Total foreign exchange forwards notionals in the second quarter remained close to record levels, but billions of dollars of business changed hands between fund managers and their dealers, with Citi being one of the primary victims of the rotation. The bank reported a cut of $13.8 billion and $3.5 billion of FX forwards and options
Wells Fargo doubled its foreign exchange forwards positions with US mutual funds and exchange-traded funds in the second quarter, driven by a surge in activity from Pimco and Vanguard. The US bank reported $124.6 billion in positions, climbing from 12th place to second in the dealer rankings, according to FX Markets’ Counterparty Radar service, which
Pimco’s G10 foreign exchange forwards trading with Societe Generale more than doubled during the first quarter of 2026, boosting the bank’s total volumes with US asset managers. Societe Generale became the California-based fund manager’s top counterparty during the quarter, where it traded an additional $37.8 billion in FX forwards compared to the previous three months,
The stablecoin debate is too often framed as a currency contest: euro versus dollar, or USD versus non-USD. That framing is politically intuitive, especially in Europe, but from a market structure perspective, it is incomplete. Dollar stablecoins are not winning because they are philosophically superior to another. They are winning because one ecosystem is more
US capital proposals would entail a whopping 96% rise in derivatives counterparty risk charges. But while this potential doubling has struck fear into some in the industry, others believe it’s no big deal. Sources argue banks could slash the capital hit by tweaking hedges to align with the new regulatory view of exposures. There are
Meta – one of three Magnificent Seven technology firms that had shunned foreign exchange hedging – has begun using derivatives to manage short-dated currency risk, according to company filings. In its annual 10-K filing with the US Securities and Exchange Commission (SEC), published on January 29, the social media company said that in 2025 it
Franklin Templeton closes $5bn yen options book – FX Markets Skip to main content End of drawer navigation content Counterparty Radar: Asset manager’s bets on USD/JPY soured as yen weakened through Q4 Franklin Templeton dramatically shrunk its US dollar/yen foreign exchange options positions during the fourth quarter, after call and put spread trades betting on
Pimco slashes short dollar forwards at year-end – FX Markets Skip to main content End of drawer navigation content Counterparty Radar: EUR/USD cuts drive $86.5 billion reduction Pimco scaled back around $86.5 billion in notional from its group-of-10 (G10) currency forwards hedging book at the end of 2025, mostly by winding down its short US
Citi was the top US dealer for foreign exchange trading revenues in 2025 on the back of increased client hedging demand, according to regulatory filings. The bank generated revenues of $7.9 billion for the year, up 50% from $5.3 billion in 2024, helped by a bumper second quarter from Donald Trump’s Liberation Day tariff announcements.
Helping move client money instantly and reliably across borders is a keen focus of JP Morgan’s digital investment efforts. It’s not alone in this, of course. But now, through the work of its Kinexys team – coupled with last year’s launch of its on-chain coin – the group is seeing its technology put to work
Dealer-backed FXSpotStream is set to move into the US Treasury market by launching a new fixed income trading platform supporting direct, streaming-based liquidity between dealers and hedge funds. The service, called RatesStream, is aiming to go live by the middle of 2026 for on-the-run US Treasuries (UST) trading with up to six liquidity providers, and
All-to-all foreign exchange options venue SpectrAxe is preparing to expand into FX forwards, swaps and non-deliverable forwards, according to recent filings with US regulators. SpectrAxe went live with the market’s first options central limit order book (Clob) in mid-2024, allowing hedge funds to trade anonymously with other hedge funds, regional banks and market-makers via their
US insurers turn to short-dated FX forwards as notionals rise – FX Markets Skip to main content End of drawer navigation content Counterparty Radar: Trades under three months make up nearly 60% of total positions, up from just a third in 2022 US insurers ramped up their use of short-dated FX forwards to manage currency
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
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
Pimco piled into euro put options in Q2 – FX Markets Skip to main content End of drawer navigation content Counterparty Radar: EUR/USD buying spree takes Pimco’s FX options book to $7 billion Pimco has typically been a light user of foreign exchange options. But as the tariff turmoil raged in Q2 this year, the
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
