Tag: Europe

  • Does FX Spot+ add up for traders?

    Does FX Spot+ add up for traders?



    New CME venue aims to provide easier access to FX futures liquidity, but some worry about its stability in choppy markets



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  • Futures gain ground in G10 FX pricing

    Futures gain ground in G10 FX pricing


    A growing number of market-makers and traders say price discovery for several key G10 currencies has already shifted to CME’s foreign exchange futures markets and away from primary venues for certain pairs.

    In particular, some senior figures say futures contracts have become the primary pricing reference point for the Commonwealth currencies – Australian dollar, Canadian dollar, sterling and the New Zealand dollar – instead of the over-the-counter spot market on the London Stock Exchange Group’s

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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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  • Corporates turn to structured notes to juice cash returns

    Corporates turn to structured notes to juice cash returns

















































    Corporates turn to structured notes to juice cash returns – FX Markets






    Dual currency notes find favour with treasurers under pressure to boost yields amid higher rates


    Structured-products in vogue-Getty-2150404982

    Some corporate treasurers are taking advantage of more volatile foreign exchange and interest rate markets to invest their foreign cash holdings into yield-enhancing structured products, as an alternative to deposits or money market funds.

    Dealers say corporate treasurers are increasingly under pressure to improve returns on cash in the higher-rate environment, and have been turning to dual currency notes (DCNs) as a result. Rising FX volatility and wider interest rate differentials result in a

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  • XTX Markets hires Brook for Emea market-making

    XTX Markets hires Brook for Emea market-making


    Non-bank market-maker XTX Markets has hired Sam Brook for its European foreign exchange and equities trading team.

    Brook joins from NatWest Markets, where he spent nine years in the UK bank’s electronic FX trading unit, primarily working on the buildout of its e-FX market-making desk.

    As part of the Europe, Middle East and Africa distribution team at XTX, Brook’s role will focus on providing customised and low-market-impact liquidity to clients.

    Based in London, he will report to Jeremy Smart

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  • Corporates pressed on FX hedges as dollar surge bites

    Corporates pressed on FX hedges as dollar surge bites


    Foreign exchange losses have begun to mount for some of the largest global corporates, with the likes of Amazon, Apple and Nike reporting revenues negatively affected by continued US dollar strength in the fourth quarter.

    Since September, the dollar has risen by as much as 7% against many G10 and emerging market currencies, reducing the demand for exports and the value of foreign returns.

    In the past, it was common for analysts and investors simply not to ask about or even consider the FX hedging

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  • Corporates eye complex FX hedges as carry costs mount

    Corporates eye complex FX hedges as carry costs mount


















































    Corporates eye complex FX hedges as carry costs mount – FX Markets



    Leveraged forwards and options-based structures entice treasurers facing rates uncertainty and FX volatility


    The shake-em-up economic policies trailed by new US president and so-called “disruptor-in-chief” Donald Trump have left corporate treasurers on both sides of the Atlantic nervously eyeing their cost of foreign exchange hedging.

    FX volatility has spiked amid continued threats by Trump of tough tariffs on Canada, Mexico, China and the European Union. Meanwhile, interest rate differentials between the US and Europe are expected to widen as analysts forecast higher-for-longer rates from the Federal

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  • Iosco pre-hedging review: more RFQs than answers

    Iosco pre-hedging review: more RFQs than answers


    Consultation papers are like tea leaves or runes: observers study them for clues to future actions or events.

    Such is the case with Iosco’s latest consultation paper on the controversial practice of pre-hedging. The document, released last November, has raised niggling concerns among market participants that the global standard-setter may be weighing tighter rules on pre-hedging, particularly for trades conducted using request-for-quotes, or RFQs.

    Dealers have warned that such restrictions could

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  • Iosco mimics industry codes to tackle pre-hedging dilemma

    Iosco mimics industry codes to tackle pre-hedging dilemma


    Draft recommendations proposed by international regulators to address controversy over the practice of dealers pre-hedging client orders have largely copied guidance already set out in industry codes.

    That’s good news for advocates of pre-hedging who may have feared stricter guidance, but has left its critics wanting more.

    “When it comes to the competitive request-for-quote scenario, we don’t feel that they’ve gone far enough with it,” says a regulatory expert at a non-bank market-maker, who

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