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Perps extend the menu to tempt TradFi diners
Perpetual futures, the darling of the crypto crowd, are spreading to traditional assets, with platforms such as Hyperliquid starting to list underlyings including crude oil, precious metals, equities and FX.
The expiry-less structure appeals to traders seeking savings on roll costs.
Institutional buyers are not convinced about the product, though, citing concerns over patchy liquidity and margining issues. Some say the price convergence mechanism is untested, too.
NatWest bridges FXPB and clearing for regional banks
New model maintains traditional OTC market access with added direct clearing option
European banks bolster US FX sales coverage
New hires come as BNPP and Deutsche Bank leapfrog US dealers on FX forwards
Banks join forces for stablecoin builds
Three regional consortia gain traction; SG and Standard Chartered stay on solo track
UK’s benchmark rewrite threatens access to Asia NDF fixings
Key offshore rates likely to fall in new regime’s scope, potentially pushing them out of bounds
At the deep end: FX HedgePool’s struggle to stay afloat
Lack of offsetting flow, tech bottlenecks and higher-than-expected costs weighed on start-up’s growth
Editor's choice
MSIM retools renminbi options wager
Counterparty Radar: US manager rebuilds USD/CNH call book to $15.7bn with strikes closer to spot and cheaper premiums
CLS to launch CNH PvP settlement service
Plan will involve settling offshore renminbi in Hong Kong via a separate PvP session
Fragmented rules obstruct tokenisation efforts, panellists say
Divergent US, UK and EU stablecoin rules and legal protections limiting cross-border growth
SocGen FX forwards trading rockets with US fund managers
Counterparty Radar: Surge in French bank’s FX forward volumes propels it to second spot in Q1 2026
Counterparty radar
US buy side flocked to FX forwards and options in Q1
Counterparty Radar: Pimco led $187 billion rise in forwards notional among funds, while TIAA drove insurer activity
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