Spot market

Algo execution in a conflict: how the FX market held up

Algo execution in a conflict: how the FX market held up

Algo execution in a conflict: how the FX market held up – FX Markets Skip to main content End of drawer navigation content FX algo execution proved its resilience once more at the height of the Iran war, argues Goldman exec At the start of February, I moved from our London to our Dubai office. […]

Doubts swirl over future of FX cartel case

Doubts swirl over future of FX cartel case

The future of a high-profile foreign exchange “cartel” case against six global banks is in doubt after the UK Supreme Court found that the class action cannot proceed on an opt-out basis.  The case, which is valued at £2.7 billion ($3.61 billion) and was brought by Phillip Evans – a former chair of the UK’s

Deutsche Bank takes on custodians with automated FX service

Deutsche Bank takes on custodians with automated FX service

Deutsche Bank takes on custodians with automated FX service – FX Markets Skip to main content End of drawer navigation content The service aims to deliver a 90% saving for asset managers on their operational FX execution Deutsche Bank is mounting a direct challenge to the custody banks that dominate operational foreign exchange execution for

Jane Street taps former Barclays e-FX trader

Jane Street taps former Barclays e-FX trader

Jane Street has hired George Fordham, a former director within Barclays’ electronic foreign exchange trading team, in a sales and trading role.   Fordham spent almost 10 years at Barclays in London, most recently on the automated market-making desk covering G10 and emerging market currencies.   A spokesperson for Jane Street declined to comment.    The high-frequency trading firm has expanded its spot FX market-making business

Market-makers give mixed verdict as CME Spot+ turns one

Market-makers give mixed verdict as CME Spot+ turns one

Electronic foreign exchange dealers have delivered their one-year report card on CME’s Spot+ platform, and the grades are mixed.  The venue, designed to bridge the over-the-counter spot market and exchange-style futures, earned solid marks for pockets of tradable liquidity, though users note room for improvement in top-of-book spreads and order handling, which leave it trailing.

LSEG’s FXall to launch credit-intermediated FX forwards service

LSEG’s FXall to launch credit-intermediated FX forwards service

The London Stock Exchange Group’s (LSEG) foreign exchange trading venue, FXall, is preparing to launch a service that separates credit risk from market-making in FX forwards trades with buy-side clients. FX Markets understands the service – Split Risk – will allow buy-side users to enter outright forwards by trading a combination of spot and an FX

Morgan Stanley’s DiTrapano joins DB in top e-FX role

Morgan Stanley’s DiTrapano joins DB in top e-FX role

Robert DiTrapano has joined Deutsche Bank as its new global head of electronic foreign exchange and spot trading, FX Markets understands. Based in New York, he replaces Benedict Carter, who decided to retire last month after 15 years at the bank. DiTrapano joins from Morgan Stanley. He spent over 22 years at the US bank, most

Deutsche Bank’s head of FX e-trading Benedict Carter retires

Deutsche Bank’s head of FX e-trading Benedict Carter retires

Benedict Carter, the global head of electronic FX and spot trading at Deutsche Bank, has retired, FX Markets understands.  Carter spent over 15 years at the German bank, beginning as an e-FX spot trader in London, before later becoming global head of the quantitative spot FX trading desk in 2022.  He left the bank last month.

Bloomberg launches NLP tool for FX chat pricing

Bloomberg launches NLP tool for FX chat pricing

Bloomberg has launched a foreign exchange price discovery tool that uses natural language processing (NLP) to scan traders’ chatrooms and consolidate bilateral quotes into a single screen. The product, called MYQ, monitors price quotes across a user’s Instant Bloomberg (IB) chat sessions and groups them by currency pair, tenor and instrument in a curve-style display.

Morgan Stanley makes cuts to real money FX coverage

Morgan Stanley makes cuts to real money FX coverage

Morgan Stanley has cut four London-based foreign exchange salespeople and traders, who were covering real money clients, according to two sources with knowledge of the departures. The Wall Street Journal reported last week that the bank has cut 2,500 jobs in total – around 3% of the workforce – shortly after reporting record profits of

Iran conflict forces EM carry trade unwinds

Iran conflict forces EM carry trade unwinds

The Iran conflict has forced investors to liquidate profitable emerging market foreign exchange options positions, as a broad risk-off move triggered stop-outs and value-at-risk breaches across multiple currency pairs. “Any positions that people have held for the last few months – positions where they’ve actually made money – those are the ones getting cut very

Offshore speed, onshore depth: a new reality for FX liquidity

Offshore speed, onshore depth: a new reality for FX liquidity

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 sparks FX soul search

CME outage sparks FX soul search

CME outage sparks FX soul search – FX Markets Skip to main content End of drawer navigation content How November’s halt exposed fragile wiring of new futures-led market structure Foreign exchange futures account for roughly 2% of total spot and outright forwards volume. Yet when CME Group’s futures exchange and the EBS spot venue went

CME outage exposed FX market’s futures dependency, says SNB

CME outage exposed FX market’s futures dependency, says SNB

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

Gap risk fears push FX traders into Sunday-night Asia hours

Gap risk fears push FX traders into Sunday-night Asia hours

Gap risk fears push FX traders into Sunday-night Asia hours – FX Markets Skip to main content End of drawer navigation content Volumes surge at Singapore open as Trump’s weekend announcements force early risk management The increased frequency of Trump-led market-moving news at weekends has seen venues report a sharp rise in volumes during the

Why FX liquidity is harder to read than ever

Why FX liquidity is harder to read than ever

Why FX liquidity is harder to read than ever – FX Markets Skip to main content End of drawer navigation content A breakdown of FX execution methods shows how liquidity is truly formed, writes Isomiq’s Jamie Rose The BIS Triennial Survey headline for April 2025 is something that has been widely publicised and talked about:

FXGO volumes surge despite fee switch-on

FXGO volumes surge despite fee switch-on

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

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