Trading
Has Covid stopped the clocks on FX timestamp efforts?
Budget reallocation may not be the only factor stalling standardisation progress, say participants
Japanese lifers boost FX hedging as new capital rules loom
Banks expect insurers to pile on long-dated JGBs and USD/JPY cross-currency swaps
Optiver becomes first non-bank options market-maker on FXall
Dutch e-trading firm joins OTC FX options platform in a market taking electronic baby steps
Citi extends lead in FX forwards, BNP Paribas climbs
Counterparty Radar: Total value of forwards positions jumps 11% after second-quarter dip
Diginex chief on taming the Wild East of cryptocurrencies
Singapore-based digital exchange wants to bring respectability – and regulation – to the sector
Markets search for FX factor as rates fall flat
Traders signal shift to currency strategies, but is it passing fad or permanent fixture?
Margin rules snare FX options users
US banks forced to post margin on ‘naked’ trades, with buy-side firms soon to follow
Cross-currency swaps will use RFRs on both legs, says JPM exec
Despite slow start, all-RFR swaps will become the market standard within a year, according to Tom Prickett
Machine learning will create new sales-bots – UBS’s Nuti
Technologists working to automate indications of interest from trading desks
Why central banks aren’t worried about FX algos – for now
Disclosure failings feed into FX code; other issues are worrying, but distant, says SNB’s Maechler
Strike a pose: deal contingents back in vogue after mid-year slump
M&A revival breathes life into deal contingent trades, but elevated risk keeps prices high
Banks explore ESG-linked deal contingents
Trend for tying derivatives to ethical criteria could soon extend to deal contingent hedges
Asia’s FX markets step to the algorithm
Buy-side use of automated trading programs builds, albeit from a low base
How low can you go: falling cost of FX fix sparks concern
Algorithms are reducing fixing fees, but some dealers are willing to go even lower – perhaps dangerously so
Big moves, but no panic after tumultuous US election
Treasury market saw its largest post-election move since at least 2000 – but liquidity held up
FX vol markets shrug off US election fears
Vols are trading below their pre-election levels despite uncertainty over result
HKEX to clear SOFR cross-currency swaps from early 2021
Legacy Libor cross-currency swaps could move to SOFR discounting at the same time
FX volatilities fall on receding US election fears
Polls point to a decisive Biden win – though some worry market is being complacent
FX headwinds cancel out HSBC’s Q3 RWAs cut
Portfolio reductions reaped $10.8 billion of RWA savings
PBs seek remedy for credit addiction in FX
Group set up after big Citi loss considers limit-checking hub, among other options
Time to reverse the fragmentation of FX liquidity
Vikram Srinivasan, head of spot product at 360T, argues that using technology to reverse the trend of liquidity fragmentation in FX will ultimately benefit market participants
On dealer and currency choices, big US funds differ
Pimco, Vanguard and other fund giants account for up to 60% of forwards trades – but have very different hedging needs and dealer panels
Kaufmann joins NatWest as FX structuring head
UK bank hires former UBS and Barclays structuring chief
Citi promotes Perkins and Wilson to top clearing post
US bank creates clearing co-head role in wake of Kemp’s retirement