Foreign exchange
NDF algo innovation rises as internal matching builds
Banks bolster offerings with new EM pairs and improved execution quality, in bid to increase internalisation
The programmatic shift: how APIs, embedded FX and AI will redefine FX distribution
FX is shifting from standalone platforms to embedded, API-driven and embedded execution workflows
US rates surge sparks new wave of FX net investment hedging
Corporates pile into currency hedges to protect value of foreign assets and capture positive carry
7IM hits £1bn with blend of in-house and bank QIS
UK manager combines its own strategies with offerings from Goldman, JP Morgan, Morgan Stanley and SG
Emerging markets options trading outpaces G10
Growth in EM options volumes between dealers and clients are nearly double that of G10 pairs
BNP Paribas outlines path for FICC algos, SDP and AI projects
After taking on new Cortex and AI roles, BNPP’s Razaq sets out the bank’s expansion plans and new tech projects
Alphabet, Micron ramp up FX hedging
Tech pair leads FX derivatives surge in year to Q2, while notionals at Apple and Johnson & Johnson decline
Westpac’s credit exposures surge on Aussie dollar moves
Bank adds A$1.5bn in CVA and CCR charges in latest quarter, driven by higher mark-to-market value of derivatives
Traders remain on alert as Kospi-KRW decoupling wanes
Negative equity-FX correlation normalises as vol subsides, but funds poised for future opportunities
Podcast: Alexander Barzykin on modelling FX market-making
HSBC quant discusses adverse selection, price reading and internal liquidity management
Futures venues eye growth in BRL trading with Asian investors
CME and SGX see ramp-up in out-of-hours demand for lucrative carry trade
Optimal quoting under adverse selection and price reading
A market-making model is introduced to account for significant real-world effects
NatWest bridges FXPB and clearing for regional banks
New model maintains traditional OTC market access with added direct clearing option
Banks join forces for stablecoin builds
Three regional consortia gain traction; SG and Standard Chartered stay on solo track
UK’s benchmark rewrite threatens access to Asia NDF fixings
Key offshore rates likely to fall in scope of new regime, potentially pushing them out of bounds
Swaps traders spot their e-FX chance – finally
Swaps and forwards dealers are increasingly using spot e-FX techniques for pricing and risk management
Chinese exporters step up FX sophistication
Onshore corporates traded record FX options volumes in June and are tapping experienced bank traders
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
Bank vs non-bank: FX’s two-tier reality
CME and LSEG data show banks provide sticky and broad liquidity, while non-banks cling tightly to the price
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
CLS to launch CNH PvP settlement service
Plan will involve settling offshore renminbi in Hong Kong via separate PvP session