Europe
Isda pushes to ‘decouple’ Simm calibration from model changes
Emir 3.0 prompts effort to separate risk-weight revisions from methodology updates
Europe’s FXPBs take advantage of margin rule carve-out
Some large FX options users have switched to dealers capitalising on regulatory mismatch
Hedge funds’ pricing often trumps other buy-siders – SNB
Research shows “advantageous” prices result in outperformance of 139bp trading USD/CHF
BestX founder Jerome joins Deutsche Bank
Oliver Jerome joins the German bank as head of European FX product
Natixis turns on the taps in flow trading
French bank boosts flow business, balancing structured solutions capabilities
Vanguard begins clearing NDFs on LCH
Addition of mutual fund giant gives big boost to client-cleared activity on ForexClear
European funds face upsurge in settlement risk after T+1
Trade body Efama finds up to 40% of daily FX flows may have to settle outside protection of CLS
SocGen hires Estrada as global head of FX
John Estrada previously held the same role at Credit Suisse prior to his departure last year
As T+1 looms, non-US firms consider out-of-hours trading
Pruned settlement cycle forces foreign buy-siders to explore automating the FX leg of securities trades
Trend following struggles to return to vogue
Macro outlook for trend appears to be favourable, but 2023’s performance flop gives would-be investors pause for thought
Dealers inch closer to clearing of FX forwards
LCH’s ForexClear aims to ease capital charges and margin constraints on banks, but will it kick-start clearing?
Kings and kingmakers in the Ucits FX forwards market
Counterparty Radar: First look into European retail fund data reveals HSBC and Vanguard as top dealer and manager
Bloating CCP default funds. New margin models. Are the two linked?
Dealers grumble that greater guaranty fund payments could undermine the ‘defaulter pays’ principle of clearing
Bloomberg’s Figi extends crypto inroads
Identifiers rolled out for almost 8,000 crypto assets as institutions seek structure and uniformity
LoopFX nears launch with Factset’s Portware partnership
New dark pool matching platform aims to integrate with existing buy-side workflows
Deutsche Bank’s global spot trading head departs
Lee Merchant is latest in a string of senior FX departures for German dealer
Uncertain rates outlook poses challenge for corporate FX hedgers
Hedging programmes may need a revamp as EM/G10 rates differentials narrow
LMAX taps real money clients with Cürex deal
Acquisition aims to offer liquidity providers diverse flows from asset managers
CME unveils upcoming FX Spot+ trading platform
New Clob aims to bridge futures and spot FX liquidity
Clearing members combing rule books after LME lawsuit win
Industry debates whether other CCPs and exchanges would cancel trades if faced with similar crisis
More, not fewer, FX platforms perplexes dealers
Predictions of consolidation have been wide of the mark
FX HedgePool launches all-to-all FX swaps matching
P2P platform starts daily matching and opens up to banks, hedge funds and ECNs
UK to permanently recognise US CCPs
Regulators also launching review on long-term status of UK pension fund clearing exemption
New crypto Isins are a ‘really important’ step for TradFi adoption
Execs at TP Icap and Societe Generale say identifier removes major barrier for crypto acceptance