Coronavirus jolts FX options market

Currency options trading hit record volumes in March as markets reacted to foreign exchange volatility prompted by concerns about coronavirus’ impact on global economies.

The Federal Reserve, Bank of England, and Bank of Canada have been among a number of central banks to cut rates in recent weeks, causing options trading in G10 currency pairs to surge to two-year highs in some cases.

Spot FX traders have also seen increased demand, with one trader likening activity to the “old days” when