Chris Davis

Hong Kong

Senior Markets Reporter and Asia Editor at Risk.net

Senior markets reporter and Asia editor at https://t.co/gORioFTzWv

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Articles

Will Taiwan lifers ramp up FX hedging amid tariff turmoil?

1 week ago | risk.net | Chris Davis

Taiwanese life insurers are expected to increase foreign exchange hedging after recent tariff-driven market volatility led to losses on their US dollar-denominated assets.
CFTC set to vote on JSCC client clearing access

1 month ago | risk.net | Chris Davis

The Commodity Futures Trading Commission is set to vote on a proposal that would allow US investors to clear their yen interest rate swaps at the Japan Securities Clearing Corporation (JSCC), addressing a decade-long quest that gained urgency amid skyrocketing yen interest rate volatility in recent weeks.
Hedge funds burned as Hong Kong dollar bets implode

1 month ago | risk.net | Chris Davis

Global trade tensions have turned the normally benign Hong Kong dollar into a treacherous currency to trade, with wild spot moves forcing hedge funds to unwind leveraged positions that were widely seen as relatively safe bets. "There were a lot of carry-type positions and people playing the range in that currency [HKD] that I think have been forced to reduce as a function of just general risk management," says the head of FX at a global bank.
Taiwan turmoil: what drove the TWD surge?

1 month ago | risk.net | Chris Davis

When the New Taiwan dollar (TWD) surged unexpectedly on May 2 and 5, the country's giant life insurers were immediately blamed for the move, given their huge size relative to the Taiwanese domestic market. Market participants, however, have mixed views on how active the insurers really were - but they agree the moves were exacerbated by hedge funds betting on the currency's rise after the central bank decided not to intervene aggressively to halt its wild appreciation.
Indonesian CCP seeks thumbs-up from US, UK and Japan

2 months ago | risk.net | Chris Davis

Indonesia's new central counterparty (CCP) for foreign exchange derivatives is to seek recognition from regulators in three overseas jurisdictions this year, amid a flurry of membership enquiries from foreign banks. "[Foreign banks] have shown their enthusiasm [and] willingness to join," said Abdul Hadie, head of strategic planning and enterprise risk management at Indonesia Clearing and Guarantee Corporation (IDClear).
Japan, Basel III and the pitfalls of being on time

2 months ago | risk.net | Chris Davis

The Japanese are renowned for the cultural emphasis they place upon punctuality. On the Shinkansen - or bullet train - network, delays are famously measured in seconds; disruptions longer than a few minutes can make national headlines. In business, too, being on time is not merely a matter of professional courtesy, it's a fundamental mark of social respect.
Japan's regulator stands firm behind Basel as peers buckle

Mar 2, 2025 | risk.net | Chris Davis

Japan's bank supervisor won't backtrack on its implementation of internationally agreed bank capital rules, despite other jurisdictions diverging or delaying. Concern is rising among the country's banks, however, that they will suffer from competitive distortions against rivals with laxer rules.
Hong Kong dealers make Honia transition push

Feb 23, 2025 | risk.net | Chris Davis

Banks and brokers are making an industry-led bid to kick-start a transition away from the Hong Kong interbank offered rate, or Hibor, the market's prevailing interest rate benchmark, by ramping up liquidity in swaps linked to the alternative Hong Kong overnight average, or Honia.
Autocall curbs hit long-dated Nikkei and HSCEI options

Feb 13, 2025 | risk.net | Chris Davis

Long-dated options on popular Asia stock indexes are becoming a rare sight on exotics desks lately. The reason, dealers say, is that Mrs Watanabe is no longer supplying volatility. Regulatory clampdowns on the sale of retail structured products in Japan and South Korea have seen autocallable bond issuance on once-popular underlyings including the Nikkei 225 and China's HSCEI come to a near standstill, choking off the supply of longer-dated volatility on these indexes.
South Korea's FX reforms working amid political crisis, dealers say

Jan 16, 2025 | risk.net | Chris Davis

Foreign exchange activity in the wake of South Korea's political crisis indicates recent reforms aimed at bringing more Korean won trading onshore and away from the offshore non-deliverable forward (NDF) market are beginning to have an effect, dealers say. The Korean won sunk to a succession of historic lows against the US dollar last month amid political turmoil sparked by President Yoon Suk Yeol's surprise attempt to impose martial law.