Trading
Europe’s FXPBs take advantage of margin rule carve-out
Some large FX options users have switched to dealers capitalising on regulatory mismatch
FXSpotStream looks to growth products beyond spot
New chief exec Jeff Ward highlights NDFs and FX swaps as next boom area for the venue
Hedge funds’ pricing often trumps other buy-siders – SNB
Research shows “advantageous” prices result in outperformance of 139bp trading USD/CHF
Emerging market liquidity faces capital charge crossroads
Hedge funds and market-makers need a more capital-efficient way to trade EM currencies, argues SGX exec
Banks and market-makers back BGC’s FMX
Group including BofA, Citi and Goldman buy 26% stake in spot FX, UST and futures trading business
BestX founder Jerome joins Deutsche Bank
Oliver Jerome joins the German bank as head of European FX product
FX dealers face end-of-day trading stress from T+1 shift
Experts say switch to using overnight swaps could be “problematic” and lead to wider spreads
Natixis turns on the taps in flow trading
French bank boosts flow business, balancing structured solutions capabilities
Execution algos evolve to make buy-side liquidity providers
Latest range of FX spot algos could give new roles to banks and buy side
JP Morgan’s new way to trade FX overlays
Hybrid execution method allows clients to put dealers in competition via a single trading agreement
Morgan Stanley back on top for US insurer FX forwards
Counterparty Radar: Bank added $1.7bn with Mass Mutual in Q4 to overtake Citi as biggest dealer
Nomura names new global head of FX structuring
Rana Dasgupta will have dual responsibility for global FX structuring and Asia-ex Japan structuring
Hidden Road ready for rush hour after FCM approval
Prime broker is trading “trillions” of notional with “a few hundred” counterparties in FX and crypto
How banks are adapting to all-powerful pod funds
Growth of multi-manager funds such as Citadel, Millennium and Balyasny has forced dealers to switch tactics in an attempt to preserve profits
Invesco more than triples size of its FX options book
Counterparty Radar: Manager’s portfolio exceeded $5 billion notional in Q4
RMB vol returns as hedge funds take barrier trade profits
Unwinds of exotic positions saw vol jump 72% after surprise PBoC move last week
FX algo firms see rise in matched principal trading
FX Markets Asia: Users more willing to trade passively in low-vol environment
Brazil readies long-dated FX hedging scheme for green projects
Development bank IDB will lend its credit rating to unlock cheaper USD/BRL hedges out to 25 years
Pimco’s cuts to FX forwards positions hit dealers in Q4
Counterparty Radar: State Street takes top spot among dealers as BNP Paribas slides to fourth
European funds face upsurge in settlement risk after T+1
Trade body Efama finds up to 40% of daily FX flows may have to settle outside protection of CLS
SocGen hires Estrada as global head of FX
John Estrada previously held the same role at Credit Suisse prior to his departure last year
JP Morgan leads US banks’ FX trading revenues
Only two dealers recorded growth last year as Goldman Sachs reports 75% drop
Inside BGC’s quiet move into agency broking
The interdealer broker’s Caventor Capital arm is pitching a hands-on service for hedge funds, filling what it sees as a gap left by large banks
Quarter-ends add $184bn to FX swap costs, study finds
Academics observe 36% increase in bid/ask spreads in short-tenor liquid currency pairs at quarter-end