North America
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
People: Lloyds lands new CRO, NatWest reshuffles top deck, and more
Latest job changes across the industry
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
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
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
Little consensus on how banks manage FVA
Risk Benchmarking: Majority of dealers still mix and match methodologies for funding adjustments
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
Off the grid? Dealers mull XVA cloud shift
Risk Benchmarking: 69% of European banks still run core XVA calculations predominantly on-premises, and 75% of global dealers
Large US banks’ lending to private equity funds reaches $239bn
JP Morgan, Goldman and BofA account for 80% of quarterly increase
Calamos combines rival structures with new autocall ETF
Generic local vol model allows exotic payoff to be packaged in index without vol target
JP Morgan, Wells Fargo AOCI losses double in Q3
Unrealised securities losses mount as rising yields depress valuations and hit CET1 capital