Foreign exchange
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
Currenex case may herald focus on e-FX’s ‘Wild West’ days
FX sources say “uncomfortable secrets” could emerge as attention turns to platform relationships
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
GFXC confirms zero hold times in last look
Chair says checks can’t be used to monitor client market impact – a “game changer” according to some
Currenex class action faces hurdles, say legal experts
Case against Goldman, State Street, HC Tech and the ECN could raise questions around statutes of limitations and damages calculations
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
GFXC set to tackle reject codes
Co-vice-chair Neill Penney says group will seek to bring clarity to codes assigned to rejected FX trades
Last look guidance receives mixed reviews
Some liquidity providers back GFXC guidance; others say it doesn’t go far enough
FX option selling and weak demand behind vol slide, say traders
EUR/USD vol inches towards pre-Covid lows, but some believe inflation could upset trend
Could prime of primes go pop?
The PoP market is booming, but some tier one banks are wary
PoP goes FXPB: prime of prime fizzes, but isn’t to all tastes
Sources report ebullient growth among PoPs, despite lingering wariness around risk redistribution
How long should TWAP algos run?
BestX says modelling typical durations by notional per pair could be used to create a new algo benchmark
Time trials: how fast can you trade FX?
XTX calculations reveal how long different pairs take to trade throughout the day
EBS Direct rebuild to bring faster speeds, new order types
New tech means trades will process 10-times faster and allow client-to-client matching
LSEG buyout finally unshackles Matching and FXall
After watching the market evolve around them, platforms can finally get on the front foot
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
Dealer concentration in FX forwards
Counterparty Radar: data shows panel depth and top bank share correlated to size of manager’s book
Shining a light on FX algo disclosures
FX Markets' new algo database will enable readers to compare offerings from the major providers
Algos on parade: how top FX algo providers stack up
New FX Markets algo database shows differences across internalisation, analytics and client data handling
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
FX code adherents may get better pricing, say LPs
If trading platforms show buy-siders’ code status, signatories could see lower prices
Dollar’s share of global reserves falls to 25-year low
Gradual decline may stem from currency diversification by emerging market central banks – IMF report