Euromoney's latest coverage of the currency.

The flexibility of any response to a big market event is too restricted, especially by narrow trading hours for 24-hour markets

With less than 10 months to go until the UK formally leaves the European Union, most FX venues remain content to wait for the outcome of negotiations around key issues such as financial passporting before confirming their future strategy.

Kevin Rodgers gives his personal views on the trial and conviction of FX banker Mark Johnson and its ramifications for global markets. Anyone working in banking should consider what it means for them.

A strengthening dollar is going to make life harder for emerging markets, whether you want to hear it or not.

Some of the early excitement around peer-to-peer (P2P) FX appears to have subsided, with firms suggesting that clients do not care whether trades are matched internally.

With a spike in volatility and the opportunity to consign conduct issues to the past, this might have been a turning point for global FX, but faced with a range of challenges, many market makers are retreating to core competencies.

The Euromoney FX Survey 2018 is our 40th annual survey of liquidity consumption in the global FX markets.

…if you’re big, fast or specialized in modern foreign exchange. That has led to dramatic changes in the volume-based rankings in our annual survey. Meanwhile, new customer satisfaction ratings give a different insight into the banks’ relationships with their clients.

Banks are having to pedal back on big ambitions and focus instead on core competencies, but that could be positive for all.

Adherence to the FX Global Code has gained momentum ahead of the one-year deadline on Friday, but senior traders are concerned the buy side is less committed than the sell side.

Euromoney magazine has released the results of its 40th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.

Euromoney's latest coverage of the single currency.

The deadline for registering statements of commitment for the global code is only a day away, and market participants are reporting difficulties finding who has signed up, with statements spread out across eight registers – but GFXC has a plan to alleviate the problem.

The volume of sub-Saharan Africa (SSA) FX business done electronically is growing, with the large South African banks in the vanguard.

The Global Foreign Exchange Committee (GFXC) is trumpeting the fact more than 100 market participants have made statements of commitment to the FX global code, but these organizations face obstacles to maintain adherence, according to consultants.

A senior currency trader fired from Royal Bank of Canada is taking the bank to task at an unfair dismissal hearing that includes accusations of sloppy trading, alleged bribery and an 'incoherent and inconsistent' global FX policy that he claims no one had bothered to read.

The sell side has largely realized the potential of technology to minimize the impact of FX market fragmentation, although experts suggest it could do more to extract value from the data generated by electronic trading.

International investors blame political uncertainty; locals view sell-off as weakening carry-trade dynamics.

The most active corporate FX traders have once again ramped up their use of algos, recognizing the potential for cost savings and risk management.

The prime brokerage market will be hoping for a boost from the imminent launch of BNY Mellon’s new service, which will represent a reversal of the trend for larger banks to leave the space.

Objective to increase transparency has largely failed but liquidity remains resilient, say senior traders.

Global cooperation between regulators must be preserved after the UK leaves the European Union, says Kay Swinburne.

Finance ministers and central bankers at the G20 have called for greater global coordination in their approach to cryptocurrencies, but that looks a remote prospect when different regulatory bodies in the same country cannot agree a strategy.

China’s interbank market trading platform and infrastructure provider has ramped up its technology partnership with NEX to capitalize on the ever-increasing appetite for algorithmic trading.

ESMA and IOSCO are looking at how best to tackle the issue of excessive leverage in the retail FX market – reactions among retail brokers are mixed.

Traders are having to manage a surge in the number of prices they handle, as counterparties implement FX code of conduct guidelines.

Euromoney looks at the approach taken by regulators to encouraging fintech innovation in North America, after the announcement of a formal information exchange arrangement between the UK’s Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC).

Comments made by the US regulator at an FX industry event in Miami in February have raised the hackles of some market participants over the thorny issue of ghost or phantom liquidity.

MarketFactory chairman James Sinclair sets out the reasons why FX liquidity could fragment further, in a new white paper.