Trading
Cross-currency swaps set to ditch Libor in ‘RFR first’ drive
A plan to oust Libor in September is expected to spur voluntary RFR adoption for euro legs
How long should TWAP algos run?
BestX says modelling typical durations by notional per pair could be used to create a new algo benchmark
US mutual funds’ crypto holdings doubled to over $1bn in Q1
BlackRock and MSIM are among 16 US fund managers dipping their toes into crypto investing
Updates to FX Global Code include pre-hedging guidance
GFXC updates 11 of code’s 55 principles, including advice on controversial practice of pre-hedging
FOMC surprise led to hedge fund losses, say traders
Fast money caught out by June dollar bounce after Fed’s surprise hawkish tone
Futures aim to put a dent in FX swaps supremacy
Advent of margin rules sharpens appeal of exchange-traded instruments for buy-siders
The future of FX clearing and where the market could end up
Uncleared margin rules (UMR) implementation is a large undertaking for firms and there remains a great deal of preparatory work to ensure UMR readiness, with complex infrastructure and resources needing to be put in place. FX is not part of the new rules…
Renminbi splurge lifts BNPP, MSIM in Q1 options data
Counterparty Radar: Morgan Stanley IM is largest options user, following series of huge renminbi calls
Hedging valuation adjustment gets cold shoulder from banks
Dealers back the idea of charging for hedging costs - including FX options - but not as part of a new XVA
Jumbo trades propel BNPP, TD up forwards rankings
Counterparty Radar: In Q1 2021 data, outsiders are eating into US banks’ business with domestic funds
Inside Wells Fargo’s bid to take on big FX players
The third-largest US bank by assets plans to use large corporate flows to lure institutional clients
Crypto market structure pushing institutions towards synthetics
Credit risk and custody challenges with spot could push investors to derivatives and ETPs
BNP and Deutsche add new Brazil NDF algos
The banks add USD/BRL to their respective suites, with tenors tied to the onshore futures expiries
Algos on parade: how top FX algo providers stack up
New FX Markets algo database shows differences across internalisation, analytics and client data handling
Swissquote banks on swaps and forwards for institutional clients
Institutional FX liquidity manager Maxime Mordelet explains Swissquote’s plans to broaden its product range, with a focus on becoming more competitive in FX swaps and forwards
Is ‘retail’ FX flow becoming more challenging?
With retail flow on the up, there is a need to capture and grow into the new opportunities being presented. Finalto is doing just that with its expertise and innovative, flexible offerings
Chinese exporters urged to ramp up US dollar hedges
Dealers join China’s Safe in sounding alarm at mounting unhedged FX exposures
Quant fund aims to tame bitcoin, and 39 other digital assets
Ex-Morgan Stanley, Winton vets reimagine institutional risk management for volatile crypto markets
FX code adherents may get better pricing, say LPs
If trading platforms show buy-siders’ code status, signatories could see lower prices
The global FX code – Digging deeper on ‘last look’
The global FX code has – at a top level – succeeded in improving the quality of the eFX market in recent years. A set of common principles has been laid down and received well but, with a public consultation that could result in further reform, Richard…
Tighter RMB rates basis brings new hedging opportunities
Increasing alignment between CNH and CNY benchmarks opens door to more cross-currency hedging by foreign lenders
Invesco bets on new tech to refine its FX trading
Home-grown tool will improve order routing and execution strategies, asset manager believes
Flexi forwards see rise in corporate interest post-Covid
Treasurers seek flexibility in cashflow hedging as pandemic-related supply chain disruptions bite
Drax commits to ESG-linked FX derivative targets with UK banks
Renewable energy supplier applies long-term ESG KPIs to short-term FX trades with Barclays and NatWest