The Americas
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
European UST holdings overtake Asia for first time
China and Japan see declines in US Treasuries while UK holdings approach $1trn
Kalshi seeks CFTC approval for 10-year US Treasury perp
Extended review period for first-of-its-kind contract will run until November 29
US fund managers reshuffle dealer books amid new trading highs
Mutual funds, ETFs hit record FX forwards positions but retreat from options; insurers rotate counterparties
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
Tech and data fragmentation irks enterprise risk managers
Risk Benchmarking: Often at the mercy of decisions made by other parts of the bank, ERM heads gripe at disparate systems, poor UX and reporting gaps
Hedge funds crowd into bullish Brazilian real trades
Funds snap up FX options betting on stronger real after a Bolsonaro win
At bigger banks, enterprise risk owns scenario frameworks
Risk Benchmarking research finds ERM teams tasked with providing effective challenge on scenario construction across risk silos
Supersize me: top US houses grab bigger share of pie
Dealer Rankings 2026: For US funds and insurers, filings show more business going to five domestic dealers
Cuts and points – how the Dealer Rankings work
Dealer Rankings 2026: We have a simple way to compare dealers. Sort of simple, anyway
How US dealers flipped the script in OTC trading
Dealer Rankings 2026: After years of creeping specialisation, buy-side filings show top US houses expanding across the board, and squeezing European rivals
On buy side, equity index options tilted bullish in Q1
Counterparty Radar: Share of notional in short positions hit new low for US life insurers; mutual funds also reported smaller short books
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
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
Lower-risk models face excessive reviews, banks say
Risk Benchmarking: Validation workload stretching teams, amid emerging regulatory divergence
Model risk managers see growing regulatory divergence
Risk Benchmarking study finds most banks expect easing of model risk supervisory scrutiny in the US, but tightening in Europe
SpaceX gives CME’s single-stock futures a much-needed boost
New contracts could take off as IPO bolt-on to S&P 500 contracts
MSIM retools renminbi options wager
Counterparty Radar: US manager rebuilds USD/CNH call book to $15.7bn with strikes closer to spot and cheaper premiums
Red alert: how Nasdaq’s Smarts became surveillance blind spot
Software that looks for shifty trades has been asleep on the job, affecting alerts for hundreds of products
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
Garage upstart turns Polymarket bets into benchmarks
Belief Systems launches 13 prediction indexes, but faces adoption hurdles