Trading
Hedge funds turn to exotics for EM carry trades
Traders eye dual digitals to cheapen up carry plays
US banks eye collateralisation to tackle SA-CCR costs
Dealers are asking asset managers to post margin on their FX swaps and forwards to offer more competitive prices
US banks fight back in FX forwards
Price differentials have narrowed as banks learn to live with SA-CCR
Hedge funds ease off profitable China FX options trade
Some still hold positions but an appreciating renminbi may make them less profitable for now
CME and Digital Vega to offer joint solution for block FX options
Tie-up aims to enable buy-side firms to tap benefits of central clearing via OTC-style workflows
Citi promotes top corporate sales exec to global FX role
The 35-year veteran takes over from Stuart Staley who led the business for two years
MSIM revived RMB options activity in Q1
Counterparty Radar: Investment firm added $2 billion in dollar/renminbi options, mainly with JP Morgan and StanChart
HSBC, JP Morgan and Morgan Stanley take top spots in FX dealer rankings
US dealers tend to have larger books, but face increased competition from European rivals, according to new analysis
China needs an RMB liquidity absorber – HK might be the answer
Increasing HKMA’s CNH debt issuance could help cement renminbi’s role in financial markets
Buy-siders to face rising settlement risks when 2 becomes 1
Non-US asset managers may miss crucial window to settle trades with CLS after switch from T+2 to T+1
Fidelity FX forwards trades propel BofA to top dealer spot
Counterparty Radar: Bank of America takes dealer rankings lead in Q1 for the first time
MassMutual drives JP Morgan’s FX forwards surge with insurers
Counterparty Radar: Bank’s total values rise 72% in Q4 to crack top 10 dealer rankings for first time since Q2 last year
Buy-side firms eye perks of being a liquidity provider
Larger players increasingly see themselves as LPs and are asking for more in return
GFXC fosters global awareness of T+1 impact on FX
Many non-US firms yet to realise forex implications of the country’s shift to shorter settlement times
Fast LPs accuse rivals of maxing out last look response times
Firms with sub-10ms checks complain of losing volumes to slower rivals, prompting one to ditch ECNs
Barclays’ global co-head of EM and G10 flow trading departs
James Hassett leaves UK bank after 17 years in various senior FX trading roles
Isda survey explores refresh of FX derivatives rule book
Lawyers agree updates to definitions are needed, but some areas of focus may prove controversial
BNPP, BofA and Nomura ditch last look add-on
Majority of top 25 LPs have now removed hold times as regulators step up scrutiny of controversial practice
Why NDF execution algos might still hit the spot
Products have yet to live up to initial hype, but their long-term potential is significant
Citi’s global head of FX to depart
Stuart Staley to leave in May, according to internal memo
Why KfW revived an old idea for cross-currency collateral
Transport currency concept re-emerges at SwapAgent, but dealers warn of hidden FX risks
Mizuho fined over deal contingent FX forwards
CFTC finds clients weren't told about pre-hedging activity that likely resulted in worse pricing
Athene dominates FX forwards market for US life insurers
Counterparty Radar: Morgan Stanley claims top dealer spot in $56 billion sector
Large US funds shrink exposure to top FX forward counterparties
Smaller managers increase top-dealer allocations as big beasts pull back