Currency markets

Choice of collateral currency

Collateral agreements are becoming popular in the over-the-counter derivatives market. Masaaki Fujii and Akihiko Takahashi demonstrate its significant impact on derivatives pricing with a direct link to the cross-currency market. The importance of…

South Korean export markets won’t slow

South Korean freight derivatives growth will not slow, despite the financial regulator’s institutional warning to Barclays and a caution to an individual at JP Morgan for breaking local banking rules by selling inappropriate currency derivatives that are…

Asia Risk 15: Delivering options for FX derivatives

The Asian foreign exchange markets have experienced more than their fair share of ups and downs during the past 15 years. But the phenomenal growth of trade flows between Asia and the rest of the world, and more recently, within the region, has created a…

The rise of multi-currency options

Adrian Campbell-Smith (RBS Currency Options Trading) and Ben Hamdani (RBS Currency Structuring) examine the realm of multi-currency options and explain some of the reasons behind their increasing popularity

Playing on forex correlation

The eurozone crisis sent market participants scrambling to put on macro hedges. A popular trade was to short the euro, but with the cost of this strategy escalating, some turned to correlation products. By Christopher Whittall

Hedging risks rethink

Sharp moves in foreign exchange currency pairs during the past 18 months have resulted in institutional investors reappraising their currency risks and hedging techniques. Some investors are using new instruments to better match their liquidity profiles…

A reversal of power

Investor demand for power reverse dual currency structures has fallen off a cliff as these once high coupon-paying instruments have morphed into zero coupon bonds with lock-in periods of up to 30 years. Issuers have also incurred significant costs. Is…

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