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Hedge funds shelved yen basis bet on US deal
Funds exited USD/JPY flatteners tied to Japan’s $550bn pledge and new funding may not revive the trade
AI boom turns Morgan Stanley into a hot commodity
Talking Heads 2026: Data centres need long-dated power and gas hedges that only a big bank can provide
BRL bulls hold firm after Bolsonaro first-round win
Hedge funds keep USD/BRL puts ahead of election run-off as protection premiums for Lula upset soar
Choppy Q1 precedes big Q2 for US rates books
Interest rate and inflation swaps hit notional records, filings show, while mutual funds pile into Euribor and Sonia swaptions
PGGM sees a chance to diversify with fourth-trigger CDSs
Dutch pension manager hopes bank demand will continue to grow for derivatives counterparty credit protection
CME’s single-stock futures rev up to overtake ‘ugly’ options trade
New cash-settled contracts with EFP facility could be an appealing alternative to reverse conversions
Interest rates
Japan’s Great Repatriation? Don’t count on quick returns
Switch from Treasuries to JGBs by GPIF likely to be gradual, which may spell more bad news for hedge funds
Kalshi seeks CFTC approval for 10-year US Treasury perp
Extended review period for first-of-its-kind contract will run until November 29
Hedge funds sit out Treasury market volatility
Flattening of yield curve prompts traders to scale back steepeners
Hedge funds reload UK rates bets after euro-led rout
Traders slowly returning to sterling market after ECB comments caused front-end and curve stop-outs
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Matchmaking and benchmarking for OTC derivatives
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Choppy Q1 precedes big Q2 for US rates books
Interest rate and inflation swaps hit notional records, filings show, while mutual funds pile into Euribor and Sonia swaptions
Foreign exchange
Fund giants turbocharge Wells Fargo’s FX forwards book
US bank jumps from 12th to second in Q2 2026 dealer rankings as Pimco and Vanguard ramp up trading
Emerging markets options trading outpaces G10
Growth in EM options volumes between dealers and clients are nearly double that of G10 pairs
Bloomberg brings e-FX options trading to API
Buy-side users will run full RFQ workflow for vanilla and exotic FX options through one connection
Dollar reversal could scupper EM carry boom, dealers warn
Surprise rate hike or a USD rally may force unwinds in popular emerging markets carry trades
US rates surge sparks new wave of FX net investment hedging
Corporates pile into currency hedges to protect value of foreign assets and capture positive carry
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