Yen
The dollar do-si-do: hedgers review FX moves
Brief return of US dollar to safe-haven status amid Iran upheaval prompts real money investors to pause hedging activity
Franklin Templeton closes $5bn yen options book
Counterparty Radar: Asset manager’s bets on USD/JPY soured as yen weakened through Q4
China-led pullback drags Apac cross-border credit lower
Emerging Asia posts $46bn outflow as other EMDE regions expand
Japan’s yen swaps go global
JSCC isn’t just clearing swaps, it is clearing the way for the next stage of Japan’s financial evolution
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
Euro credit growth catches up with dollar in global flows
Cross-border lending hits $37trn as euro flows gain ground
US hedge funds eyeing JSCC after regulations eased
FCMs see strong interest and expect funds to start clearing yen swaps before year-end
How US hedge funds won big on permission to clear at JSCC
But CFTC no-action letter won’t allow netting of Japanese trades with those cleared at US FCMs
Hedge funds switch yen bets after Japan election shock
Takaichi victory forces unwinds and a move to topside trades, while barriers give dealers a headache
CFTC eases restrictions on yen swap clearing
No-action letter opens door for US investors to clear at JSCC, ending years-long push by industry
Japan election result sours hedge funds’ yen options bets
Dealers saw flows in significant size for JPY weakness but were forced to take profits
CFTC set to vote on JSCC client clearing access
US investor demand for JSCC clearing ramps up amid rising yen interest rate volatility
Yen rates losses from tariff volatility top $1 billion
Pay fixed, curve flattener and vol steepener positions were hit hard as yields swung wildly
EU firms fear dollar liquidity becoming tariff bargaining chip
Eurozone banks rely on dollars for 17% of funding; trade war escalation could affect access
Trump tariffs sent FX options traders on a wild ride
As US assets sold off, dealers found themselves on the front lines of a hedging scramble
FX traders revel in March Madness
Chaotic Trump policies finally bring diversity to flows – to the delight of market-makers
Funds tap options on FX vol amid tariff disruptions
Dealers say vanillas, digitals and knockouts on realised vol increasingly used to navigate Trump news flow
LCH expects to boost deliverable FX clearing with new adds
Onboarding of dealers and link-up with CLS could swell interbank deliverable FX clearing volumes
Yen rise spurs Japanese rates market surge
Traders are moving on an expectation of increased yen volatility in 2025
Margin breaches skyrocket at JSCC amid market volatility
August turmoil led to record initial margin shortfalls at six clearing divisions
US senators press CFTC on Japan swap clearing
Boozman and Hagerty urge action on yen swap clearing access to JSCC in letter to US regulator