FX markets have been characterised by persistently low implied volatility punctuated by sharp, short-lived spikes, raising questions about how volatility is traded across FX markets. This panel explores how PMs trading FX and options adapt strategies across shifting volatility regimes, particularly when realised and implied volatility appear disconnected from macro and geopolitical risks. Speakers will discuss how they trade through extended low-vol environments, manage option exposures and systematic volatility strategies, and adjust positioning when volatility spikes quickly mean-revert. A practitioner-led discussion on calibrating exposure as regimes evolve, and integrating volatility signals into FX and multi-asset decision-making.