Spot market
Fast LPs accuse rivals of maxing out last look response times
Firms with sub-10ms checks complain of losing volumes to slower rivals, prompting one to ditch ECNs
SG1 growth slower than expected, say LPs
Despite sluggish take-up of Singapore FX matching engines, some hope a new NDF venue will offer a boost
US court greenlights most claims in Currenex class action
Civil lawsuit brought by XTX and two other financial firms advances to next stage before trial
BNPP, BofA and Nomura ditch last look add-on
Majority of top 25 LPs have now removed hold times as regulators step up scrutiny of controversial practice
Hedge funds’ use of barrier options comes under spotlight
Former traders say Glen Point CEO’s arrest highlights compliance gulf between funds and dealers
What’s the right price limit for an algo?
BestX assesses the different impacts a price limit can have on FX algo performance
Santander recognised in two categories at the 2022 Best Banks Awards
Santander CIB was voted Best regional spot dealer (Americas) and Best NDFs dealer at the 2022 FX Markets Best Bank Awards
TMX eyes spot crypto trading launch next year
Exchange group would become first in North America to offer direct access to spot market in digital assets
Liquidity drops 80% on dealer balance sheet constraints – BIS
Study finds top-tier banks are more likely to pull back when leverage and funding costs spike
Deutsche adds three to FX sales team
German bank recruits institutional sales head in New York, along with hires in London and Paris
Credit Suisse shakes up top line in new-look FX division
Swiss bank draws on electronic macro business for FX leadership roles
New buy-side tools seek to break grip of bank FX algos
Proprietary algorithms come of age to provide alternatives for the buy side
Deutsche Bank plans expansion of Pro algo to FX swaps
German bank’s principal resting order algorithm should support swap clients in 2023
FX settlement risk grows again in latest triennial survey
BIS also finds falling market share on primary venues and more internationalisation of emerging currencies
FX primary venues seek reversal of fortunes
EBS and Refinitiv fight to restore market share – but bilateral trading may be too entrenched, dealers say
Regional banks beef up FX pricing tools
TraderTools’ PriceOn tech enables regional banks to internalise FX flows similar to top-tier dealers
Vendors urged to curb toxic FX flows
FX Markets USA: Dealers may reward vendors that ‘self-regulate’, says Goldman Sachs’ Chattaway
Euronext is latest venue to demand FX code compliance from LPs
From January 1, anonymous spot liquidity pools across the ECN will automatically switch to code compliant only
BoJ currency intervention spurs FX options traders
Traders turn bearish on USD/JPY FX vol over further central bank intervention
Market weighs viability of spot FX clearing
Supporters believe it could remove credit risks, but others say it would be unnecessary and add costs
Best bank FX liquidity provider: UBS
UBS’s focus on technology, innovation and client requirements wins it the Best bank FX liquidity provider award
SGX launches new Clob for FX spot and NDFs
CurrencyNode to tap into new matching engines in Singapore, and eventually will look to offer futures-spot spreads
GFXC set to focus on FX market data access
Costs of data needed for buy-side benchmarking exercises under spotlight