Best global bank 2015

Best global bank 2015

Citi – Last man standing

The future of the RMB

The future of the RMB

In-depth guide to renminbi globalization and potential repercussions of RMB growth

Markets mull RMB devaluation and Fed policy link

Markets mull RMB devaluation and Fed policy link

August 2015

China’s shock RMB devaluation is unlikely to influence the Federal Reserve’s decision to hike, or otherwise, in September, but it could shape the path of subsequent increases, say analysts.



Time running out in APA compliance challenge

Time running out in APA compliance challenge

July 2015 | Sponsored by Thomson Reuters

Final implementation of MiFID II is now just under 18 months away, yet the systems required to comply with the APA regime for pre- and post-trade reporting have not yet been built. Time is running out for the industry to assess the implications of these rules and to build the systems to comply, says Chris Leonard-Appleton at Thomson Reuters.

More from Thomson Reuters
  • The bear case for EM FX

    Emerging market (EM) FX is convulsing amid deflationary fears in China – the engine of EM growth – with the crash in its equity market illustrating the loss of control of its authorities. Meanwhile, the US inches closer to raising rates, while there is a risk of a technical blow-up among EM market-makers.


  • Markets adjust to new RMB normal

    Analysts foresee a surge in corporate FX hedging activity, onshore and offshore RMB spreads to normalize, and a dip in dim sum issuance after the RMB’s shock adjustment.


  • FX technology bets to drive dealer market shares

    The jury is out on whether the rise of tech-savvy non-banks means FX banks should adopt either a full service, market champion model or a simplified, limited service provider model, or something in between.


  • Spread-betting poster-child IG in the line of fire post-SNB

    Euromoney can reveal more details emerge about IG’s alleged failures to deliver best-execution practice on Black Thursday.


  • Electronification of Asian FX on the rise

    Fuelled by regional treasury centres, electronification of FX is gathering pace in Asia.


  • Beware ‘Wild West’ of FX options

    Brokers and even the likes of Western Union are finding success in selling complex foreign-exchange options to small to medium-sized enterprises (SMEs) as banks retreat from servicing their smaller customers, but industry figures warn of a new ‘Wild West’ and the need for robust compliance standards.


  • Peer-to-peer FX providers pitch corporates

    P2P FX is rapidly gaining traction in the retail space, but even providers acknowledge it will take time to achieve significant volumes at the upper end of the corporate market.


  • Markets eye further Nigerian currency devaluation

    While the central bank has ruled out further currency devaluation, markets continue to price in a weaker naira and the prospect of weak foreign capital inflows.


  • CLS eyes EM FX growth, new products

    CLS, the provider of settlement services for FX, is inching closer to bringing the Hungarian forint into the fold of currencies it settles. This is just one of a catalogue of projects the group is working on, as it extends its settlement reach further across the FX world.


  • Black Thursday: Seven lessons to remember

    Six months have passed since the Swiss National Bank (SNB) scrapped its EUR/CHF 1.20 floor on January 15, unleashing a torrent of volatility and burning traders across the globe. What lessons should we remember from one of the craziest days in currency markets?


  • Interdealer brokers: IDBs bet on RMB boom

    Renminbi internationalization a big opportunity; commodities counterbalance bank retreat.


  • FX data analytics: banks’ new frontier

    Banks cannot afford to ignore the potential value of using insights from data analytics to personalize their FX services.


  • Traditional currency correlations breaking down, warn observers

    A number of extreme market events in recent months, combined with ultra-loose monetary policy by the world’s leading central banks, have changed the relationships between many asset classes, including the euro, Swiss franc, yen and sterling.


  • Swiss franc: special focus

    The Swiss National Bank has been under sustained fire in its attempt to defend its euro peg in recent years. Accordingly, the shift in the long-defended policy regime has shocked markets and will have far-reaching implications for the euro, eastern Europe and private banking, among other things. Euromoney investigates.


  • The bull case for EM FX

    China’s economic downward spiral and weakening renminbi has dragged down neighbouring countries’ currencies and burnt investor appetite for emerging markets (EMs), but as currencies hit record lows and approach fair value, some market participants smell a ‘buying opportunity’.


  • China stuns markets with sudden currency devaluation

    Everyone knew a revaluation of renminbi was coming sooner or later, yet China's announcement, including reform of the dollar fixing mechanism, caught many off guard. The move left observers debating whether it was stimulating its economy or acquiescing to calls for exchange-rate liberalization.


  • FX providers mull outsourcing through the cloud

    Areas of the FX market where outsourced or cloud solutions have the potential to exert a greater impact include platforms that electronify the workflows associated with FX options trading, although bank conservatism is likely to prolong the lifespan of in-house solutions.


  • FX technology investment strategies revealed

    While substantial investment has been made in FX technology since the global financial crisis, there are areas of the market where its impact has yet to be felt.


  • FX volatility: calm before the storm?

    FX traders have happily reported an increase in volatility during the past year, driven by the onset of divergent G7 central bank policies, after several years of relative abeyance. Though volatilities have softened in recent summer months, US rate rises from September could re-trigger turbulence.


  • Top FX banks brace for disruption wave

    Demand for single-dealer platforms continues to drive adoption of platform-as-a-service (PaaS) in the FX space, allowing smaller players to compete with the top-tier firms in pre- and post-trade services.


  • Fund managers make the case for dedicated FX

    FX managers see growth in active currency hedging and alpha-generating FX funds in the years ahead.


  • FX transaction cost analysis takes centre stage

    Providers of FX transaction cost analysis (TCA) are proof ‘it’s an ill wind that blows nobody any good’, as they aggressively promote their services to institutional clients after fixing scandals.


  • How corporate cards mitigate FX risk

    In addition to facilitating more efficient payments, corporate cards can also help treasurers reduce their FX costs.


  • Inside investment: Rights and responsibilities of the renminbi

    China’s bid to join the currencies in the IMF’s SDR basket is more than a footnote of interest only to economists. Policymakers should take note.


  • Rise of in-house banks

    The benefits of in-house banks are evident to companies with businesses in multiple countries and substantial FX exposure, although implementation challenges can be considerable.


  • Banks struggle with real-time FX settlement challenge

    In the absence of an industry-wide consensus on faster settlement, availability of real-time FX conversion is likely to remain patchy – challenging the growth of immediate payments in corporate banking.


  • Crypto currencies: Bitcoin options come a step closer

    Opportunity for banks same as in FX; Goldman investment ‘a positive signal’


  • The future of the RMB: special focus

    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.


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SELECTED CHAPTERS

Transparency in the FX industry

Redefining Conduct

Tectonic Shifts

Growth Currency

Looks Can Be Deceiving

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