Foreign exchange
Optimal quoting under adverse selection and price reading
A market-making model is introduced to account for significant real-world effects
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
Beyond FX HedgePool: what’s next for all-to-all?
Proponents see bright future for trading model, but obstacles to take-up remain
SocGen FX forwards trading rockets with US fund managers
Counterparty Radar: Surge in French bank’s FX forward volumes propels it to second spot in Q1 2026
Yen options dealers struggle to hedge intervention risk
Hedge funds’ bets on BoJ intervention are leaving dealers with vol-surface exposures they can’t hedge cheaply
At the deep end: FX HedgePool’s struggle to stay afloat
Lack of offsetting flow, tech bottlenecks and higher-than-expected costs weighed on start-up’s growth
EUR vs USD stablecoins is the wrong debate
Market structure and regulatory cohesion is at the centre of the stablecoin liquidity evolution, says Flow Traders’ digital assets head
Dealers split on best path to electronically hedge FX swaps
IDB costs see banks eyeing Clobs and dark pools, but traders say brokers still have their charms
FactSet’s Portware expands to tackle complex FX
EMS vendor eyes automation for high-touch FX trades while adding connectivity to new venues
XTX Markets’ US sales head joins rival IMC Trading
Benjamin Klixball takes up new role at Dutch prop trader in New York
Doubts swirl over future of FX cartel case
Group of banks accused of manipulation have filed for the class action to be dismissed
Industry calls for Hong Kong T+1 delay amid congestion fears
Q4 2027 alignment with Europe and UK transition raises operational risk concerns
Market-makers give mixed verdict as CME Spot+ turns one
Traders encouraged by depth of liquidity despite wider spreads and passive performance qualms
Dollar smiles again, but for how long?
Twitchy investors backed the buck during Iran war, but experts are divided on whether this marks a return of the dollar smile
LSEG’s FXall to launch credit-intermediated FX forwards service
Split Risk to allow buy side to tap best spot and swap prices to create forwards, and unbundle market and credit risk
An eye on API: bilateral FX takes hold with some asset managers
Long-term savings in trading costs are tempting buy-siders to explore direct connectivity with liquidity providers