Opinion
Yen set for further falls in the year ahead
Following a substantial depreciation last year, the yen is anticipated to continue its decline throughout 2014. Kohei Iwahara, economist at Natixis, explores how investor behaviour and various government incentives (in both Japan and the US) look set to…
Redefining roles within the FX market
Many trading platforms and industry utilities have been driven to redefine their roles within the industry in recent years, and banks will have to follow their lead, writes Joel Clark
FX Focus - Editor's Letter
Ready to report?
A call to responsibility in foreign exchange
As Citi tops this year's Best Banks survey and the FX industry struggles with reputational issues, the bank should be commended for its philanthropic initiative, E for Education
EM sell-off will have lasting implications for currencies, says Natixis
Careful analysis of current accounts and export prices indicates Germany and Italy could benefit from the recent depreciation of emerging market currencies, but the US and the UK stand to lose out. By Patrick Artus
When chatter could be construed as collusion
The FX benchmark scandal is casting a dark cloud over the industry, but regulators face a difficult task in determining whether there was genuine collusion
Euro-denominated FX reserves rise again
After several quarters of declining central bank holdings in euro, recent data from the IMF suggests reserve managers have started to increase holdings in the currency again, albeit by a very small amount, says Thomas Stolper
Reserve managers seek alternatives to USD and EUR
Following the IMF’s publication of its FX reserves data for the second quarter, Steven Saywell assesses why reserve growth has slowed and central banks are looking to diversify
Deconstructing the Sef ‘car crash'
With days to go until approved swap execution facilities are set to open for business, the CFTC would do well to heed some of the warnings it is hearing from the industry
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?
The hidden challenges of Mifid II in the FX market
The implementation of Mifid II might be several years away, but market participants face challenges in properly implementing the regulation while also realising the benefits of liquidity, transparency and flexibility, warns law firm Jones Day
Chasing missed deadlines
As missed deadlines recede further into regulatory history, the FX industry faces new challenges and has fresh battles to fight
Single-dealer platforms will hold their own in the e-FX future
As banks jostle for position in the new electronic environment by launching and upgrading their single-dealer platforms, how they will fare against their multi-dealer rivals?
Local factors will decide carry trade winners
Weaker US data, coupled with the Fed's quantitative easing, supports carry trades generally, but particularly where local factors are favourable
Breakdown in correlations leads to forex discrimination
Risk aversion has returned, breaking down correlations between assets and leading to investor discrimination between currencies. Mitul Kotecha looks at who stands to gain from this shift in appetite
Identifying the winners from Bank of Japan easing moves
Japanese investors will diversify overseas as the BoJ steps up its quantitative easing. Adam Cole follows the capital outflow to identify the currencies most likely to benefit
US domestic oil production provides energy boost for the dollar
Cheaper available energy in the US could attract foreign direct investment to the country, making the structural outlook for the dollar much brighter
Defining innovation in e-FX
As the 2013 e-FX Awards open for entry, the parameters of innovation in FX technology continue to evolve in line with changes in the market environment
Currency investors discuss strategies for 2013
FX Invest asks industry experts to describe their experiences during 2012, and what they are looking forward to in 2013
Taming HFT in the multi-dealer FX market
The introduction of a new market-maker status on multi-dealer FX platforms, with the holders of that status required to maintain orders on both sides of the market, would be a positive step in tackling the liquidity risk that arises from high-frequency…
Cometh the hour, cometh the Sef
Imminent rules are expected from the CFTC on the criteria required of electronic platforms seeking to become swap execution facilities under the Dodd-Frank Act
Volatility is here to stay in FX as the currency war engages
Currency markets have jolted back to life in recent weeks, largely driven by the change of government and monetary policy in Japan. With competitive devaluation of currencies clearly now in play, John Hardy believes the volatility is here to stay
Avoiding collateral damage
While it is still not clear which way the WGMR will rule on margin for FX swaps and forwards, regulators face the recurring danger of unintended consequences if they go the wrong way