Feature/Trading
‘New normal’ sees FX volatility remain muted
Dovish stance of major central banks means volatility unlikely to pick up significantly
Peso volatility pulls millennials to currency trading
Interest is incentivising local and international companies to invest in education initiatives to meet budding demand
TCA will increase fragmentation, says Sinclair
Execution spreads across more secondary venues as algos seek platforms with least signalling risk, says white paper by MarketFactory
Thomson Reuters Matching celebrates 25-year birthday
The first electronic broking platform was born on April 29, 1992
Plea bargain may be an option for the HSBC two
But the maximum prison sentence for Johnson and Scott, if they are found guilty, could be 30 years
Market participants expect BIS survey to show FX slowdown
The bank’s 11th triennial survey is under way, with the results due in September
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
Breaking down the barriers
With parts of the over-the-counter FX market acquiring exchange-style characteristics, the exchanges themselves are becoming more customised
Price and perfect execution
Firms are trying to give clients visibility on measuring whether the price they are receiving is a good one, but the cost of execution is variable and hard to pinpoint – and it’s not just about price
Farewell to self-regulation, goodbye self-policing
With a global code of conduct for FX due in May 2017, participants are only too keen to see the back of an unregulated market
All-to-all FX to become commonplace by 2017
The divide between historic tiers of liquidity is rapidly disappearing, shows research from financial consultancy GreySpark
Emerging markets liquidity hit as banks pull back from risk warehousing
The difficulties of trading currency positions in G10 markets are exacerbated in EM, according to traders
Challenger platforms face first real test as FX markets pick up
Numerous trading platforms have sprung up since 2011, bang in the middle of years of stagnating volumes. As volatility comes roaring back, they face a crucial year
FX Focus - Banks fear Sef arbitrageurs
Some banks are scared to make prices on platforms offering both order book and request-for-quote trading, claiming users may be able to game them by using the two approaches in conjunction, with the result that dealers stop being 24-7 liquidity providers…
FX Focus - Sef volumes still struggling
Sef volumes are struggling to get off the ground as the industry waits for trading options and NDFs via a Sef to become mandatory. Can smaller Sefs survive this barren patch? By Michael Watt
FX Focus - Is Sef equivalency still solvable?
Negotiations for an equivalency system to allow European platforms to offer Sef-like liquidity to US persons fell apart in mid-May. Participants blame CFTC intransigence and warn of permanent fragmentation of the market. Can a solution still be found?…
Market participants lose out as renminbi volatility increases
The renminbi’s depreciation in early 2014 caused a scramble among FX users, and there may be more volatility on the way
NDF liquidity in doubt as clearing approaches
Central clearing has been a long time coming for the non-deliverable forwards market and participants worry its eventual arrival may damage liquidity. By Robert Mackenzie Smith
The squeeze on spot FX
Market-makers battle compressed margins in spot currency trading
FX Focus - Currency managers see brighter days ahead for FX markets
Currency managers are attracting more interest from clients as differentials grow between developed-world economies, but patience may still be required in the wait for higher returns