JP Morgan
One by one, dealers embrace standardised FX reject codes
Investment Association’s proposed codes finally begin to take hold after Covid setbacks
Banks turn to analytics playbook to take on FX platforms
Dealers aim to lure clients from high-fee multi-dealer platforms with improved investment analytics
Electronification allows Singapore to take on the world
SG1 data hub enables city-state to consolidate its position as key centre for trading
FX class action case to go ahead on opt-in basis
Firms will have to sign up to US-style class action against six banks accused of FX manipulation in UK
JP, Goldman and TD surge in FX forwards as Citi falls back
Counterparty Radar: Citi drops to fifth, losing a third of market share with US mutual funds
Product innovations push deal contingents beyond M&A
Banks entice new users with hedges related to IPOs and bankruptcy procedures
JP Morgan flies into top FX options spot
Counterparty Radar: Renminbi/US dollar trades also keep Morgan Stanley IM in front
Dealers look to cut SDP prices amid platform fee battle
JP Morgan offers different pricing for single and multi-dealer venues; Barclays mulls same approach
Opt in or opt out: an FX class action decision worth millions
Six banks accused of manipulation may see 40% reduction in damages if UK lawsuit proceeds along ‘opt-out’ route
Hedging valuation adjustment gets cold shoulder from banks
Dealers back the idea of charging for hedging costs - including FX options - but not as part of a new XVA
Jumbo trades propel BNPP, TD up forwards rankings
Counterparty Radar: In Q1 2021 data, outsiders are eating into US banks’ business with domestic funds
Singapore’s SWF starts work on cross-border payment network
JP Morgan, DBS Bank and Temasek say project will build on collaboration with MAS
Franklin Templeton and Citi top for FX options
Counterparty Radar: Data shows US bank as top dealer for mutual funds in Q3 and Q4, while Californian manager is biggest user
Could private match-making sink public market?
Rise in internal hedging sparks debate over its threat to price discovery
Vanguard extends forwards dominance as Citi dips
Counterparty Radar: Fund giant responsible for more than a third of total forwards volumes and half of EUR/USD in Q4
CFTC urged to take lead on CCP margin models
Advisory committee unable to agree steps on margin period of risk, model transparency
Citi extends lead in FX forwards, BNP Paribas climbs
Counterparty Radar: Total value of forwards positions jumps 11% after second-quarter dip
FX Markets Best Banks Awards 2020: The winners
Citi takes 12 categories, including best bank for FX; HSBC follows with six wins
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
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
Filings reveal biggest FX forwards dealers
Counterparty Radar: Group of four banks executed 47% of sector’s trades during second quarter
Facebook’s libra could disrupt collateral markets – IMF paper
Collateral used to back ‘stablecoins’ such as libra will be unavailable for reuse
Singapore engine push yet to win over all LPs
JP became latest to improve local pricing capability on April 1, but other LPs are sceptical
Rival FX class claimants urge court to resolve dispute early
Judge says he won’t favour haste over quality and will consider claimants’ funding arrangements as well as the merits of competing cases