The Cambridge Foreign Exchange Initiative

Who are we

The Cambridge FX Initiative is an intellectual hub convened by the University of Cambridge.

The Initiative supports rigorous, independent research on topics central to modern foreign exchange (FX) markets.
It brings together researchers, policymakers and market participants in an independent forum, to share insights and increase global understanding of FX markets and how to make them more efficient and resilient.

Reviewing markets on a tablet.

Learn more about us

People

Discover the researchers, leadership and collaborators driving the Cambridge FX Initiative forward.

Research

Explore our current and past projects that advance understanding of FX markets and their economic impact.

Engagement

Learn how to collaborate, access resources or participate in events and initiatives with the Cambridge FX network.

Our latest research

Large moves in the FX market

We challenge the idea that big currency moves are random, showing option prices often signal them in advance and can guide trading.

US rate shocks & currency returns

We study how unexpected US interest rate decisions affect different currencies, showing some are more sensitive & earn higher returns.

Downside risk & currency returns

We show currencies whose options signal greater downside risk earn higher average returns, highlighting skewness as a key currency risk.

Events

Cambridge Judge Business School’s Symposium on Foreign Exchange Markets (SFX) is an annual event showcasing cutting-edge research into currency markets.

Supporters

We’d like to thank our founding partner CME Group, and the following supporter organisations. Their invaluable support towards this initiative bridges academic research and market practice to generate impactful insights for policymakers, market participants and researchers alike.

  • CME group logo.
  • Pembroke College logo.
  • CERF logo.
Top