Tag: Buy side

  • Why asset owners aren’t turning their backs on America (yet)

    Why asset owners aren’t turning their backs on America (yet)


    In April, after the markets chaos that followed ‘Liberation Day’, Mads Gosvig, who heads asset allocation at the UK’s Railpen pension fund, asked his team to assess the case for an emerging markets premium on US assets.

    Gosvig’s intention was to provoke discussion, he says. But the task reflected a genuine disquiet, matched at other pension and sovereign wealth funds, about the behaviour of US investments.

    Asset owners are asking whether they should call time on so-called US exceptionalism – the

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  • Limited-loss hedges help US firms dodge costly FX moves

    Limited-loss hedges help US firms dodge costly FX moves


    Foreign exchange structurers are seeing increased demand from US corporates for options-based hedges that can limit losses on their net investment hedges caused by the US dollar’s selloff.

    While the economic value of derivatives hedges offsets changes in foreign assets, when those positions hit maturity companies can face hefty mark-to-market payments.

    Bank structurers, though, say companies with foreign assets and subsidiaries in places like Europe, where the euro has strengthened significantly

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  • Taiwan turmoil: what drove the TWD surge?

    Taiwan turmoil: what drove the TWD surge?


    When the New Taiwan dollar (TWD) surged unexpectedly on May 2 and 5, the country’s giant life insurers were immediately blamed for the move, given their huge size relative to the Taiwanese domestic market.

    Market participants, however, have mixed views on how active the insurers really were – but they agree the moves were exacerbated by hedge funds betting on the currency’s rise after the central bank decided not to intervene aggressively to halt its wild appreciation.

    “This has been driven by

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  • Wells Fargo’s FX strategy wins over buy-side clients

    Wells Fargo’s FX strategy wins over buy-side clients
















































    Wells Fargo’s FX strategy wins over buy-side clients – FX Markets






    Counterparty Radar: Life insurers looked west for liquidity after November’s US presidential election


    Wells Fargo

    Wells Fargo’s decision to tilt its foreign exchange business towards institutional buy-side clients is paying off, with the San Francisco-headquartered bank seeing a big jump in trades with insurers in the fourth quarter to supplement its multi-year growth with mutual funds.

    Data from Risk.net’s Counterparty Radar service shows Well Fargo’s FX forwards notional volumes with life insurers increased by 56.4% to $4.75 billion, making it the fourth-largest dealer in that product with this client

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  • SpectrAxe hires Deutsche’s Schultz as Americas COO

    SpectrAxe hires Deutsche’s Schultz as Americas COO


    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

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  • TCA vendors link FX counterparty selection with execution

    TCA vendors link FX counterparty selection with execution


    BestX and Tradefeedr, the two main third-party transaction cost analysis (TCA) providers, have launched tools that enable buy-side firms to standardise and automate counterparty selection for cash foreign exchange trades, ahead of request-for-quote or algorithmic execution.

    The launches are part of a wider push by asset managers to integrate TCA into their trading workflows to help meet best execution rules, which require asset managers to justify how they select their counterparties and their

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  • Corporates hamstrung in response to FX volatility

    Corporates hamstrung in response to FX volatility


    US corporates are having a hard time responding to increased currency volatility as internal restrictions around hedging programmes make it difficult for them to react quickly to the shifting strength of the dollar.

    Heightened foreign exchange volatility, driven in particular by President Donald Trump’s chaotic tariff announcements, has seen the dollar weaken and made it difficult for corporates to forecast future cashflows from foreign earnings or imports. Treasurers, however, lack the

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  • Hedge funds flock to hybrids to trade macro uncertainty

    Hedge funds flock to hybrids to trade macro uncertainty


    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

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  • Adoption of standard FX reject code too slow – Schroders trader

    Adoption of standard FX reject code too slow – Schroders trader


    Dealers have been too slow to adopt standardised codes for rejected foreign exchange trades, according to a senior buy-side trader, who also called on trading venues to help accelerate industry take-up.

    Last year, the FIX Trading Committee published a set of recommended practices on scenarios for rejected trades and adopted the Investment Association’s proposal of a standardised set of reject codes within its FIX Protocol – the main messaging language used by FX dealers.

    “There’s appetite in the

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  • TD, Goldman make strides with Ucits in FX forwards trades

    TD, Goldman make strides with Ucits in FX forwards trades


    TD Securities and Goldman Sachs made the largest ranking moves among dealers serving the FX forwards market for European retail funds during the first half of last year.

    The Canadian bank gained $14.4 billion in notional from trades with Ucits funds, increasing its market share to 9.5% from 7% and becoming the second-largest dealer in the space.

    Goldman Sachs followed close behind, adding $13.2 billion to its book, which doubled in size to 5% of the total. The growth propelled the US giant to the

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  • LCH expects to boost deliverable FX clearing with new adds

    LCH expects to boost deliverable FX clearing with new adds

















































    LCH expects to boost deliverable FX clearing with new adds – FX Markets






    Onboarding of dealers and link-up with CLS could swell interbank deliverable FX clearing volumes


    LSEG-HQ-AlamyD6JDTK

    LCH ForexClear is entering the next phase of its deliverable interbank foreign exchange forwards clearing service. As some of the largest dealers prepare to join, their business could combine with an initiative to join the CLS main settlement session to significantly boost FX clearing volumes.

    Dubbed ‘FX smart clearing’ and launched in partnership with Quantile – a fellow post-trade business within the London Stock Exchange Group – the service combines compressions, overlay trades and selective

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  • Franklin Templeton dethrones MSIM as top FX options user

    Franklin Templeton dethrones MSIM as top FX options user


    Franklin Templeton has become the largest user of foreign exchange options among US mutual funds, taking the top spot from Morgan Stanley Investment Management for the first time since the end of 2020.

    The California-based fund manager increased notional volumes by around $340 million during the third quarter of 2024, taking the total size of its FX options book to nearly $5.9 billion.

    Meanwhile, MSIM continued to cut the size of its renminbi-denominated positions, this time by just over $700

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