Markets
Interest rates
Platforms expand portfolio trading to EGBs
Bloomberg and MTS to follow Tradeweb with extension of popular credit protocol
Investors hope US rate cuts will lower FX hedging costs
European investors in US assets set to boost hedge ratios as implied yields rise
FMX set to extend trading hours for rates futures
New schedule matches CME’s hours, but some worry about clearing mismatch
Hedge funds scale back steepener positions as risks rise
Uncertainties around US Treasury issuance and timing of rate cuts see investors trim ‘consensus’ trade
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
Mutual funds were USD bulls going into April’s tariff chaos
Counterparty Radar: Positioning in Q1 reflected market sentiment that tariffs would lead to a dollar rally
Foreign exchange
LMAX: stablecoin bill sets stage for FX and crypto convergence
David Mercer on what the Genius Act means for markets, and where the venue’s FX business goes next
Investors hope US rate cuts will lower FX hedging costs
European investors in US assets set to boost hedge ratios as implied yields rise
Chinese corporates shunned hedging during tariff upheaval
High hedging costs and increasingly stable spot rate meant exporters opted not to add FX hedges as RMB rose
BNP Paribas eyes selective algo white label tie-ups
The French bank struck its first FX algo white-labelling partnership with Lloyds
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