Currency markets
In a bit of a fix: Refinitiv seeks ideas to improve WM/R
Operator launches consultation following criticism of 4pm fixing rate
FX Options Skews: Economics and Implications
Nearly all options markets exhibit some kind of natural skewness.
Surprise RMB strengthening prompts unwinds
“A lot of long [USD] positions were unsustainable and had to be re-evaluated,” says forex structuring head
Documentation concerns slow CNY forex derivatives growth
Foreign fund managers need clarity before market can take off, say banks
Legacy booking models impede NDF clearing, banks say
Operational issues frustrate client clearing of forex products – but some accuse dealers of deliberate foot-dragging
Forex swap margin treatment uncertain ahead of VM deadline
With one month to go, market participants are still unsure how to treat foreign exchange derivatives
China M&A boom presents unique hedging headaches
Crackdown on ‘fake’ deals adds to risk in contingent hedges
M&A mania: deal-contingents re-emerge but risks remain
Price of forex hedges plummets as dealers flock to offer high risk, high reward product
Margin rules lead to NDF clearing surge
With the non-cleared margin regime starting last month, banks have finally looked to clear their non-deliverable foreign exchange forwards. Forex options, however, remain a challenge
Currency spoofing probe could spell trouble for forex options
Enforcement action may hamper regulatory efforts and result in dark pool practices, an industry lawyer says
China approves Isda framework for central bank forex trades
China allows derivatives trading based on international standard agreement for the first time; applies only to sovereign investors and foreign exchange derivatives
IFC risk management directors wrestle with strong dollar
A strong dollar, weakness in emerging markets and a downturn in commodities caused the International Finance Corporation’s net income to plummet during the year to June. But Avi Hofman and Frank Taverner, its co-directors of corporate portfolio and risk…
JP Morgan and UBS compress forex books via start-up
NYC-based LMRKTS first broke cover two years ago; third bank participant is unknown
RMB fall forces Chinese corporates to rethink hedges
For years, Chinese corporates assumed the renminbi would continue to appreciate, but following a surprise devaluation in August, many are now finding hedging a challenging experience
Chinese corporate hedging costs soar after PBoC forex clampdown
Chinese corporates looking to hedge following last month's renminbi devaluation face 400bp price hikes because of a new PBoC rule forcing dealers to hold deposits against onshore renminbi-based forex derivatives
Taiwanese banks reinvigorate Tarf market hit by loss and scandal
The target redemption forward market in Taiwan suffered a near-death experience in 2014 when a depreciating renminbi threatened heavy losses on local banks and their corporate clients. Since the tumult of last year, banks and regulators have worked hard…
Corporates face paper structured forex losses from RMB slide
An intervention by China's central bank causes unrealised corporate hedging losses
Banks' NDF withdrawal hits emerging markets currency trading
Banks pull back from warehousing risk ahead of the July 21 deadline for full compliance with the Volcker rule
Forex platforms seek new ways to curb last look abuse
Foreign exchange platforms see filtering out poor liquidity providers as a more constructive way of prohibiting bad behaviour in electronic markets
India regulator mulls launch of offshore rupee market
The idea of a fully convertible offshore INR market is met with scepticism from market participants