Big foreign-exchange banks are focussing on enhanced functionality to promote greater use of single-dealer platforms.

The IMF will have its work cut out generating support for its proposal for a multilateral platform for cross-border payments and related foreign-exchange transactions.

The volume of FX trading where there is a possibility of one or more parties failing to deliver on the terms of the trade has prompted various initiatives to find better options for settlement – but the talk is still more about potential than delivery.

When the news broke that Argentina was thinking of merging its currency with that of its neighbour, Brazil, my immediate question was: which Argentine peso?

While no one is willing to bet the farm on anything other than dollar depreciation in 2023, mixed messages from the Fed, and economic and political uncertainty elsewhere mean the greenback could yet defy expectations.

Some leading FX banks have struggled to stay competitive in forwards, swaps and swaptions thanks to SA-CCR rules, but compressing portfolios helps.

Going all out to keep the sell side sweet seems a sensible strategy for success in the difficult P2P FX market.

With little likelihood of currency volatility subsiding any time soon, corporates continue to face difficult decisions when it comes to how best to mitigate FX risk.

FX dealer trading with financial customers may have stagnated over the last few years, but the effects have not been felt evenly across all markets and the impact on price discovery is far from clear.

Despite dire warnings by the Bank for International Settlements, market participants are not wholly convinced that US dollar obligations from FX swaps and forwards pose a threat to the stability of the forex market.

Concerns about the wider economy and its impact on disposable income have eroded individuals’ appetite for FX trading, despite attractive levels of volatility.

State Street’s Chip Lowry, a board member and former chair of the Foreign Exchange Professionals Association, talks to Euromoney about his new role on the Commodity Futures Trading Commission’s market risk advisory committee.

As the industry digests the results of the latest BIS triennial FX survey, Euromoney canvasses opinion on the implications of the key findings.

Market experts fear that continued inflation and poor growth mean that many currencies are vulnerable to the pressure that the UK has seen recently.

Asia’s central banks have fought hard to protect the value of their currencies this year as the dollar has soared. But each of them has a limit to their appetite for that defence.

The weakness of the pound and strength of the dollar has implications for companies on both sides of the Atlantic.

The market for remittances is expected to grow by almost 10% in 2022, driven by diaspora-linked savings.

Recent volatility has encouraged many corporates to switch out of longer tenor instruments.

In public at least, the Bank of England has been determined to end its gilts intervention when it said it would, but it’s getting harder for the BoE to manage its conflicts – and the market doesn’t know what to believe any more.

While the UK government remains unwilling to make notable concessions on its economic policies, the Bank of England will struggle to restore confidence in the embattled pound.

Kwasi Kwarteng’s debt-funded tax giveaway has re-priced UK risk at a stroke, but the high cost may bring scarce benefit.

The recent multi-decade lows experienced by the pound and the yen may have different origins, but they are also a reminder that history has a habit of repeating itself.

Removing UK bonus caps and undermining the BoE could exacerbate a sterling crisis while entrenching US IB dominance.

Europe and the US remain the focus, but LatAm and Asia Pacific will also contribute to volatility in 2022.

The strength of the Australian economy is not enough to convince analysts it is a good time to increase AUD exposure.

Holders of cryptocurrency pay a heavy price for greater privacy.

UK policymakers are trapped between reducing inflation and boosting the flagging economy.

Progress on implementing the proposed minimum global tax rate may be uneven, but it will have implications for all.

China’s support for Russia is part of its strategy to reduce the world’s dependence on the greenback – might it work?

Despite some notable challenges, Latin American currencies could continue to surprise in the second half of the year.