Tag: FX swaps

FX swaps

In the FICC of It

After upsetting non-bank market makers and then banks in recent weeks, Colin Lambert takes a shot at the buy side in this week’s In the FICC of It podcast when Galen Stops asks him, “will the buy side adopt the FX Global Code?” Our two podcasters discuss next year’s review of the Code as Stops […]

In the FICC of It

News that FastmatchFX founder Dmitri Galinov is planning a return to the FX industry dominates this week’s podcast as Colin Lambert and Galen Stops chat through the challenges and opportunities for the fledgling platform, which leads into a broader discussion around the NDF market in general. Stops also recounts a meeting with an FX market […]

CLS Volumes Flat in May

The average daily volume (ADV) of FX trades submitted to CLS in May was $1.62 trillion, marginally down from the $1.63 trillion it reported in April. The ADV of FX swaps submitted to CLS in May was $1.19 trillion, down 4.14% month-on-month and down 5.3% year-on-year. The ADV of FX forwards trades submitted to CLS […]

In the FICC of It

In this week’s podcast P&L’s editor Galen Stops is in ebullient mood as trend followers return to profitability and he is quick to let P&L’s managing editor Colin Lambert – who predicted the death of trend following last year you may recall – know this fact. As well the expected bluster and refusal to change […]

IS Prime Extends Liquidity Partnership with Integral

IS Prime has extended its multi-asset liquidity distribution through a partnership with Integral. IS Prime’s FX and index swaps liquidity is now available through Integral’s OCX platform. Index swaps are IS Prime’s proprietary product, delivering pricing and execution on indices and commodities globally. “IS Prime is an exciting addition to the Integral OCX marketplace and […]

CME FX Link One Year On – Progress But More to Come

March 25 marks the one year anniversary of the launch of CME’s FX Link, probably the most significant attempt by a market intermediary to establish a bridge between OTC and futures markets. In terms of volumes, as expected the growth has been steady rather than spectacular, although FX Link did hit a new record high on March 7 at just under $2.7 billion notional. Generally speaking the platform is handling average daily volumes in the region of $1-1.5 billion in 2019.

EVIA Provides Feedback to EU on MiFIR

The European Venues and Intermediaries Association (EVIA), formerly known as the Wholesale Markets’ Brokers Association (WMBA), has published its response to a call from Germany’s Finance Ministry for feedback on MiFID II and MiFIR one year on from their implementation. In the feedback, EVIA makes a number of points and stresses its belief that foreign exchange swaps should not be covered under the regulation. EVIA does note that whilst its feedback sets out some of the difficulties and remedies in response to the premise of the call for evidence, it states that MiFID2 delivered a “great many benefits”.

And Finally…

Over the years the most powerful criticism aimed at e-commerce and its potential impact on markets has not been about volatility, or market behaviour generally, it is its lack of flexibility – why else, for example, has the FX swaps market not become more automated in recent years? This is a genuinely intriguing question and whilst in the past it was hard to see how it could happen – thanks to resistance on bank and broker side – now I am definitely picking up a different vibe.