Offshore speed, onshore depth: a new reality for FX liquidity – FX Markets Skip to main content End of drawer navigation content Stark differences emerge between onshore and offshore pricing during macroeconomic news events, finds LMAX Group’s head of data In foreign exchange spot markets, speed has long been treated as a reliable guide to […]
CME outage exposed FX market’s futures dependency, says SNB – FX Markets Skip to main content End of drawer navigation content Study finds EUR/USD spreads widened eightfold as non-bank PTFs blew out by nearly 30 times in November halt The November 28 failure of a Chicago data centre that knocked out CME Group’s foreign exchange
Bloomberg has reported significant volume growth on its dealer-to-client foreign exchange trading platform, FXGO, in 2025 despite the introduction of a controversial new brokerage fee scheme that liquidity providers warned would see clients migrate to cheaper alternatives. In April last year, Bloomberg began charging a new base fee rate before incentives and discounts of $2.75
A surge in uncollateralised foreign exchange forwards hedging from buy-side clients could put bank balance sheets under pressure, dealers warn. FX hedge ratios at asset managers and pension funds have not materially increased in 2025, despite the selloff in the US dollar in the second quarter. This may change, though, as narrowing interest rate differentials could
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
For most of modern market history, trading flows were seen as little more than the smoke from the fire – evidence of deeper forces at work. Growth, inflation, central banks, geopolitics: these were the “real” drivers of price action. Order books and positioning data simply reflected how investors responded. But that causality has shifted. Flows
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
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
Fool me once, shame on you. Fool me twice, shame on me. It’s a maxim on many traders’ minds as they try to gauge the authenticity – or otherwise – of US president Donald Trump’s pronouncements. When news broke on July 16 that Trump had drafted a letter to remove Federal Reserve chair Jerome Powell, the
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,
For years, bitcoin was seen as a speculative outlier: volatile, loosely regulated, and detached from the macroeconomic fundamentals that drive traditional asset classes. Today, we’re seeing something different. Bitcoin is not just part of the global investment conversation, it also responds to it in real time. New research from LMAX Group, based on millisecond-level data
Bank FX market-makers ramp up AI usage – FX Markets End of drawer navigation content Skip to main content Barclays applies tech to predictions, while HSBC and ING look at pricing accuracy Bank foreign exchange market-makers are increasingly using machine learning and artificial intelligence technology to improve their pricing predictions and sharpen levels shown to
It takes a market-wide crisis to know how stable the underlying pipework is that supports it. In the $7.5 trillion foreign exchange market, the measure of its stability is liquidity. This was put to the test last month, as intraday volatility triggered by president Donald Trump’s tariff announcements on April 2 resulted in an explosion
Artificial intelligence has increasingly become an all-encompassing term in financial circles. But in foreign exchange trading, what does it actually mean? Banks have been vocal about how they have used AI for years when developing their execution algorithms, making documentation easier, and in their client chatbots. But from a trading perspective, arguably the more impactful
In just a few years, Wells Fargo’s FX volumes in Asia have strengthened and, with a robust FX product offering, the bank expects to onboard more clients eager for cross-currency swaps and customised pricing While being a relative newcomer to the FX landscape in Asia, Wells Fargo has long served a clientele in the fixed income
Dealers bullish on Bloomberg chat interface for FX markets – FX Markets End of drawer navigation content Skip to main content Service expanded its API offering to integrate broker chats into banks’ engines for cash FX pricing late last year Bank trading desks are optimistic that initiatives by Bloomberg to open its chat application programming
