FX forwards
GFMA proposes disruption settlement framework for FX
Russian ruble close-out pain triggers calls for voluntary multilateral pricing framework
Dealers advancing electronic FX swaps trading on CME
Deutsche Bank is among a handful of dealers using CME’s FX Link platform to help automate market-making
European banks can’t escape SA-CCR hit, warns FX exec
Although not yet directly affected, EU dealers may feel regulation’s impact, says Goldman’s Wilkins
State Street flies high in FX forwards as Goldman, Citi dive
Counterparty Radar: Goldman loses half of market share, drops out of dealer top 10
Is Citi’s SA-CCR hit a sign of things to come?
Higher cost of capital for banks dealing in short-dated uncollateralised FX swaps and forwards could impact dealers and clients alike
SA-CCR hits Citi’s FX forwards pricing
Four clients say US bank has quoted “less competitive” spreads as a result of new capital regime
Pimco, Franklin Templeton affiliates top for Russia derivatives exposure
Counterparty Radar: Funds had biggest long exposures to Russia across credit, rates, FX at end of Q4
Traders turn to ruble NDFs to avoid sanctions trouble
Basis between physical and non-deliverable trades hits record high as users shun local currency
Fears over strong dollar put Asia’s hedgers on edge
Local corporates look to manage US dollar exposures in response to inflation and Fed tapering concerns
Vanguard eyes DLT for FX forwards after smart contract success
Fund giant hopes roll-out of tech in 2022 will deliver greater efficiency and pricing benefits
Morgan Stanley solidifies forwards lead as Citi and BNP slip
Counterparty Radar: Non-G10 pairs regain momentum despite dip in total positions in Q3
Dealers face tough test on FX costs
Banks may pass on SA-CCR capital costs to FX clients
Lack of incentives slow uptake of deliverable FX clearing
Absence of regulatory drivers and use of prime brokerage curbing demand, say panellists
No fair: buy side takes on pricing problem in FX forwards
Interest in TCA is growing as new data sources offer glimpse into murky swaps and forwards market
US banks step up FX optimisation push as SA-CCR looms
With swaps and forwards hit hard by new capital measure, dealers turn to vendors and bilateral restructuring
FX hedge ratios fall across top 10 US managers
Counterparty Radar: Proportion of forwards to assets has been sliding since Q3 2020, but some firms buck trend
Morgan Stanley bests Citi as top forwards shop for US funds
Counterparty Radar: A $30bn boost from Vanguard sends MS to top of Q2 charts
Futures aim to put a dent in FX swaps supremacy
Advent of margin rules sharpens appeal of exchange-traded instruments for buy-siders
Jumbo trades propel BNPP, TD up forwards rankings
Counterparty Radar: In Q1 2021 data, outsiders are eating into US banks’ business with domestic funds
Dealer concentration in FX forwards
Counterparty Radar: data shows panel depth and top bank share correlated to size of manager’s book
Vanguard, FX forwards kingmaker
Counterparty Radar: How the fund giant influenced banks’ overall forwards fortunes in 2020
US funds’ FX forwards settlement dates show clustering effects
Counterparty Radar: Analysis shows concentrations appear on certain dates, which can differ by currency
Invesco bets on new tech to refine its FX trading
Home-grown tool will improve order routing and execution strategies, asset manager believes