Tag: Citi

  • Goldman Sachs doubled FX trading revenues in 2024

    Goldman Sachs doubled FX trading revenues in 2024


    Goldman Sachs was the top US dealer for foreign exchange trading revenues in 2024, which more than doubled at the firm thanks to increased trading activity at the end of the year, according to regulatory filings.

    The investment bank generated revenues of $6.3 billion for the year, up 125% from $2.8 billion in 2023, thanks to just over $4 billion in the final quarter of the year alone. This growth propelled the bank to overtake JP Morgan’s 2023 top spot.

    JP Morgan suffered the greatest dip among

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  • Trump tariffs sent FX options traders on a wild ride

    Trump tariffs sent FX options traders on a wild ride


    US president Donald Trump’s whipsawing tariff policies created a perfect storm for foreign exchange options dealers, as hedge funds rushed to short US dollar positions while systematic volatility sellers and large macro funds sat on the sidelines. 

    The ensuing volatility left traders wondering if they had slipped into the wrong desks, or even another dimension.

    “The scale of the moves for EUR/USD on April 11 made it more volatile than USD/TRY on the day,” says Saurabh Tandon, global head of FX

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  • Citi rolls out revamped SDP in emerging markets

    Citi rolls out revamped SDP in emerging markets


    Citi is deploying its new-look single-dealer platform (SDP) to emerging markets in a bid to offer better and faster electronic onshore pricing to users through a single gateway.

    Following the relaunch of Velocity 3.0 in 2023, the US bank has focused on consolidating its various electronic foreign exchange pricing platforms – including CitiFX Pulse, its execution and treasury management platform for corporate clients – into a single application programming interface (API).

    “A key deliverable for us

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  • South Korea’s FX reforms working amid political crisis, dealers say

    South Korea’s FX reforms working amid political crisis, dealers say

















































    South Korea’s FX reforms working amid political crisis, dealers say – FX Markets






    Martial law presented first test for reforms aimed at boosting deliverable KRW market


    KRW-reforms-a-success

    Foreign exchange activity in the wake of South Korea’s political crisis indicates recent reforms aimed at bringing more Korean won trading onshore and away from the offshore non-deliverable forward (NDF) market are beginning to have an effect, dealers say.

    The Korean won sunk to a succession of historic lows against the US dollar last month amid political turmoil sparked by President Yoon Suk Yeol’s surprise attempt to impose martial law. In late-hours trading on December 3, the gap between US

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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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