Trading
Chaotic birth of Sefs drives NDF trading off platforms
The first two weeks of Sef trading have seen some trading volume in non-deliverable forwards migrate to single-dealer platforms and voice brokers to avoid the rules
Internalisation to blame for EBS volume decline
Low volatility in major currency pairs has created an environment in which many banks prefer to internalise trades rather than trading on anonymous platforms such as EBS
FX desks ponder brokerage fee for fix trading
Allegations regarding manipulation of FX rates have prompted some banks to consider an agency-style model
US political gridlock puts EM currencies in stasis
EM currencies could still be badly affected by US default, say traders
Future of agency FX depends on size, says Chapdelaine chief
Douglas Borthwick, FX manager at Tullett Prebon's Chapdelaine agency desk, believes recent regulatory challenges show that size will be the key factor for agency intermediaries
Swiss regulator investigates FX rate manipulation
Switzerland's Finma this morning announced it is investigating manipulation of exchange rates, while UBS is reported to have dismissed its spot-trading heads
UBS aims for full FX launch on Neo in Q1
Following the recent launch of the UBS Neo cross-asset platform, FX e-trading head Chris Purves talks to Miriam Siers about the bank’s electronic strategy, both on its own platform and other venues
Deconstructing the Sef ‘car crash'
With days to go until approved swap execution facilities are set to open for business, the CFTC would do well to heed some of the warnings it is hearing from the industry
Political risk biggest challenge for Mena investors
Unable to predict the outcome of current turmoil in Syria and Egypt, investors have mixed outlooks for the Mena region over the coming months
High-frequency firm AienTech shuts up shop
Technology-focused hedge fund made its mark in FX as a top provider of volume to bank platforms
FX structurers take advantage of high-cost hedging in other asset classes
FX structurers are trying to tempt clients away from high-cost asset classes such as rates and credit by replicating the hedges on offer there through proxy instruments, but will buy-side participants trust the correlations to hold up when the worst…
Dovish FOMC risks losing market trust
Federal Reserve's communication over tapering adds to market's growing mistrust of central bank information
Asia is a focus for FX research, says Morgan Stanley's Redeker
Hans Redeker, global head of FX strategy at Morgan Stanley, talks to Miriam Siers about the objectives of his team and their expectations for the coming months
FX market will be 70% electronic by year-end, says Aite Group
New research estimates 60% of FX is electronic today, rising to 70% by year-end but there will still be a place for voice trading
Currency managers caught out by dollar rise against EM currencies
Immediate future of emerging market currencies in the hands of the Federal Reserve amid QE tapering expectations
FX now a $5.3 trillion per day market, says BIS
The latest BIS triennial survey shows the UK has strengthened its grip on the FX market, while USD/JPY has seen a strong increase in trading activity
'Good v. bad' is overplayed in EM currencies, indicates BNPP quant model
BNP Paribas has recently extended its quantitative fair value model from G-10 to EM currencies - and it has found some assumptions about strong and weak currencies may be unfounded
Saxo Bank to publish monthly volume data
Danish firm aims to promote greater transparency by going public with its volume figures on a monthly basis
EM stress prompts investors to turn to options
As the crisis in Syria continues, the Turkish lira this week became the latest victim of the emerging market sell-off, leading to an increased interest in options
Striking a balance on pricing
FX platform pricing models have come under fire, with calls to reduce or abandon fixed costs, but how should platforms seek to get the balance right?
EM exodus continues ahead of imminent QE tapering
The Indian rupee and Indonesian rupiah have continued to fall this week as tapering of quantitative easing in the US looms in the coming months
Buy side scales back on yen positions as volume dips
Market participants report a significant decline in investor and corporate appetite for the yen, following the rush to the currency in the first quarter
Rupee sell-off continues, despite repeated RBI efforts
Efforts by the Reserve Bank of India to stabilise the currency's depreciation have failed, as the rupee falls to a record low
FX platforms encouraged to consider liquidity enhancing pricing models
A proposal made to the FX Joint Standing Committee in July 2012 for a per-order fee that is rebated in proportion to actual executed volume has garnered support among market participants