Banks
Bank FX teams eye slice of crypto derivatives action
Business heads increasingly confident that trading will reside in their patch
Fee standoff intensifies as FX spreads compress
As spread squeeze continues, brokers refuse to budge on trading fees
For FX liquidity buyers, fewer providers mean better execution
As consumers’ understanding of best execution evolves, “quality over quantity” becomes buy-side mantra
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
Banks lure FX algo sharks into shallow waters
Sick of losing out to predatory HFTs, dealers are trying to create liquidity pools they can trust
Carney warns CBDC delays play into hands of big tech
Delays risk entrenching the power of tech firms and encouraging less desirable forms of money, former BoE governor says
China netting law drives interest in CSAs
Steady growth in contracts with CSAs suggests confidence that clean netting is near
Internalisation in the spotlight? Don’t hold your breath
Industry relaxed about internal hedging despite BIS warning of potential threat to price discovery
FX industry shows little appetite for single API
Market players sceptical over need for standard programming code to connect clients with services
Could private match-making sink public market?
Rise in internal hedging sparks debate over its threat to price discovery
GFXC sees no changes to code on pre-hedging
Committee rejects calls to set more strict boundaries to controversial practice
FX options: the race to electronification has only just begun
Could years of entrenched voice trading in FX options be about to end as electronification gathers pace?
Banks nervy over GFXC plan for algo cover sheets
Disclosing inner workings of algorithms could result in loss of intellectual property, banks warn
China tightens regulations on non-bank payment firms
Central bank will scrutinise payments more closely and fine firms for rejecting cash
A peek inside GFXC’s algo cover sheets
Order priority and segregation policy among the items under discussion
Investors eager for next round of China financial reforms
Bond futures and credit default swaps the missing pieces
SA-CCR proves a bitter pill for US banks to swallow
Dealers concerned new regime will punish some business lines with rise in risk-weighted assets
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
Joe Biden’s slow road to remaking US financial regulation
Moves on climate risk could come early; other changes may have to wait until the end of 2021, or later
FX headwinds cancel out HSBC’s Q3 RWAs cut
Portfolio reductions reaped $10.8 billion of RWA savings
Swaps platform aims to cut out the banks – but not entirely
Peer-to-peer newcomer FX HedgePool targets asset managers’ month-end hedging activity
FX research bounces back amid volatility
Dealers report sharp rise in client demand for research
Buy side eyes outsourced trading amid Covid disruption
Pressure on trading continuity drives in-house desks to look outwards
El-Erian on Covid-19 policy risks and ‘zombie’ markets
Former Pimco chief says Fed move into high yield is a step too far, new rules needed on leverage and false liquidity, and narrow window emerges for central banks to shed some of their policy load