CLS Data Confirms November Slowdown

The average daily volume (ADV) of FX trades submitted to CLS in November was $1.61 trillion, down 10% compared to October and down 4.2% year-on-year. The ADV of swaps submitted to CLS last month was $1.17 trillion, down 8.2% compared to October, but up 3.9% from November 2018. Spot ADV was $366 billion in November, […]
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Sterling Jumps on UK Poll – More to Come?

Sterling has had one of its strongest days for several years, climbing almost 3% versus the dollar following the release of an exit poll from the UK general election signalling a large majority for the ruling Conservative Party. Cable jumped to 1.3330 from 1.3170 on the release of the poll, before climbing higher to 1.3510, […]
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Basel Committee Consults on Crypto Regulation

The Basel Committee on Banking Supervision has started a consultation process on the regulatory treatment of crypto assets by publishing a discussion paper on the design of a prudential treatment of these assets. The committee says the past few years have seen rapid growth in crypto-assets, and that while the market is still small relative to […]
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Liquidity Holds Up Well as UK Exit Poll Surprises

Market sources say that liquidity in FX markets has held up well following the shock exit poll from the UK general election indicating a much bigger majority for the ruling Conservative Party than expected. Cable jumped from 1.3170 to 1.3350 immediately following the poll, but has since climbed steadily to 1.3500, while EUR/GBP fell from […]
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New York Fed Names New Markets Head

The Federal Reserve Bank of New York has announced new senior leaders for its Markets and Financial Services Groups. Daleep Singh has been named executive vice president and head of the Markets group; Lorie Logan has been named executive vice president and manager of the System Open Market Account (SOMA); and Christopher Armstrong has been […]
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360T Goes Live with FX Swaps Platform

360T has launched a fully automated FX swaps limit orderbook with mid-rate matching capability, called 360TGTX MidMatch. It offers a fully visible limit orderbook that will allow market makers to stream curves out to two years, while the Swaps Data Feed that 360T has spent two years developing with 20 bank partners, will act as […]
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Neuberger Berman Launches New FX Fund

Neuberger Berman is launching a new FX-focused macro fund. The Neuberger Berman Macro Opportunities FX Fund aims to deliver positive returns of 5–6% in excess of cash per annum before fees, primarily by exploring relative value across G10 currencies. The firm says that the fund’s investment strategy is based on an established process, which has […]
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Northern Trust Bolsters US FX Team

Northern Trust hired David Byne and William Harnett for its global FX solutions practice in North America. The bank says that the pair will be responsible for driving growth across the full range of FX solutions at Northern Trust, including algorithmic trading, currency management and its outsourced end-to-end FX dealing service, CompleteFX. Based in New […]
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BIS Report Highlights Shift in FX Trading Styles

The latest Bank for International Settlements (BIS) Quarterly Review provides execution method data relating to the recent Triennial Survey of FX Turnover and finds that while e-ratios generally are stable there have been some significant shifts in the channels handling the volume. Perhaps significantly, the report also picks up on what the authors says are […]
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FX Settlement Risk Has Increased; Exposures Down: BIS

FX settlement risk has increased since 2013 according to the Bank for International Settlements (BIS), both in relative and absolute terms, however the gross market value of outstanding FX and OTC derivatives has fallen, thanks largely to the growth in clearing. An article in the bank’s latest Quarterly Review says that in spite of “significant […]
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