Banks
Russian invasion stirs up ‘perfect storm’ for XVA desks
Declining credit quality of Russian companies and spike in inflation threaten CVA and FVA double-whammy for banks
Citi names Stuart Staley FX co-head
US bank’s Asia-Pacific markets head moves to London to work alongside Itay Tuchman
Can Clobs level the playing field in OTC FX options?
Electronification could be a “game changer” for smaller liquidity providers, say participants
Banks offer crypto clearing but, shhh, don’t tell
Top dealers clear crypto futures for select clients despite smorgasbord of risks
Bank of Mexico overhauls peso closing rate in fillip for derivatives
Dealers welcome changes which, they say, will iron out kinks in valuing swaps, forwards and other currency products
FX Markets Best Banks Awards 2021: Best bank for regional/domestic banks – BBVA
An unwavering committment to providing liquidity to smaller banks at competitive rates and allowing them to extend the liquidity to clients digitally garnered BBVA its win at the FX Markets Best Banks Awards
CMC Markets’ 2021 technology drive
Richard Elston, group head of institutional sales at CMC Markets, discusses the highlights of recent technical developments, illustrating what that means for the company and its growing institutional client base
Hedging specialists vie for swelling FX overlay business
Custodians, banks and others look to capitalise on trend for buy side to outsource currency hedging
JP Morgan flies into top FX options spot
Counterparty Radar: Renminbi/US dollar trades also keep Morgan Stanley IM in front
Morgan Stanley solidifies forwards lead as Citi and BNP slip
Counterparty Radar: Non-G10 pairs regain momentum despite dip in total positions in Q3
Bank FX teams eye slice of crypto derivatives action
Business heads increasingly confident that trading will reside in their patch
Fee standoff intensifies as FX spreads compress
As spread squeeze continues, brokers refuse to budge on trading fees
For FX liquidity buyers, fewer providers mean better execution
As consumers’ understanding of best execution evolves, “quality over quantity” becomes buy-side mantra
Opt in or opt out: an FX class action decision worth millions
Six banks accused of manipulation may see 40% reduction in damages if UK lawsuit proceeds along ‘opt-out’ route
Banks lure FX algo sharks into shallow waters
Sick of losing out to predatory HFTs, dealers are trying to create liquidity pools they can trust
Carney warns CBDC delays play into hands of big tech
Delays risk entrenching the power of tech firms and encouraging less desirable forms of money, former BoE governor says
China netting law drives interest in CSAs
Steady growth in contracts with CSAs suggests confidence that clean netting is near
Internalisation in the spotlight? Don’t hold your breath
Industry relaxed about internal hedging despite BIS warning of potential threat to price discovery
FX industry shows little appetite for single API
Market players sceptical over need for standard programming code to connect clients with services
Could private match-making sink public market?
Rise in internal hedging sparks debate over its threat to price discovery
GFXC sees no changes to code on pre-hedging
Committee rejects calls to set more strict boundaries to controversial practice
FX options: the race to electronification has only just begun
Could years of entrenched voice trading in FX options be about to end as electronification gathers pace?
Banks nervy over GFXC plan for algo cover sheets
Disclosing inner workings of algorithms could result in loss of intellectual property, banks warn
China tightens regulations on non-bank payment firms
Central bank will scrutinise payments more closely and fine firms for rejecting cash