Spot market
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
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
Societe Generale links FX algo fees to ESG targets
Clients face penalties if they fail to meet sustainability criteria during algo rental period
Opt in or opt out: an FX class action decision worth millions
Six banks accused of manipulation may see 40% reduction in damages if UK lawsuit proceeds along ‘opt-out’ route
Banks lure FX algo sharks into shallow waters
Sick of losing out to predatory HFTs, dealers are trying to create liquidity pools they can trust
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
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
New benchmark aims to break 4pm fix hegemony
Siren uses 20-minute trade window in a bid to combat fears of manipulation
FX code adherents may get better pricing, say LPs
If trading platforms show buy-siders’ code status, signatories could see lower prices
LSEG to replatform Matching and FXall
Migration to stock exchange’s tech platform aims to deliver faster speeds and more order types
Internalisation in the spotlight? Don’t hold your breath
Industry relaxed about internal hedging despite BIS warning of potential threat to price discovery
Could private match-making sink public market?
Rise in internal hedging sparks debate over its threat to price discovery
Growing internalisation could threaten price discovery, say LPs
Dealers might have to deliberately hedge on venues to bolster data, says Credit Suisse’s Estrada
EU benchmark drama set for cliffhanger end
Access to key FX rates due to be decided six months before potential cut-off
Vanguard signs FX Global Code
World’s second largest asset manager adopts code after seeing evidence of positive impact on the market
GFXC eyes standardised disclosure cover sheets
New docs planned to allow easier comparisons of algos and LP dealing terms
EC looks to GFXC on potential regulation of spot FX
GFXC to meet this week about revising global FX code, which may influence European legislator stance
Bilateral streams slash FX trading costs by 80%, dealers claim
Risk Live: FX dealers report 70% of spot traded in bilateral feeds, at least four times cheaper than RFQs and venues