Trading
BNPP sets ‘axe trap’ to expose skew sniffers
French bank deploys real and fake axes plus AI trackers to gather data for identifying predatory clients
BofA’s e-FX rebuild pulls it closer to rivals
Deploying its equities tech stack, bank seeks to get ahead with its algo and e-FX offerings
Exotic FX derivatives bets in play as US election vol jumps
Forward volatility agreements see profits for funds; new trades include vol knockouts
BNP Paribas hires New York FXO head from Deutsche Bank
Former emerging markets FX options trader joins French bank to lead desk
Citi poaches FX options trading duo from Barclays
US bank adds to its London and Singapore FXO trading desks
Rates movements boost FX net investment hedging
Changing differentials bring more positive carry opportunities for corporates
Popular CNY carry trade starts to lose traction
Investors seek unwinds of China govvies swapped into USD after FX and rates movements dent its appeal
Low FX vol regime fuels exotics expansion
Interest is growing in the products as a way to squeeze juice out of a flat market
Goldman Sachs retakes top FXO dealer spot with mutual funds in Q2
Counterparty Radar: Trades with SEI Investments boosts US bank to top spot
BNP Paribas’ FX forwards notional jump 75% in Q2
Counterparty Radar: French bank’s increased trading with Pimco lifts it into top spot
UBS taps Averre for electronic FX STIR role
Former BNPP veteran will lead electronification and automation strategy for STIR trading
India’s index inclusion could herald future flow shifts
Limited boost to FX flows after Indian govvies debut on JPM index may change as others follow suit
BofA quants propose new model for when to hold, when to sell
Closed-form formula helps market-makers optimise exit strategies
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
BIS says carry trade unwind is part of broader pattern
Multi-strategy hedge funds drive spillovers across asset classes, analysis finds
Crypto options need more principal market-makers – GS trader
Absence of risk warehousing market-makers holding back options development, says GS crypto trader
Jane Street ups its game in FX market-making
High-frequency trading firm now streaming bilateral spot FX liquidity to clients
Triggers of August market ‘flare-up’ still in place, BIS warns
Leveraged positions remain at risk of sudden unwinding, as margin calls play amplifying role
FX forwards dealers face added challenges in P&L analysis
Mark-out tools for forwards and swaps trading may not be a panacea
US corporates tap euros for cheap debt and FX hedging
Interest rate differentials and cross-currency basis drive highest reverse Yankee issuance since Covid
Nomura hires Sambrani in ongoing FX options buildout
Former head of Asia FX options trading at Barclays joins bank in London