Europe
ING’s digitisation efforts boost eFX trading flows
Liquidity provider says upgrades to e-trading engine enable it to hold on to risk for longer
Tales from the crypto prompt calls for FX-style market structures
Demands for interdealers and prime brokers to be brought into crypto market in wake of FTX debacle
Rising rates lead to greater interest in structured products
Trading volumes ‘could increase fivefold’ as a result of short-term rates rise
European corporates scramble for alternative credit sources
Credit lines with traditional bank counterparties exhausted since dollar rally against euro
Cost benefits: could LPA provide clearer pricing?
Proponents say analytics tool is a game changer, but critics claim it is rebranded TCA
Quants search for way to size crypto bets
Standard models say as much as 4% of a diversified portfolio could go into digital assets
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
How requests for quotes could amount to ‘insider information’
Lawyers say Esma’s incoming pre-hedging guidance could make firms liable for multimillion-euro fines
Market weighs viability of spot FX clearing
Supporters believe it could remove credit risks, but others say it would be unnecessary and add costs
Margin costs leap on Simm rejig and rates hikes
Acadia finds roughly one-third jump in exposure following Simm recalibration, with higher funding costs adding to burden
EU Parliament creates multiverse of SA-CCR outcomes
Some MEPs want to ease rules further than EC draft; others want return to undiluted Basel text
360T is second venue to demand FX code compliance
GFXC urges other platforms to follow suit, potentially making code adoption an entry ticket to FX markets
Volatility could pave way for FXOs’ electronic evolution
Turmoil in markets gives options sector impetus to embrace automation, writes CME’s Chris Povey
Bingeing on block sets: DLT could give FX its ‘Netflix moment’
Blockchain’s proponents say faster settlement times make technology akin to TV’s streaming revolution
The closer quants look, the less diversifying crypto appears
Analysis seems to confirm that the asset class is not an effective diversification play
Return of volatility revs up FX options market
Macro disruption hikes volatility for eager dealers, however liquidity and spread compression remain a concern
Best settlement initiative: Baton Systems
Baton Systems wins best settlement initiative at the 2022 FX Markets e-FX Awards
BNP’s FX sales head takes on new rates role
Neehal Shah will take on additional role as head of G10 rates sales following mini shake-up
UK offers six-month margin reprieve for China netting sweep
Transition period falls short of Isda’s 18-month request, Hong Kong mulls similar relief
FX HedgePool to push into spot market by year end
Buy-side P2P swaps matching engine to launch new service for WM/R benchmark
In a bit of a fix: Refinitiv seeks ideas to improve WM/R
Operator launches consultation following criticism of 4pm fixing rate
Refinitiv uses rebates and speed to drive Matching liquidity
LSEG arm takes carrot-and-stick approach to market-making on primary venue
Late EU clearing house recognition spooks dealers
Bank capital requirements on exposures to affected foreign CCPs could jump after June 28 deadline
A SwapAgent-bilat basis? Not for now
SA-CCR may make settled-to-market capital benefits more difficult to quantify