Trading
New trading platform costs weigh on FX dealers
As roughly 75 platforms vie for business, LPs complain of struggle to keep up with connectivity costs
Citi and JP Morgan vie to extend collateral optimisation to CCPs
High rates and increasing collateral requirements have ignited race for greater efficiency
IMC appoints head of FX trading
Ex-UBS exotics head Ramon Puyane to join Dutch market-maker
Corporates eye FX options as hedging costs shrink
With hedge ratios tipped to rise, dealers say treasurers are increasingly open to optionality
Deutsche Bank’s global spot trading head departs
Lee Merchant is latest in a string of senior FX departures for German dealer
Uncertain rates outlook poses challenge for corporate FX hedgers
Hedging programmes may need a revamp as EM/G10 rates differentials narrow
JPM falls out of favour in FX forwards with US insurers
US bank exits top 10 after cuts from TIAA and Athene in Q3
US mutual funds’ passion for LatAm options undimmed in Q3
Counterparty Radar: Carry trade opportunities see managers’ positions increase tenfold in 2023
Banks scrutinised for offloading deal contingent risks on to funds
Critics say practice could lead to disclosure of sensitive client data
Managing the FX challenge for T+1
As firms prepare for T+1 in May 2024, DTCC’s Val Wotton says they should also consider the complexities for cross-border trades.
BNP takes top forwards spot with US mutuals
Counterparty Radar: French bank ousts Bank of America to lead the table for the first time
Blow-out on ‘dim sum’ bonds fuels boom in offshore rates options
Swaptions on USD/CNH swaps enjoy boost as investors adopt ‘all-you-can-eat’ approach to callables
Banks deploy automated pricing for longer-dated FX swaps
Dealers are streaming and auto-hedging out to 10 years in some cases
BofA, HSBC pick up Risk.net awards
US bank wins FX house for EM push; HSBC takes prime broker prize for rate risk margin updates
Nomura taps Deutsche’s Sharma for global options trading role
Japanese bank’s FX hiring spree continues with addition of 20-year trading veteran
How corporates are tooling up for FX risk
Unstable markets have forced corporate treasurers to adopt whizzier methods for managing currency exposures
Credit Suisse’s global head of FX departs
John Estrada is the latest in a string of high-profile Credit Suisse FX traders to leave the bank
Buy-siders bemoan ‘dark arts’ of corporate bond CSA discounting
Litany of pricing variables fuel wide differences in how dealers calculate discount rates for collateral agreements
Electronic FX swaps execution advances on 360t
Sun platform could help banks auto-hedge and develop algo execution for the instruments
Corporate-focused banks see boom in FX trading volumes in H1
US banks report higher FX swaps and forwards volumes from corporates as SA-CCR effect wanes, BCG research shows
Nomura’s tech revamp propels its global FX push
Bank hopes overhaul of pricing tech and new single-dealer platform will boost FX business
Quants look to language models to predict market impact
Oxford-Man Institute says LLM-type engine that ‘reads’ order-book messages could help improve execution
Citi’s FX unit taps Hewson for new global sales division
Bank combines sales teams focused on hedge funds and asset managers with those for corporate FX
LatAm electronification – a market stuck in the past
Electronic pricing and execution of Latin American currencies is still lagging, say dealers