News
Bargain-hunting equity hedgers turn to FX
Currency options are cheap relative to stock index puts, but correlations are uncertain
RMB hedging comes onshore as regulators liberalise FX market
Foreign investors turn to CNY for bond hedges as rule changes spur more competition
Johnson seeks US Supreme Court hearing
Ex-HSBC trader would not have been convicted in civil case, petition argues
Jittery ringgit spurs options growth in Malaysia
Local corporates seek new hedging tools, but longer-term options liquidity lacking
Banks tout early roll dates for FX swaps as quarter-end looms
Asset managers open to more flexible hedging strategies since March turbulence, say dealers
Appetite for renewed Fed dollar swap lines in doubt
With up to $300bn of positions nearing expiry, some say FX swap market can meet banks’ funding needs
Deutsche Bank to launch e-FX pricing engine in Singapore
German bank’s move will increase number of liquidity providers with local pricing capacity to nine
USD/HKD carry trade shrugs off interventions
Rate differential drives Hong Kong currency higher despite HKMA’s efforts
Turkey turmoil opens door to offshore NDF market
Emta openly discussing documentation for offshore lira
Choppy markets revive quest for RFQ’s ‘magic number’
Deutsche argues for smaller, stronger panels; Citi offers better prices for 'full amount' trades
Lebanese central bank official arrested over currency allegations
Currency crisis deepens as prime minister and central bank trade accusations
Banks struggle to keep trade flows in-house during volatility
Directional markets in March tested dealers’ ability to internalise risk
Turkey bans dealers from trading with BNP, Citi and UBS
Lira rallied after action, but respite for the currency may be brief
Forwards spreads fall but won’t hit January levels, say traders
While bid/offers have shrunk since March’s highs, dealers expect them to remain elevated
Volatile FX markets reveal pitfalls of RFQ
Clients urged to mask trading intent; critics warn of subtle sell-side advantages
Market turmoil causes traders to pull back to vanilla strategies
Emerging markets spreads tighten but liquidity still patchy
Charted: rush for dollar liquidity fades
Figures from central bank dollar repo facilities show waning demand, but outstanding swaps still high
NDF access will help tame rupee volatility, say dealers
Lifting of restrictions stopping Indian banks trading rupee NDFs allows RBI to intervene offshore
Banks trade first USD/CNY cross-currency swap versus SOFR
Risk-free rate sets new milestone with Crédit Agricole and Bank of China’s $10m trade
Buy side eyes outsourced trading amid Covid disruption
Pressure on trading continuity drives in-house desks to look outwards
Ion’s wrists slapped in probe of Broadway deal
Competition watchdog extends initial investigation, after Ion failed to comply with call for info
Statisticians grapple with inflation impact of Covid-19
Collecting reliable inflation figures during lockdown is not straightforward
Delay to IM calculation window leaves some exasperated
“Hasty” decision by global rule-makers frustrates firms that had already started initial margin prep
Vol boosts rules-based trading services
More users – and more platforms – turn to auto-RFQs for smaller tickets