Interbank foreign exchange swaps trading has stagnated since 2022, as banks turn to the forwards market for their short-term liquidity needs, according to the Bank for International Settlements. FX swaps remain the largest segment of the FX market with average turnover of $4 trillion a day as of April 2025, a rise of 6% since […]
I’ve just achieved – or endured? – the milestone of 10 years on an institutional FX trading desk. Either way, it feels like the right moment for a little reflection. Let’s start with an assumption: this morning I tapped in with my contactless card for the Elizabeth line, sipped canned matcha, scrolled TikTok and started
BofA, Reactive Markets pick up Risk.net awards – FX Markets Skip to main content End of drawer navigation content US bank wins FX house for performance during Liberation Day, while Reactive Markets takes OTC trading platform prize Bank of America picked up the currency derivatives house of the year award in sister publication Risk.net’s annual
e-FX awards 2025 – the winners – FX Markets Skip to main content End of drawer navigation content Barclays, DB and State Street take two wins each, while Citadel, Citi, JPM and BNP also take top slots FX Markets is proud to announce the winners of the e-FX Awards for 2025. The roll of honour
XTX alleges Currenex entered own trades ahead of users – FX Markets Skip to main content End of drawer navigation content Market-maker claims venue used triangular arb tool to trade before users XTX Markets has demanded Currenex disclose details of a tool it claims allowed the venue to execute its own triangular arbitrage trades ahead
When Citi’s global head of foreign exchange, Flavio Figueiredo, took on the top role in Citi’s global FX unit in the summer of 2023, priority number one was a strategic reset for the business. An internal review had identified gaps with peers in FX options and electronic trading, as well as with specific client segments
LSEG readies hard matching on forwards venue – FX Markets Skip to main content End of drawer navigation content Forwards Matching eyes Q4 start for new function that enables faster credit checks London Stock Exchange Group is preparing to offer hard credit functionality on its interbank foreign exchange venue – a move it hopes will
Hugh Stevens has joined Wells Fargo as head of electronic foreign exchange trading for Europe, the Middle East and Africa (Emea). Stevens previously spent over seven years at Standard Chartered in London and New York, most recently as head of e-FX trading for the Americas. He reports to Chad Berner, head of electronic and G1O
It’s 2025 and you attend another foreign exchange industry conference where, unsurprisingly, the hot topics remain familiar: data-driven FX, streaming swaps, workflow automation, the ‘electronification’ of liquidity, debates on what AI means for our jobs, algo evaluation, and fully automated trade workflows. You return to the office, only to have a conversation with a bank
Within ING’s foreign exchange business, a special algorithm has the job of looking out for signals that might indicate an abrupt, unexpected shift in the market, and adjusting the bank’s prices accordingly. On July 16, that algo had to earn its corn: reports spread that US president Donald Trump was planning to fire the chair
As developed countries continue to rack up deficits, the big question looming over markets is, who will buy the growing pile of sovereign debt? Hossein Zaimi, global head of macro at Barclays, doesn’t have the answer, but he is pretty sure the prevailing view in financial and government circles is wrong. “The sustainability of the
One question we’ve been discussing on the reporting desk lately is the difference between US president Donald Trump’s impact on the foreign exchange markets in his current term compared with his first. Take yourself back eight years and there are some parallels. For example, Trump’s frequent, unpredictable tweets about US trade policy with China in
It’s a known but unproven assumption that predatory trading during the 4pm London time fixing window for benchmark currency rates – mostly from high-speed hedge funds and prop desks – can lead to worse prices for clients. What’s less clear is what to do about it. A new paper, jointly authored by Deutsche Bank’s Roel Oomen
CME boosts FX access via new vendor partnerships – FX Markets Skip to main content End of drawer navigation content Tie-ups with Trading Technologies and Integral to bring new liquidity into EBS and Spot+ venues CME Group is establishing ties with key vendors to expand the distribution of primary market foreign exchange liquidity from EBS
In the first half of 2025, the combination of US tariff announcements and fiscal and monetary policy uncertainty led to volatility in foreign exchange markets not seen since early 2020. During this period, FX central limit order books (Clobs) proved vital to traders for managing their risk, providing market transparency, deep liquidity and execution reliability,
Crackdown on FX vendors could raise costs for dealers – FX Markets Skip to main content End of drawer navigation content MTF designation could cost aggregators and EMSs $3m to set up and $1m in annual maintenance Vendors that must register as multilateral trading facilities (MTFs) may end up passing increased regulatory costs on to
BNP Paribas is planning to selectively expand its white-labelling programme to give more regional banks and their clients access to its spot foreign exchange execution algorithms. Earlier this month, BNP Paribas struck its first algo white label partnership with Lloyds, whereby corporate and financial institution clients of the UK bank can now use its three
