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Perps extend the menu to tempt TradFi diners
Perpetual futures, the darling of the crypto crowd, are spreading to traditional assets, with platforms such as Hyperliquid starting to list underlyings including crude oil, precious metals, equities and FX.
The expiry-less structure appeals to traders seeking savings on roll costs.
Institutional buyers are not convinced about the product, though, citing concerns over patchy liquidity and margining issues. Some say the price convergence mechanism is untested, too.
EU eases non-cleared margin rules for smaller players
New proposals aim to cut compliance and reporting requirements for phase five and six firms
BoE backs away from mandatory gilt clearing
Discussions with industry shift to portfolio-based repo haircuts and ways to encourage voluntary clearing
NatWest bridges FXPB and clearing for regional banks
New model maintains traditional OTC market access with added direct clearing option
Banks join forces for stablecoin builds
Three regional consortia gain traction; SG and Standard Chartered stay on solo track
Basis trade loses its bite as banks move in
Returns on popular hedge fund strategy dwindle to as little as three basis points, while dealers make use of softened capital rules to replicate the trade
Interest rates
Citadel, Millenium lead US funds to JSCC as JGB yields soar
Ten US funds represent 25% of client-cleared yen swaps at Tokyo CCP after CFTC relief
Basis trade loses its bite as banks move in
Returns on popular hedge fund strategy dwindle to as little as three basis points, while dealers make use of softened capital rules to replicate the trade
US funds become fixed-rate payers in swap market
Counterparty Radar: Since 2021, receiver swaps have dominated US mutual fund positions; in the latest data, the sector’s book flips round
MBS convexity hedging: back with a vengeance, or ghost story?
More bonds now sit with active hedgers but market is split on whether flows can move US rates again
Counterparty Radar
Matchmaking and benchmarking for OTC derivatives
Counterparty Radar is based on position data from around 20,000 US mutual funds and ETFs, rolled up to the manager level – it shows the OTC derivatives they have on their books, and who they traded them with, providing unique insights into an important market segment. More info
Ucits funds ramped up macro trades in latest data
Counterparty Radar: FX forwards and rate swaps set records last year, with inflation and index CDS books also booming
Foreign exchange
Dealers shun yen barriers after joint US-Japan action
Market-makers retreat from exotic structures amid intervention risk, with funds in wait-and-see mode
UK’s benchmark rewrite threatens access to Asia NDF fixings
Key offshore rates likely to fall in scope of new regime, potentially pushing them out of bounds
Chinese exporters step up FX sophistication
Onshore corporates traded record FX options volumes in June and are tapping experienced bank traders
US buy side flocked to FX forwards and options in Q1
Counterparty Radar: Pimco led $187 billion rise in forwards notional among funds, while TIAA drove insurer activity
Swaps traders spot their e-FX chance – finally
Swaps and forwards dealers are increasingly using spot e-FX techniques for pricing and risk management
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