News
Deutsche Bank plans expansion of Pro algo to FX swaps
German bank’s principal resting order algorithm should support swap clients in 2023
FX settlement risk grows again in latest triennial survey
BIS also finds falling market share on primary venues and more internationalisation of emerging currencies
HKD de-peg bets gather steam
Options struck outside the permitted band grew this year, with some dealers recycling flows via structured products
PBoC eases rules to lure foreign bond investors
New rules include allowing foreign investors to conduct FX trades with more financial institutions
GFMA mulls FX determinations committee
Creation of CDS-style board is one option on the table for managing forex market disruption events
BoE’s Cunliffe details ‘familiar’ failings at FTX
Deputy governor says crypto assets need to be regulated
CME eyes retail growth with new weekly FX options
Exchange hopes to capture massive demand from the sector
FVA hedge omission from FRTB set to cause headaches
Lack of carve-out for market risk hedges could create hedging issues, experts say
Isda docs saved crypto startup that lent to Alameda
Early termination clause allowed Cega to recover $13.6 million in loans to failed trading firm
European corporates scramble for alternative credit sources
Credit lines with traditional bank counterparties exhausted since dollar rally against euro
MSIM option strategy set for payout
Manager has spent over $400 million buying options that have yet to generate returns – until now
Regional banks beef up FX pricing tools
TraderTools’ PriceOn tech enables regional banks to internalise FX flows similar to top-tier dealers
Corporates rush to hedge emerging market currency risks
Falling forward points have reduced cost of hedging further drops in Chinese renminbi
Vendors urged to curb toxic FX flows
FX Markets USA: Dealers may reward vendors that ‘self-regulate’, says Goldman Sachs’ Chattaway
Operational hurdles slowing buy-side NDF clearing uptake
FX Markets USA: Artisan Partners’ O’Brien says problems must be tackled to make clearing more attractive
Sterling shocks have traders back on the phones
FX Markets USA: liquidity shocks herald a shift back to voice trading
Hungary makes emergency intervention to defend forint
Action comes after the central bank said it would cease rate rises
Gilt volatility to live on in IM and capital models
Even if sterling rates vol subsides, it will impact interest rate and cross-currency swap costs for years
SA-CCR hit on US banks could hinder year-end dollar funding
Potential lighter presence of US banks in swaps market may affect buy side’s ability to roll hedges
UK budget gives sterling options traders a wild ride
Reaction to tax cuts sparks most active week for GBP/USD options traders since Brexit negotiations
Euronext is latest venue to demand FX code compliance from LPs
From January 1, anonymous spot liquidity pools across the ECN will automatically switch to code compliant only
CVA exposures to UK corporates jump ‘hundreds of millions’
Dash for credit protection triggered a doom loop in the CDSs of cross-currency swap counterparties
BoJ currency intervention spurs FX options traders
Traders turn bearish on USD/JPY FX vol over further central bank intervention
Market weighs viability of spot FX clearing
Supporters believe it could remove credit risks, but others say it would be unnecessary and add costs