The Americas
BrokerTec Chicago goes live, targeting RV traders
New venue aims to wrestle cash leg of Treasury-futures basis trades from streaming venues
Steepener exits leave traders in search of direction
Uncertainty clouds US rates market as hedge funds pare back steepener positions
Calamos’s $200m inflows trigger autocall ETF ‘frenzy’
First mover expands to US tech, Innovator ETFs plans rival listing on September 25
North American banks outpace Europeans in ERM
New research shows US, Canadian banks have more developed enterprise risk management functions
Banks treat ERM as compulsory – even when it isn’t
More than 80% follow supervisory guidance or expectations for ERM, benchmarking shows
Sharper economic picture sets scene for dollar swaps rebound
Razor-thin bid/offer spreads and slim post-April trading volumes give way to an uptick in August
Future proof: can FMX-LCH platform prevail?
A year into FMX Futures Exchange, Treasury futures volumes are low, and firms aren’t cross-margining
Is 2027 the new 24-hour trading target?
Slew of technical issues and dearth of SEC staff compound exchanges’ reluctance for round-the-clock equity trading
As Fed meets, hedge funds buy ‘lottery’ FX options trades
Options bets reflect cautious pessimism over the dollar ahead of Jackson Hole conference
Niche FX crosses pop up in mutual fund options activity
Counterparty Radar: Fund filings reveal unusual FX options crosses – some never repeated, many with unclear strategies
FICC’s new clearing model sparks praise – and intrigue
Some think collateral-in-lieu concept could be applied to a wider range of trades, beyond MMF repos
Cuts and points – how the Dealer Rankings work
Dealer Rankings 2025: We have a simple way to compare dealers. Sort of simple, anyway
Choosy dealers search for their sweet spot
Dealer Rankings 2025: No bank appears in every top 10 list, as data reveals shifting strengths
OTC books grew in 2024 but remain below peaks
Dealer Rankings 2025: US fund and insurer books were larger in 11 of 16 markets
Opportunity knocks as big US dealers step back
Dealer Rankings 2025: Third annual exercise shows top US dealers are less dominant, allowing Barclays and others to strengthen
Why Calamos chose swaps for market’s first autocall ETF
Swap-based structure attracts $40 million in first month; backers eye multi-billion-dollar AUM
Op risk data: GVA and Nobitex in geopolitical risk strikes
Also: UBS chief a target of third-party data hack, internal bank frauds in Asia. Data by ORX News
Tidal rides retail boom to lead in single-stock options
Counterparty Radar: Volatility-selling ETF firm accounts for half of trading among US funds
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
Former regulator urges new approach to AI explainability
Ex-OCC chief Michael Hsu suggests shift from academic analysis to decision-based techniques
Investors hope US rate cuts will lower FX hedging costs
European investors in US assets set to boost hedge ratios as implied yields rise
Fed succession planning: will Trump stick to the script?
The race to succeed Jerome Powell as head of the world’s most powerful central bank has already begun
NY Fed’s push for repo haircuts gets a tepid response
New risk management standards could make it harder to finance US Treasury purchases
Hedge funds scale back steepener positions as risks rise
Uncertainties around US Treasury issuance and timing of rate cuts see investors trim ‘consensus’ trade