News
GFXC set to tackle reject codes
Co-vice-chair Neill Penney says group will seek to bring clarity to codes assigned to rejected FX trades
Last look guidance receives mixed reviews
Some liquidity providers back GFXC guidance; others say it doesn’t go far enough
IM phases five and six collide as buy side delays readiness
More than 1,000 segregated accounts for uncleared margin may still need to be opened post-deadline
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
Jamaica ‘mints’ first units of digital currency
Central bank kicks off pilot exercise with limited issuance of currency to banks and payments firms
Capitolis to acquire LMRKTS
Deal for multilateral compression provider latest in wave of post-trade tie-ups, as SA-CCR bites
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
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
CBDCs provide ‘clean slate’ for cross-border payments, says report
International bodies urge central banks to bolster CBDC co-operation
EBS Direct rebuild to bring faster speeds, new order types
New tech means trades will process 10-times faster and allow client-to-client matching
FOMC surprise led to hedge fund losses, say traders
Fast money caught out by June dollar bounce after Fed’s surprise hawkish tone
Sri Lanka central bank imposes capital controls
Measure restricts exports of foreign currency as government faces debt challenge
Price advantage could spur buy-side clearing, says Goldman exec
Margin savings alone may not be enough to boost buy-side use of CCPs
Renminbi splurge lifts BNPP, MSIM in Q1 options data
Counterparty Radar: Morgan Stanley IM is largest options user, following series of huge renminbi calls
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
Jumbo trades propel BNPP, TD up forwards rankings
Counterparty Radar: In Q1 2021 data, outsiders are eating into US banks’ business with domestic funds
Fenics to boost FX options offering as e-trading continues rise
Venue will offer streaming first-gen exotics pricing and is considering launching a Clob
China netting law drives interest in CSAs
Steady growth in contracts with CSAs suggests confidence that clean netting is near
CFTC rule change sparks dealer-client margin scuffle
FCMs fear “race to the bottom” as funds lobby dealers for lower margin status
Dealer concentration in FX forwards
Counterparty Radar: data shows panel depth and top bank share correlated to size of manager’s book
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