Trading
SA-CCR hits Citi’s FX forwards pricing
Four clients say US bank has quoted “less competitive” spreads as a result of new capital regime
Yen exotics re-hedging fuelled vol surge, say traders
USD/JPY spike forced dealer stampede into call options, pushing FX vol even higher
Russian ruble trading steps back in time
Wild spread swings see offshore RUB market and electronic trading disappear
New FX trading engines power growth for banks in Singapore
Influx of banks setting up electronic matching engines drives trading volumes in city-state
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
Emta facing calls from FX industry for alternative RUB fixings
Sources also concerned about Ukrainian NDF fixing, which hasn’t changed since invasion began
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
OTC nickel contracts stuck despite trading resumption
Contracts still unable to settle using new prices, but Isda solution may solve the issue
Ruble fixing conundrum sparks new debate on pricing benchmarks
Uncertainty over Russia-linked hedges raises prospect of a replacement for Moscow Exchange fix
MSIM holds half of FX options notionals among US funds
Counterparty Radar: Manager tops up on USD/RMB calls to extend lead and helps Goldman into second place among dealers
Market braces itself for EBS’s great migration
FX industry prepares for tectonic shift as venue moves to CME Globex
Pimco, Franklin Templeton affiliates top for Russia derivatives exposure
Counterparty Radar: Funds had biggest long exposures to Russia across credit, rates, FX at end of Q4
JP, Goldman and TD surge in FX forwards as Citi falls back
Counterparty Radar: Citi drops to fifth, losing a third of market share with US mutual funds
‘Broken’ euro FX options market facing liquidity concerns
Traders worry about market depth as surge in put buying sees risk reversals hit extremes
‘Dead’ derivatives market leaves big Russia dealers unhedged
VTB and Sberbank face directional exposure to local corporates after mass unwinds by foreign banks
Market poised for further trading time reductions across ECNs
As Cboe FX halves trade response times, others are expected to follow – for better or worse
Ruble NDF pricing rupture alarms traders
Conflict sparks big dislocation between ruble NDF and spot, threatening hedges and clouding valuations
Russia sanctions throw derivatives market into disarray
Lawyers say western banks face illegality terminations; industry groups plan deliverable ruble workaround
Settlement risk is on the rise: what can be done?
During a time of continuing uncertainty, industry participants are increasingly worried about settlement risk – a risk that has largely been ignored because of other priorities. This leaders' panel provides actionable insights on settlement risk…
Banks, prime brokers and trading venues shun ruble trades
FXPBs turn away derivatives bets as spot platforms block ruble trades and NDF fixings go dark
Traders turn to ruble NDFs to avoid sanctions trouble
Basis between physical and non-deliverable trades hits record high as users shun local currency
Boost for deal contingent hedging as M&As face waiting game
With M&As subject to regulatory delays, banks see renewed demand for deal contingent hedging
How do you solve a problem like the lira?
Asset managers diverge in their approach to managing Turkish currency turmoil as FX hedging costs soar
Bridging the gap between traditional and digital currency markets
360T explores how traditional solutions from the FX markets can further advance the digital currency space by diversifying its range of participants