Market-maker
Last look: who is axing hold times, who isn’t – and who won’t say
Liquidity providers rush to review trading policies as GFXC redoubles call for zero hold times
Platforms on edge as industry eyes progress of Currenex case
Lawsuit’s passage through US courts could determine whether copy-cat filings follow
NatWest’s PB chief on not changing course after Archegos
Marcus Butt believes diversity of clients, both in size and type, is the best way to manage risk
Algo sniffers make a tough business tougher
FX spot is already a hard game for many LPs, and the rise of skew sniping only makes things harder
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
Internalisation in the spotlight? Don’t hold your breath
Industry relaxed about internal hedging despite BIS warning of potential threat to price discovery
Could private match-making sink public market?
Rise in internal hedging sparks debate over its threat to price discovery
Vanguard extends forwards dominance as Citi dips
Counterparty Radar: Fund giant responsible for more than a third of total forwards volumes and half of EUR/USD in Q4
A bitcoin ETF could threaten the world’s biggest crypto fund
Regulated funds may suck away demand for Grayscale’s off-exchange investment trusts
GFXC sees no changes to code on pre-hedging
Committee rejects calls to set more strict boundaries to controversial practice
All roads lead to Bergamo: Euronext eyes new home for its tech
Market participants fear a “horrible” relocation project and more room for latency arbitrage
Optiver becomes first non-bank options market-maker on FXall
Dutch e-trading firm joins OTC FX options platform in a market taking electronic baby steps
Citi extends lead in FX forwards, BNP Paribas climbs
Counterparty Radar: Total value of forwards positions jumps 11% after second-quarter dip
Why central banks aren’t worried about FX algos – for now
Disclosure failings have been fed into review of FX code; other risks are profound, but distant, says Andrea Maechler
Banks rent ready-made algos for FX trading
NatWest, XTX Markets and others develop new outsourcing model for tech
Five’s company, six is a crowd
Simon Nursey at Digital Vega explores the optimum number of RFQs for FX options trades with a little game theory
Banks struggle to keep trade flows in-house during volatility
Directional markets in March tested dealers’ ability to internalise risk
Buy side eyes outsourced trading amid Covid disruption
Pressure on trading continuity drives in-house desks to look outwards
How Goldman’s algos adapted to virus vol
Interview: Ralf Donner explains why algo usage is up while markets are down
For FX dealers, virus brings volumes
Mixed feelings for sell-side traders as Covid-19 spurs wave of speculation and hedging
GFXC eyes trading platform tagging practices
Group may look to standardise language around unique identifiers