Trading
NatWest Markets recognised in two categories in the 2022 Best Banks Awards
As uncertainty brought about by the Covid-19 pandemic makes way to rising volatility, healthy levels of trading across all FX instruments in 2022 led to another year of strong growth for NatWest Markets’ FX prime brokerage business
Hedge funds push yen options bets to next BoJ meeting
Target shifts as vol punts on change to rates policy fall flat
Blockchain startup Symbiont files for bankruptcy
Clients included American Century, Citi, Franklin Templeton, State Street and Vanguard
FX primary venues seek reversal of fortunes
EBS and Refinitiv fight to restore market share – but bilateral trading may be too entrenched, dealers say
FVA hedge omission from FRTB set to cause headaches
Lack of carve-out for market risk hedges could create hedging issues, experts say
Best market data provider: 360T
The return of inflation over the past year and the response by many central banks to rapidly hike interest rates have awakened hibernating FX volatility, which has spurred a flurry of trading activity
FX house of the year, Japan: UBS
Consistency, reliability, technology and range of products across multiple currencies wins UBS the FX house of the year, Japan award
Cboe bans FX code holdouts from Full Amount platform
Only FX Global Code signatories will be allowed to trade on the anonymous platform from August 1
Banks prepare to unleash FX swap bots
BNP Paribas, JP Morgan build execution algos to plug into platforms – but swaps liquidity needs to catch up first
European banks can’t escape SA-CCR hit, warns FX exec
Although not yet directly affected, EU dealers may feel regulation’s impact, says Goldman’s Wilkins
Credit Suisse and Commerz latest banks to ditch hold times
Mizuho also confirms zero last look add-on but MUFG’s policy unclear on the controversial FX practice
FX class action case to go ahead on opt-in basis
Firms will have to sign up to US-style class action against six banks accused of FX manipulation in UK
Optiver aims to gatecrash FX options private party
Dutch non-bank hopes to exploit shift to electronic markets in OTC options, following record $7bn trading day
Last look: who is axing hold times, who isn’t – and who won’t say
Liquidity providers rush to review trading policies as GFXC redoubles call for zero hold times
Is there an optimal time to trade FX?
CME’s Phil Hermon delves into futures data to search for the ‘hidden liquidity’ available during the trading day
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
Dealers back CLS plans for EM settlement system
12 banks announce support for project to extend PvP protection to certain CLS-ineligible currencies
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
Dealer concentration in FX forwards
Counterparty Radar: data shows panel depth and top bank share correlated to size of manager’s book
Algos on parade: how top FX algo providers stack up
New FX Markets algo database shows differences across internalisation, analytics and client data handling
US funds’ FX forwards settlement dates show clustering effects
Counterparty Radar: Analysis shows concentrations appear on certain dates, which can differ by currency
Passive algos and patient traders
Are all passive fills worth having? XTX’s Matt Clarke says not
Invesco bets on new tech to refine its FX trading
Home-grown tool will improve order routing and execution strategies, asset manager believes