News
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
FSB outlines 10-point plan for stablecoin risks
Some powers already exist but stablecoins may cut across regulatory boundaries, report says
Applying Mifid to spot FX could backfire, warns MEP
EC would need to make "very compelling case" to draw spot market into wider regime, says Ferber
Covid-19 could spur central bank digital currencies – BIS
Fear could promote use of CBDCs but data is yet to point to whether cash demand has changed
Singapore engine push yet to win over all LPs
JP became latest to improve local pricing capability on April 1, but other LPs are sceptical
Is there a dollar funding squeeze in China?
China could benefit from joining the Fed’s dollar swaps network but political obstacles bar the way
Philippines traders shrug off mid-month jitters from Covid shutdown
March’s pricing blip was a tremble, not a quake, in a market used to disruption from natural disasters
Fed extends dollar funding to more central banks
New repo facility aims to ease strains caused by global flight to the safety of dollars
Debelle: regulation could be ‘helpful’ to FX code
As EU weighs regulation of spot market, GFXC chair dismisses key industry argument
FX swap users hope to avoid month-end crunch
Blowout in spreads prompted SSGA and other managers to limit need for hedges on March 31
CLS data scientists try to decode FX volatility
New team has flood of info to work on, after Covid-19 trading surge pushes March volumes up 27%
ESG-linked hedges raise interest – and questions
Carrot-and-stick trades pay off if green targets are hit, but setting and monitoring those goals is tricky
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime; says “trust” is key to avoiding “beggar-thy-neighbour” policies