Liquidity Risk
The new FX equation
Firms are scrutinising expenses more than ever, but despite hard times, one market participant believes innovation will drive down costs and "our best days as a market are ahead of us"
Comparing apples and apples
With clients expecting more transparency, it is vital for firms to be in control of costs. The key is determining the true all-in price of execution
Volatility to be persistently higher as uncertainty rises
But Goldman Sachs Asset Management's head of international market strategy sees recovery in the global economy
Banks are still vital for FX
Liquidity provision may increasingly be a non-bank play, but credit remains a bank business
Execution costs still a riddle for FX participants
The sheer variety of choices hinders fair comparison
Part fills add to liquidity woes and sharp price moves
Not trading in full amounts makes market-making harder and more expensive for clients, say market participants
Sales remuneration set for shake-up
Venues and brokers shift focus to quality of flow amid rising price competition
China relaxes QFII limits amid calls for capital controls
FX regulator lowers the ‘lock-up’ period, during which foreign investors must wait before repatriating funds, from one year to three months, as analysts warn of renminbi devaluation
FXCM to stop offering Hong Kong dollar on February 26
Mindful of last year's SNB shock, the US broker decides to stop quoting HKD amid fears over peg
Corporates more concerned about currency moves
Firms are increasing their hedging and trying out different products
DoJ requests information on TP-Icap broking deal
Tullett Prebon is set to acquire Icap's global hybrid voice-broking business
Currency managers end 2015 on downbeat note
Parker FX Index shows negative returns of 0.51% for December
Hotspot launches private liquidity pool tool
Users will be able to create their own customised pools to suit their trading needs
Samsung Securities gains third-party access to CLS
The securities company is the first non-bank financial institution to join CLS in South Korea
A year after the SNB shock, practitioners are better off
Firms say things have changed for the better since January 2015, but while they believe risks are being priced appropriately, vigilance remains key
Further consolidation among venues and providers ahead
2016 will focus more on cost of trading, driving platform consolidation
2016 will be the year of the great liquidity unbundling
Regulation and the highly specialised nature of FX will lead to more partnerships
Price of credit and connectivity to be 2016 focus
Relationship between cost of credit and third-party connectivity will be key
More contraction in PB and market-making ahead
Banks' retrenchment from market-making and credit provision will be key themes
The best of 2015: the top 10 stories on FX Week
FX Week looks back on the year's most popular articles
Non-banks up the ante in Asia's FX markets
Primary providers' market share erodes as corporates turn to non-banks
For a few dollars more: Japan banks tackle dollar/yen basis jump
Soaring cross-currency swap prices force dollar funding rethink
CLS and Markit extend FX settlement to cross-currency swaps
Firms join forces to tackle rising demand for swaps clearing
FX can protect the portfolio during shocks
It can be a valuable part of a wider portfolio