It was 10 years ago yesterday that one of the more higher profile ventures of recent years in the FX space shut its doors in that October 17 2008 was the last day of trading for FXMarketSpace.
There have been times in the past five years when people in the industry – and I have to stress they did not work for FXMS at any time – have told me they thought the centrally-cleared, anonymous model would have been ideal for the current environment.
The paradox of data is, as observed by panellists at Forex Network Chicago, while the data itself is becoming cheaper and more easily accessible than ever before, the resources being allocated to analysing it are increasing, bringing with it increased costs.
“The core fundamental cost of collecting data and storing and processing it is cheaper than ever,” observed John Ashworth, CEO of Caplin. “The premium is going to be on the labour force that will be doing the work on the data.”
In this week’s podcast Galen Stops reports from Stockholm on his observations from last week’s Profit & Loss conference in that city, and his interruption by abseiling window cleaners gives Colin Lambert the opportunity to tell his favourite window cleaning story.
On more pertinent topics, they discuss the obvious discord between Sweden’s central bank and local economists and Lambert gives his thoughts on the start of the Cartel trial – stressing the differences between this and the impending appeal of Mark Johnson.
Technology is also in our podcasters cross hairs as they look at blunt instruments to manage market risk and Lambert asks the philosophical questions, ‘Is the market always lagging technology and is this a good thing?’ and ‘at what stage do market participants revert to making the tech work for them rather than have the tech dictate their modus operandi?’
There’s also a quick skip through the latest from the crypto world and Lambert also feels obliged to call out one company for its chaotic start to live under a new moniker, and another for good “spin” around its volume numbers.