Nomura Asia FX Strategy: Derivatives Trading Monitor
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Abstract
Nomura's Asia FX strategy note dated 12 October 2026 compiles derivatives trading data for the region's principal currency pairs, including USD/CNY, USD/KRW, USD/HKD, USD/TWD, USD/INR, USD/SGD, USD/IDR and USD/PHP. The report details option volumes over the past 24 hours and past week, the distribution of open interest, and near-term expiry dates. It lists notional values of calls and puts across strike ranges, offering a reference for liquidity conditions and risk exposure in Asian FX markets. The focus is quantitative: the note contains no macroeconomic forecasts.
Key Points
- USD/CNY trading was active over the past week, with several large puts maturing between November 2026 and October 2027.
- USD/HKD faces heavy put expiries in the next two weeks, including a 23 October put at a 7.8 strike with notional value of US$3.1 billion.
- USD/KRW saw notable put volumes at strikes of 1,342–1,350.
- USD/TWD recorded US$60 million in call volumes over 24 hours at strikes between 31.05 and 31.4.
- USD/INR saw calls of US$51 million each at strikes of 94.5–96.35.
- USD/SGD has a large put expiry on 28 October, with puts struck below 1.268 carrying US$1,167 million notional.
Methodology
By aggregating DTCC-registered option data, the report shows participants' strike preferences and expiry distribution across pairs, reflecting hedging demand and directional positioning.
Key exhibits
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