The Full FX

We think everyone knows by now that pre-hedging bothers Colin Lambert. Reflecting on the IOSCO report on the practice, he observes that some participants seem to have a misguided understanding of what pre-hedging entails... he is of course here to put them right... - Read on - https://lnkd.in/eZQeCrbj #Conduct, #FixedIncome, #FrontRunning, #FX, #IOSCO, #Last Look, #PreHedging, #RFQ

In case you missed any FX news this week, here's our round up - DeFinity Markets integrates with Chainalysis - https://lnkd.in/eb2DDW49 FXSpotStream LLC has announced that Deutsche Bank is joining its service - https://lnkd.in/emRWBMsZ European Securities and Markets Authority (ESMA) has targeted October 2027 for moving the European Union’s securities markets to T+1 settlement - https://lnkd.in/eBjfVVVH Goldman Sachs’ digital assets business has unveiled plans to spin-out its wholly-owned technology platform - https://lnkd.in/eNPBxKss The latest survey from Coalition Greenwich (a division of CRISIL) finds that multi-dealer FX platforms (MDPs) are facing a bright future - https://lnkd.in/e7FBKsFD UK fund managers to increase their FX hedging activities according to surveys published by MillTechFX by Millennium Global - https://lnkd.in/eCWJaebT LSEG FX has also reported lower FX volumes in October - https://lnkd.in/eASZFYNj Northern Trust has collaborated with CloudMargin - https://lnkd.in/ePirrKVR CME Group to add CNH to FX link - https://lnkd.in/e-UApiWf Federal Reserve Bank of New York sees shifting FX dynamics - https://lnkd.in/eBnytrqt Both CLS Group and LCH ForexClear report mixed numbers in October - https://lnkd.in/ecx82uep Have a great weekend all!

Whether we’re aware of them or not, biases shape our perceptions, decisions, and interactions with others. Formed by our experiences, values and environments, they influence our thinking, behaviour and how we interpret the world; when unchecked they can distort our judgment, limit our understanding, and perpetuate stereotypes. Martina Doherty discusses the impact of biases in the workplace - #WorkplaceBias #InclusiveLeadership #DiversityAndInclusion #FX

Wafa M'Barek, Proposition Manager, SaaS Solution Market Taker Bank Segment, at 360T, joins Colin Lambert to talk about an aspect of the 360T business that has perhaps not received the highest profile – technology services. M’Barek discusses the evolution of the technology solution suite at 360T, focusing on how it helps regional and super-regional banks in particular, access their incoming liquidity and risk manage their flows, as well as how clients can deploy it for liquidity distribution via multiple channels. The two discuss the importance of scalability, the depth of partnership required, and, notably, the need for multi-asset class solutions, before closing out by discussing the challenges and opportunities of staying ahead of the curve, especially in the regulatory field. Watch here - https://lnkd.in/eUqEB8fZ #ForeignExchange, #FX, #Liquidity, #Regulation, #RiskManagement, #Technology

Colin Lambert is in a bit of a huff because of internet issues, and a phone call to his internet supplier didn't help his mood, when he realised the person meant to be helping him launched into a scripted sales pitch... What has this got to do with FX you ask? It has, we promise... read on... - https://lnkd.in/eNWrmkXi #CustomerService, #FXSales, #GenerationalChange

Ahead of testing kicking in on one of the FX industry’s biggest launches of recent times, Paul Houston, head of FX at CME Group, joins Colin Lambert to discuss CME Spot+, the new trading platform from the exchange. Houston explains what Spot+ is, how it works, as well as how it will fit into CME’s FX product suite. The two also discuss the new venue’s value to different market participants, as well as the crucial role of CME FX Link and the importance of having Spot+ liquidity available on the EBS screen. There is also time to discuss the latest developments in both spot and NDFs on EBS Market, including a number of recent changes to how the platform operates, involving data, attracting more passive flow and new order types. Houston discusses how wider market evolution has influenced the changes on EBS, as well as how Spot+ market data will be available to FX market participants. Watch here - https://lnkd.in/e4__h7ji #EBS, #EcoSystem, #ForeignExchange, #FX, #OrderTypes, #SpotFX

Two weeks ago Colin Lambert wrote about the feedback initiative from the GFXC, part of which covered FX settlement, within which there was a short paragraph about that process which promoted quite a bit of feedback. Colin noted in the column that technological innovation is targeting accelerated payment and settlement, but left it at that, because the real purpose of the piece was targeted elsewhere, however many of you got in touch to ask what could be an awkward question: Are we wasting our time with all the work aimed at promoting PvP settlement? Colin responds here - https://lnkd.in/eykKV78S #BestPractice, #CLS, #Currency, #FX, #GFXC, #Netting, #Payments, #PvP, #StableCoins

Robin Nicholas, head of FX swaps product at 360T, joins Colin Lambert for the latest Unfiltered video, to talk about the continued electrification of FX swaps. Acknowledging the different pace of adoption between the client facing and interbank markets, Nicholas explains how 360T SUN is attempting to accelerate interbank adoption through improved data, new order types and the broader use of APIs. The two also talk about how SUN fits into the 360T product suite, as well as what the firm is doing to help alleviate one of the longer-term issues facing e-FX swaps, the credit bottleneck. Observing that credit checks are now down to 100ms on SUN, Nicholas talks through what is needed to finally surmount the challenge and broaden automation across the FX swaps market. Watch the full conversation here - https://lnkd.in/eSNcUbRv  #360T, #Credit, #Data, #FXSwaps, #Interbank, #SUN,

Are you missing The Full FX and looking back fondly on what a great day you had at The Full FX London on 23rd October? Or did you miss it and wish you were there? Either way, watch and enjoy our highlights video! Can you spot yourself? Huge thanks to Crown Media and Kevin Cook for capturing so much of this great day for us.

A quick look back over the FX news this week - Global FX Committee’s outreach on proposed changes to the FX Global Code, the Foreign Exchange Professionals Association (FXPA) has warned that the amendments “may be overly prescriptive” - https://lnkd.in/euEZmZj4 CME Group has received approval from the US National Futures Association to establish a futures commission merchant (FCM) - https://lnkd.in/eVU6NK9k Brown Brothers Harriman says it has expanded its relationship with Japanese asset manager Resona Asset Management - https://lnkd.in/eF55YKWv New survey from Coalition Greenwich (a division of CRISIL), in association with Bloomberg sees “Reshaping” of macro research industry - https://lnkd.in/ep_VKnG9 MUFG has gone live on CLS Group’s bilateral payment netting service - https://lnkd.in/edqcVpUJ Total global hedge fund capital increased to an estimated $4.46 trillion according to HFR - https://lnkd.in/eiWuKcEW BNY has announced the expansion of its iFlow product - https://lnkd.in/eb26GwXr Keep up with FX news all week here - https://lnkd.in/eAiZPKpW #FXProducts #HedgeFunds #Payments #AssetManagement #Futures #FXGC