United States
Tech firms continue surge in FX hedging
Apple and Micron lift FX notionals by more than 60% in Q3, while Alphabet and others deploy debt for net investment hedges
Buy-side options books shaken up in Q2 stock rally
Calamos, Janus Henderson, NY Life and Oceanview among buy-side firms reporting big index and single-stock shifts in latest filings
Dispute emerges over ‘ambiguity’ of perp markets
Kalshi execs hit back at report’s findings of regulatory fogginess
KeyCorp locks in future rates with $6.8bn swaps additions
Forward hedges rise to $10bn as lender prepares for rate uncertainty
Dispersion trades weather AI selloff, for now
Gamma-weighted versions of the popular trade gained almost 7% as single-stock volatility surged
FRTB revamp won’t restore models to past glory, risk managers say
US-inspired reform only expected to lead to small boost in adoption, with limited desks on IMA
French yield surge sparks scramble to salvage range accruals
Dealers look to shift barriers and reference indexes after Tec10 notes breach upper barriers
Kalshi preps for ‘imminent’ launch of single-stock perps
CFTC expected to issue no-action letter within days for contracts on 56 individual stocks
Dealers price ColVA, but few agree on scope
Risk Benchmarking: Two-thirds of dealers price in collateral valuation adjustments, but only half recognise it in accounting
Time to let some air out of the banking system?
Watchdogs worry about lowering standards, but policy-makers eye growth – they face a difficult dilemma
US regionals take $18bn AOCI hit in Q3
Unrealised losses deepen as AOCI reaches 15% of CET1 capital
Credit jitters drive CDS volumes to new highs in Q2
US retail funds increase sold protection as credit default swap index notional hits $185bn
Ice flow weathers geopolitics and supply storms
Talking Heads 2026: Network size and liquidity see exchange group through volatile times and novel products
Non-bank dealers urge rethink on FICC default fund reshuffle
Separating margin will cut bank capital, but non-banks warn they face disproportionate risk-sharing
MMF Treasury holdings hit record $3.7trn in August
Funds increased direct UST investment 7.1% before September reversal
US corporate securities settlement failures hit four-year high
Primary dealers report $136 billion in failed settlements, second-highest weekly total since 2015
Burning ambition: will Europe join the US in setting fire to the rules?
As the US dismantles post-crisis regulations, some think Europe will follow in a bid to boost economic growth
Can US perpetual futures solve their identity crisis?
Market could fall under four different regulatory categories, with sharply diverging outcomes
Banks want AML data upgrade to complement US regulatory reform
FinCEN’s proposed overhaul sparks debate on whether it will lead to smarter or weaker supervision
Swap spread swings push US corporates to rethink locks
Volatile swap spreads have issuers weighing a shift from swap locks to costlier Treasury locks for pre-issuance hedges
Large US banks’ lending to private equity funds reaches $239bn
JP Morgan, Goldman and BofA account for 80% of quarterly increase