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The 2016 Euromoney FX Survey is open for voting.
It has been nearly 18 months since ParFX launched its Prime service, which enabled the prime broker banks among its clients to offer liquidity to their buy-side clients.
FXCM has compiled a study that, perhaps unsurprisingly, finds it offers better prices on execution than what is available to institutional clients on the big three FX trading platforms.
The Bank of England (BoE) has recast the terms of reference and membership of a key foreign-exchange industry committee to take account of the growing diversity of the forex market in the UK and the central role that will be played by the new global code of conduct.
The past 12 months have seen fees rise in FX prime brokerage, with many admitting there is probably more to come this year – but it has not all been bad news for clients, with the business benefiting from innovation, with technology, and particularly risk-management systems, an increasing priority among providers.
FX sales teams are now more restricted in how much market colour they can provide to clients, challenging the relationship-driven industry.
Gap between onshore and offshore exposed; Hong Kong dim sum market in doubt.
Businesses will need to closely manage their exposures to currencies this year to avert losses, as notable exchange-rate moves this month are already threatening to eat into profits, warn foreign-exchange experts.
The January fall in emerging market currencies, the exodus of foreign capital and a global bear market in equities all point to a new financial crisis.
Iran is emerging from the shadows to re-establish itself as a prime player in the Middle East.
Trading bets against the Saudi peg have jumped since the collapse in oil prices, despite the Kingdom’s sizeable FX reserves cushion.
This year will be driven by persistent volatility, a dollar rally, dealer intermediation and compliance fears.
What about the high-frequency traders?
Shared ledger threatens change.
Some 14 months after it was created, FXPA – the latest organization to put itself forward as the voice of the FX industry – is confident it is setting policymakers on the path to better market regulation.
While irked by western dominance of Swift and determined to assert its monetary independence, the prospect of Russia going it alone on payments and messaging remains remote.
Use of execution management systems continues to increase as markets become more fragmented.
A new range of foreign-exchange service providers and P2P fintech disruptors are coming to the aid of international charities, to help them get the most bang for their buck when donating money abroad and potentially save millions.
As if to prove the adage that ‘it’s an ill wind that blows nobody any good’, it appears January’s Swiss franc turmoil has had a positive impact on electronic price formation.
Progress has been made towards lowering post-trade costs in FX markets, but it is clear no single initiative has the ability to effect notable change.
CLS, the systemically important FX settlement system, has a number of plans in the pipeline, including an initiative with LCH.Clearnet and a settlement system for currencies outside its proprietary system.
Call it what you will – currency war, competitive devaluation, currency manipulation, currency intervention – but central banks are knee-deep in the trenches as they battle to lower their exchange rates and boost their economies.
FX monitoring and surveillance solutions have been beefed up since the fixing scandal broke, but inconsistencies persist in the way in which they are applied and, more generally, new systems lack a harmonized and automated approach.
The yen has depreciated sharply since Shinzo Abe returned to power as Japanese prime minister last year, promising to loosen monetary policy and weaken the currency in a bid to reflate the economy.
Swap execution facility (SEF) regulations, intended to increase transparency and reduce swap market risk, have been reported to impact market makers’ margins and liquidity, creating wider spreads for end-users.
An in-depth guide to global currency wars; how Beijing is seeking to globalize the renminbi, through currency swaps and trade-financing facilities; the rise of the offshore bond market; and how fee-hungry banks are salivating at the prospect of the RMB’s growth.