Europe
TD, Goldman make strides with Ucits in FX forwards trades
Counterparty Radar: JP Morgan AM notional crossed $100 billion threshold in first half of 2024
Tariff news ‘ping pong’ gives FX options desks a headache
Dealers say Trump’s shifting deadlines sparked weekend trading rush and made it hard to monetise flows
Corporates eye complex FX hedges as carry costs mount
Leveraged forwards and options-based structures entice treasurers facing rates uncertainty and FX volatility
Iosco pre-hedging review: more RFQs than answers
Latest proposals leave observers weighing new clampdown on pre-hedging
Iosco mimics industry codes to tackle pre-hedging dilemma
Advocates breathe sigh of relief, but Iosco release carries suggested restrictions
Digital euro can fill market gap, panellists say
Representatives from central banks and industry discuss use cases for retail and wholesale CBDCs
FX options market eyes Trump inauguration trades
FX Markets Europe: Traders turn to short-dated plays on cabinet picks and early tariff actions
Citi poaches FX options trading duo from Barclays
US bank adds to its London and Singapore FXO trading desks
Dutch regulator in new push on algo manipulation
AFM teams up with Oxford Uni academics to develop data models that will identify “harmful” collusion in automated trading
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?
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
HSBC loses FX forwards market share with EU funds
Counterparty Radar: UK bank reported 6% drop in notional volumes with Ucits funds in H2 last year
New fee plans for FXGO rile dealers
Bloomberg plans to charge spot FX market-makers from next year
e-FX awards 2024: The winners
JP Morgan takes home a record five wins, while BNP, DB and NatWest have two each
As risk of US Basel delay grows, Europe is in a bind over CVA
European Commission may postpone FRTB, but it’s hard to separate surgically from rest of framework
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