The European Central Bank (ECB) is likely to quickly challenge London’s status as the eurozone’s largest hub for the clearing of euro-denominated trades if the EU referendum goes against UK membership – but the move, which would be seen as highly political, would be beset with legal challenges.

The rouble has enjoyed a strong start to the year, shrugging off underlying weakness in the Russian economy, leading the CBR to hike rates by 50 basis points on Friday.

Euromoney’s FX Survey uncovered sweeping changes in market structure and client behaviour during the past year.

Market participants have expressed confidence that organized trading facilities (OTFs) – the new venue introduced under Mifid II – will deliver increased transparency compared with multilateral trading facilities (MTFs).

Curbs on risk-based activities and internalization of client trades are pushing growth in non-bank market making in Asia, but such activity is not without challenges.

Market participants have expressed confidence that current best-execution rules are sufficient to enable compliance with the updated BIS FX conduct code.

Despite disparities between individual markets, the growth of electronification across Asian FX markets continues apace.

Bank FX trading platforms have moved closer to the platform-as-a-service model, although the technology’s market impact has been diluted by operational changes among the largest traders.

Thomson Reuters has made the first addition to its fixing stable since the acquisition of the WM business. Its new benchmark is intended to pick up business from the European Central Bank, which is redoubling efforts to discourage use of its own reference rates for trading purposes.

Advocates claim the principles-based approach offers the best hope of restoring trust in the FX market once and for all.

With the spectre of a 'Leave' vote predominating in the UK EU referendum hanging heavily over FX markets, corporates are likely to further increase their use of forwards as a hedging option.

Japan could realize its goal of a weaker yen without the need for FX intervention, say analysts.

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View results of the Euromoney FX Survey 2016 here.

Citi retains top ranking while Deutsche plummets; JPMorgan and UBS rise; top five market share at all-time low; non-bank FX providers make an impact on rankings.

New Change FX is developing a peer-to-peer matching platform that will enable corporates to net down their portfolios and reduce their need to trade currencies with banks. But is this a stepping stone towards a full P2P FX exchange suitable for corporates, or is such a venue ultimately only of interest to retail traders?

Turkey has made progress in reducing its debts, while expectations for rate rises in the US have abated in recent months. But political upheaval in the country has led investors to run for cover, and a new and relatively unknown central bank governor faces a dilemma on interest rate policy.

The sheer volume of risks faced by the FX market is placing pressure on banks to create mitigation strategies to cover a wider range of market challenges, from Brexit to illiquidity.