North America
Repo and FX markets buck year-end crunch fears
Price spike concerns ease as September’s surprise SOFR jump led to early preparations for bank window dressing
BNP Paribas hires New York FXO head from Deutsche Bank
Former emerging markets FX options trader joins French bank to lead desk
Ruled out: can regulators settle the pre-hedging debate?
Market participants are at odds over the practice and whether regulation or principles can settle the score
Cable basis set to shrink as pension buyouts dwindle
BoE rate cuts and tightening US credit spreads expected to further normalise the sterling-US dollar cross-currency basis
More disclosure touted to temper pre-hedging ills
Transparency could help investors choose a dealer, but will they use the disclosures?
Jane Street ups its game in FX market-making
High-frequency trading firm now streaming bilateral spot FX liquidity to clients
US corporates tap euros for cheap debt and FX hedging
Interest rate differentials and cross-currency basis drive highest reverse Yankee issuance since Covid
Iosco delays pre-hedging consultation to November
Review into controversial practice splits industry
Bitcoin ETFs drive demand for borrowing in crypto markets
Mismatch between cash and crypto settlement cycles creates pre-funding challenge
Barclays global head of eFX trading joins FMX
Shterenberg previously held senior algo execution and G10 FX trading roles
Senior G10 trader Agaisse leaves Barclays
Agaisse previously held top FX spot roles at Deutsche Bank, Mizuho and UBS
Can Citi’s XVA desk help solve risk data failings?
Resolution plan reviews exposed material limitations in banks’ ability to unwind derivatives
What T+1 risk? Dealers shake off FX concerns
Predictions of increased settlement risk and later-in-the-day trading have yet to materialise
Morgan Stanley shoots into FX options dealer top spot
Counterparty Radar: US mutual funds added $11.1 billion in new positions in Q1
Cuts and points – how the Dealer Rankings work
Dealer Rankings 2024: We have a simple way to compare dealers. Sort of simple, anyway
BNPP and BofA top this year’s FX Markets Dealer Rankings
Both banks prospered with US mutual funds, while Morgan Stanley remained top counterparty for life insurers
Banks and market-makers back BGC’s FMX
Group including BofA, Citi and Goldman buy 26% stake in spot FX, UST and futures trading business
FX dealers face end-of-day trading stress from T+1 shift
Experts say switch to using overnight swaps could be “problematic” and lead to wider spreads
Morgan Stanley back on top for US insurer FX forwards
Counterparty Radar: Bank added $1.7bn with Mass Mutual in Q4 to overtake Citi as biggest dealer
Vanguard begins clearing NDFs on LCH
Addition of mutual fund giant gives big boost to client-cleared activity on ForexClear
Pimco’s cuts to FX forwards positions hit dealers in Q4
Counterparty Radar: State Street takes top spot among dealers as BNP Paribas slides to fourth