Trading
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
Segmenting your client franchise for profit
Ludovic Blanquet, chief product and strategic planning officer at smartTrade, investigates the complex dynamics of profitable e‑FX franchises, the importance of building and consolidating client trust, and how a technology partner such as smartTrade can…
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
Stronger together: CLS’s chief risk officer on risk culture
Deborah Hrvatin discusses integrated risk management, mega-hacks and model risk
FX option selling and weak demand behind vol slide, say traders
EUR/USD vol inches towards pre-Covid lows, but some believe inflation could upset trend
Citi clearing head departs for crypto firm
Senior departure is latest among swaps giant’s clearing ranks
Clunky crypto markets serve quants well – can it continue?
Poor price discovery presents opportunities for systematic traders in super-trending markets
Cross-currency swaps set to ditch Libor in ‘RFR first’ drive
A plan to oust Libor in September is expected to spur voluntary RFR adoption for euro legs
How long should TWAP algos run?
BestX says modelling typical durations by notional per pair could be used to create a new algo benchmark
US mutual funds’ crypto holdings doubled to over $1bn in Q1
BlackRock and MSIM are among 16 US fund managers dipping their toes into crypto investing
Updates to FX Global Code include pre-hedging guidance
GFXC updates 11 of code’s 55 principles, including advice on controversial practice of pre-hedging
FOMC surprise led to hedge fund losses, say traders
Fast money caught out by June dollar bounce after Fed’s surprise hawkish tone
Futures aim to put a dent in FX swaps supremacy
Advent of margin rules sharpens appeal of exchange-traded instruments for buy-siders
The future of FX clearing and where the market could end up
Uncleared margin rules (UMR) implementation is a large undertaking for firms and there remains a great deal of preparatory work to ensure UMR readiness, with complex infrastructure and resources needing to be put in place. FX is not part of the new rules…
Renminbi splurge lifts BNPP, MSIM in Q1 options data
Counterparty Radar: Morgan Stanley IM is largest options user, following series of huge renminbi calls
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
Inside Wells Fargo’s bid to take on big FX players
The third-largest US bank by assets plans to use large corporate flows to lure institutional clients
Crypto market structure pushing institutions towards synthetics
Credit risk and custody challenges with spot could push investors to derivatives and ETPs
BNP and Deutsche add new Brazil NDF algos
The banks add USD/BRL to their respective suites, with tenors tied to the onshore futures expiries
Algos on parade: how top FX algo providers stack up
New FX Markets algo database shows differences across internalisation, analytics and client data handling
Swissquote banks on swaps and forwards for institutional clients
Institutional FX liquidity manager Maxime Mordelet explains Swissquote’s plans to broaden its product range, with a focus on becoming more competitive in FX swaps and forwards
Is ‘retail’ FX flow becoming more challenging?
With retail flow on the up, there is a need to capture and grow into the new opportunities being presented. Finalto is doing just that with its expertise and innovative, flexible offerings
Chinese exporters urged to ramp up US dollar hedges
Dealers join China’s Safe in sounding alarm at mounting unhedged FX exposures