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. […]
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
Central bankers in Asia have intervened or are closely monitoring market developments stemming from the outbreak of conflict in the Middle East. The US and Israel on February 28 launched a co-ordinated attack on Iran. Soon afterwards, Iran retaliated by launching drones and missiles targeting Israel and US military bases in several Gulf countries, including
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
LatAm FX carry trade shrugs off geopolitical fears – FX Markets Skip to main content End of drawer navigation content Clients in regional carry positions remain undeterred by US interventions, say dealers Increased geopolitical instability in Latin America in recent weeks has failed to dissuade investors from putting on foreign exchange carry trades linked to
Rollercoaster year for FX traders ends with G10 volatility and hedging flows back where they started Source link
The crypto market has endured its share of sharp corrections, but the October 10 liquidation event, with nearly $19 billion erased in hours, marked an important turning point. The scale was historic, but the outcome was not the systemic breakdown that defined 2022. Instead, it was a real-time stress test that the market, broadly speaking,
If the first half of 2025’s currency markets were characterised by record-breaking months of volumes and volatility, the back half of the year has been defined by a range-bound US dollar, promoting an environment for carry trades in emerging markets (EM), particularly in Latin America, to take off. Positioning in these strategies normally builds when
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
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
Dealers might be nearing their capacity for Turkish lira options-based carry trades, as liquidity pressures, market risk and unwind concerns begin to constrain the amount of new trading they can support. The lira carry trade has been a favoured strategy among hedge funds and institutional investors this year, owing to the whopping 40% carry on
Institutional investors take profit on gold trades – FX Markets Skip to main content End of drawer navigation content Hedge funds trimmed longs after gold rally and triggered massive market selloff Following a 50% year-to-date rally in gold prices to more than $4,000 an ounce, institutional investors have begun closing some of their long positions
Foreign exchange sales desks may have taken solace in the Bank for International Settlements’ (BIS) recent report showing a surge in FX turnover this year. With average daily volumes exceeding $9 trillion a day, this new representation of the status quo marks a milestone for the market. The desks may be less enthusiastic further down
As the ultimate safe haven, gold prices sitting at all-time highs can often be indicative of widespread panic. Yet the options market tells a different story, with the metal’s 43% year-to-date gains coming on surprisingly low volatility, suggesting investors are building positions without a disorderly scramble and there may be more upside to come. Spot
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
The investors who aren’t fretting over Trump’s stat sulk – FX Markets Skip to main content End of drawer navigation content Some see dismissal of statistics agency chief as an assault on US institutional integrity; for others it offers a chance to throw off outdated methods When the US Bureau of Labor Statistics revised down
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,
