FX Markets

The European Union pioneered crypto regulation with its Markets in Crypto Assets Regulation (Mica), but it has fallen behind the US in crypto derivatives, where new products and instruments are winning rapid adoption, according to market participants. The divergence is increasingly shaping where crypto derivatives liquidity forms – and on whose regulatory terms. “What we see is that innovative products are first brought out in unregulated markets, and then very quickly adopted in the US,” said

Trading in financial markets relies on predictions: whether an asset price will rise or fall, how rates will change, whether volatility has peaked. But when it comes to prediction markets, institutions are wary. Not only are there various legal, regulatory and operational hurdles, but some believe trade volumes aren’t high enough for firms to apply the same market-making models they use in the world of traditional finance. The president of one proprietary trading firm says the “very low volumes”

FactSet’s Portware platform has expanded its capabilities for buy-side users to include automation of high-touch trades, with the aim of making workflows as efficient as algorithmic execution orders. Launched in March, the new service targets FX transactions that often require direct human interaction, trader judgement, and negotiation between counterparties typically facilitated via request-for-quote (RFQ) chat, voice or electronic messaging system. “We built this is because our buy-side clients

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 calls, however, for greater alignment than is perhaps currently envisaged. “It’s possible to reasonably align the capital relief with hedging the market risk,” says

Benjamin Klixball has joined non-bank market-maker IMC Trading in New York in a senior trading role. Klixball had previously spent nine years at XTX Markets in the US, most recently as head of Americas distribution and e-liquidity management, where he helped steer the trading firm’s expansion into US equities. He also spent over five years at UBS in foreign exchange, rates and credit electronic trading. According to the Financial Industry Regulatory Authority’s BrokerCheck records, he left XTX in

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Jane Street has hired George Fordham, a former director within Barclays’ electronic foreign exchange trading team, in a sales and trading role. Fordham spent almost 10 years at Barclays in London, most recently on the automated market-making desk covering G10 and emerging market currencies. A spokesperson for Jane Street declined to comment. The high-frequency trading firm has expanded its spot FX market-making business over the past couple of years to include direct bilateral streaming

“Only a d***head says ‘vibe coding’ without sarcasm or intended insult. This s*** is burning us out so f***ing hard.” This is the rather harsh opinion of a senior engineer at a mid-tier data company – let’s call him Michael. He’s talking about a new form of software development in which a user provides a prompt to a chat interface. For example: Build an application where users can search city contract payments by vendor name, politician, department, or date. Then, a large language model (Claude

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