While such trades occur along the curve, the real growth has been in contracts in emerging market currencies (particularly the Russian rouble and Brazilian real) with a maturity longer than one year.
Patrick told theweeklyFiX: “Block trades in FX futures are agreed bilaterally off-exchange between dealers before being given up to our CCP clearing house. What we have seen since the second half of last year is a spike in these kinds of trades being submitted; they have occurred as far as five years in our Russian rouble contract.
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