FX Market

FX Markets has been created with the understanding that the expanding global foreign exchange industry is experiencing significant and intricate changes. Our aim is to go beyond merely summarizing the news. When we report, we ensure that our coverage is unique and exclusive. If it's not a breaking story or a new perspective, we won’t include it in our reports.

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DC hedges return amid tariff pause

1 week ago | fx-markets.com | Joe Parsons

The deal contingent (DC) hedge market has been making a comeback, after President Trump’s chaotic tariff policies in April led to a sharp dropoff in public merger deal activity amid the widespread economic uncertainty. “The tariff discussions and news flow saw a lot of timelines pushed out, but I feel deals are coming back in now, and we’re getting quite a lot of inbound requests of substantial size,” says Edmund Carroll, head of FX, rates and commodities corporate client solutions at UBS. The
Standard Chartered taps Newman to head rates and FX trading

3 weeks ago | fx-markets.com | Joe Parsons

Standard Chartered has hired John Newman as global head of rates and foreign exchange trading. Newman joined the UK bank last month and is based in London, according to his LinkedIn profile. A spokesperson for Standard Chartered confirmed the appointment. Newman joins after 24 years at UBS, where he held several global trading roles. Most recently, he was made interim global head of fixed income trading following the departure of Mark Tinworth in September. Tinworth moved to RBC Capital Markets as
Eyes on automation as FX options volumes surge

3 weeks ago | fx-markets.com | Cole Lipsky

Foreign exchange options are having a moment. Rising geopolitical uncertainty and volatility have made optionality a much sought-after feature among both hedgers and speculators. The amount of FX options traded daily by the 20 largest dealers jumped 136% in the five years to October 2024, according to the US Foreign Exchange Committee’s semi-annual volume survey. Similarly, statistics from the Bank of England’s Foreign Exchange Joint Standing Committee show average daily volumes (ADV) for FX
State Street’s interop play for FX

1 month ago | fx-markets.com | Anthony Malakian

Tweet Facebook LinkedIn Save this article Send to Print this page Having a stable of high-end trading platforms can be a blessing – and a curse. And while experience and familiarity are valuable, legacy systems eventually start to creak and crawl. Around 2019, State Street realised it had a problem as it looked to build upon and expand its suite of foreign exchange and cash solutions.
Tariff volatility pushes banks to tighten close-outs

1 month ago | fx-markets.com | Emma Siponmaa

Tweet Facebook LinkedIn Save this article Send to Print this page Banks have been looking to update procedures for dealing with over-the-counter derivatives close-outs and margin calls following the recent bout of US tariff-driven market turbulence, according to lawyers.
EU firms fear dollar liquidity becoming tariff bargaining chip

1 month ago | fx-markets.com | Paulina Pielichata

European financial institutions are concerned that any renewed escalation of trade tensions with the US could spill over into actions that would limit their ability to source dollar funding. A chief risk officer (CRO) at a European wealth manager says this scenario remains “extreme”, but not impossible. “One of the scenarios I have been starting to play with is if all US dollars have to be held in US banks,” says the CRO. “You have to understand your third-party risk dependencies on large banks.”U
SpectrAxe hires Deutsche’s Schultz as Americas COO

1 month ago | fx-markets.com | Cole Lipsky

FX options venue SpectrAxe has hired Robert Schultz as chief operating officer for the Americas, effective April 21. Schultz joins from Deutsche Bank where he worked for more than 12 years, most recently serving as a product manager and vice president in FX prime brokerage and algo trading. In his new role, Schultz is tasked with expanding the credit intermediation network for SpectrAxe’s central limit orderbook (Clob) for all-to-all trading of over-the-counter FX options. “We are bringing in
EMS vendors address FX options workflow bottlenecks

1 month ago | fx-markets.com | Cole Lipsky

With foreign exchange volatility surging to new heights, a growing number of execution management system (EMS) vendors are developing automated solutions designed to help buy-side firms manage operational risk when trading FX options. Buy-side traders have long been frustrated by the lack of effective integrated workflow tools for the instruments. In December last year, the FX trading head at T Rowe Price said it “feels like it’s [done] on the back of a cigarette packet”. Now vendors like Digital
Indonesian CCP seeks thumbs-up from US, UK and Japan

2 months ago | fx-markets.com | 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). “The major concern is when we will apply for recognition in their home
Hedge funds flock to hybrids to trade macro uncertainty

2 months ago | fx-markets.com | Helen Bartholomew

Hedge funds are turning once again to hybrid options – a standout feature of 2024’s wave of ‘Trump trades’. This time, though, firms are using the structure to express views on tariffs and the threat of recession. Investors placed high numbers of hybrid option bets on US exceptionalism in 2024, as they correctly predicted that a victory for Donald Trump in November’s election would drive US equities and rates higher and strengthen the US dollar. Trump’s tariff policy has since whipped up fears of