more range-bound following its dramatic fall earlier in the year, creating a lull in FX market activity during the western summer weeks