Hedge funds
Hedge funds cut BoJ bets after torrid year in yen rates
Dealers see lighter positioning after shock October election saw more than $300m of losses, compounding April’s pain
It takes two: bilateral price streaming takes hold in govvies
Large dealers offer direct API access to government bonds as alternative to request-for-quote trading
BrokerTec Chicago goes live, targeting RV traders
New venue aims to wrestle cash leg of Treasury-futures basis trades from streaming venues
Hedge funds keep a toe in HKD carry trade despite rate rise
Positioning is currently a fifth of what it was in April, say dealers
Steepener exits leave traders in search of direction
Uncertainty clouds US rates market as hedge funds pare back steepener positions
US dividend futures top $6bn on structured note boom
Traders also eye opportunities in options on S&P dividends as April rout creates skew dislocations
Morgan Stanley sees the elephants in the room
Talking Heads 2025: Hedge fund crowding means macro markets have fatter tails, argues fixed income co-head Jakob Horder
Natixis bolsters Apac market-making presence with new hires
Additions include head of Apac linear G10 rates and FX trading, and China markets head
Newcomer of the year: Marex
Commodities and financial services firm expands rapidly across Apac region, entering multiple new markets
Low-vol gold rush points to further upside
Options markets see no scramble to chase metal higher despite 43% year-to-date rally
Why flows now rival fundamentals
Geography and market sentiment are having profound impacts on price action, says LMAX’s head of FX data
Nifty trades of Graham
Talking Heads 2025: Macro hedge fund shut down swap-spread exposure during April turmoil; sees positive signals amid Trump noise
Political turmoil rattles Turkish lira carry trade
Echoes of March crackdown that sparked market rout leave traders on alert
Brevan Howard: life beyond macro
Talking Heads 2025: Wider range of strategies helped firm rebound from 2018 low – but brought re-correlation risks
Barclays braces for a macro storm
Talking Heads 2025: Developed markets are racking up debt. Finding buyers could be difficult, says macro head Hossein Zaimi
Regulators urged to keep specials out of repo haircut debate
Industry experts say negative haircuts on scarcer collateral shouldn’t be seen as alarming
More than arb: the short signals behind Jane Street’s India troubles
Prop trader ran parallel strategies, source says. That mix may have given rise to manipulation claims
Is the Netherlands the EU’s main source of counterparty risk?
Experts surprised by results of exploratory scenario in 2025 ECB stress-test
EGB basis trades make electronic push
Bloomberg, MTS and Tradeweb add bond and futures combos after Eurex booking upgrade
Turn of the skew: FX options dealers balance fragile market
Calls-versus-puts demand flips wildly in response to geopolitical events
Japan election result sours hedge funds’ yen options bets
Dealers saw flows in significant size for JPY weakness but were forced to take profits