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In the FICC of It It may be his life-threatening illness (slight cold) but Colin Lambert is in punchy form in this week’s In the FICC of It podcast, so listen in as he and Galen Stops discuss a busy week in the FICC world. Starting with the potential implications of Cboe’s agreement with UBS to help broaden the reach of its FX platform – and why Refinitiv might want to sit up and pay attention – they rampage through the multi-dealer platform world looking at how (if according to Lambert) platforms can differentiate themselves. Are these firms really taking the single dealer model and deploying it in a multi-dealer landscape? Will this work? What are the USPs of a single and multi-dealer platform?
In the FICC of It The band is back together again in this week’s podcast as Galen Stops returns from a short holiday to join Colin Lambert to discuss all things currency – this week (much to the relief of P&L’s audio engineers) with no interruptions from wildlife or pool attendants! Listen is as they highlight growing concerns in the industry that it may be harder to spread the word about the FX Global Code than previously thought, thanks to the realities of life on buy side and vendor side. On the subject of transparency and ethics, Lambert is keen to talk about the new phenomena of “full amount” trading in FX markets and Stops expresses his feelings about the proposed Code of Conduct for cryptocurrency markets. As always there is room for the random, so why does Lambert want a merger between the new digital assets association and the recently renamed Wholesale Markets Brokers Association? Listen in to find out.
In the FICC of It High drama in this week’s podcast as it is revealed that editor Galen Stops has been removed from duties…either that or he is in Bali on holiday. Thankfully, P&L’s editor-in-chief Julie Ros is on hand to step in as guest podcaster, and while this does mean regular Colin Lambert feels he has to be on his best behaviour (he fails of course), it does mean we can bring you a quick trip around the wild life of upstate New York! The last week has seen the return of volatility to crypto markets, which has at least got Lambert excited (he never can resist a moving market), although Ros has a different take on what people should be talking about when it comes to these still relatively nascent markets. Our podcasters look at potential use cases for the technology underpinning the crypto space, liken it to the e-FX boom that accompanied the launch of P&L, before moving on to discuss the changing attitude of customers to FX markets. The randomisation that has become associated with In the FICC of It is maintained as well, with a closing question to Lambert that is definitely from left field!
In the FICC of it “I have a great idea,” said P&L’s managing editor Colin Lambert. “Let’s record the podcast by the pool…” Yes, we are back on the road again with this week’s podcast recorded in Hong Kong on the sidelines of the Profit & Loss conference there and thankfully our audio engineers managed to alleviate the worst impact from Lambert’s “clever” suggestion. So listen in as regular podcasters Lambert and P&L editor Galen Stops are joined by returning guest John Ashworth, CEO of Caplin, who immediately “owns” them by dropping a fantastic Hong Kong fact into the conversation very early. Topics include a discussion about a very eye-opening chat at the start of the conference which looked at the chaos in Washington DC, the evolution of AI and Fintech and the differing attitudes to crypto markets in Asia and the US. The podcast also includes Lambert’s observations on some very interesting answers to his questions on the future of the FX swaps market during the liquidity panel, however this week’s edition does come with a warning as it closes out by providing an image that some listeners may find disturbing!
In the FICC of It This week’s podcast sees Colin Lambert and Galen Stops discuss the latest lawsuit facing banks over their actions in FX markets, during which Lambert invokes the spirit of a film that he can’t remember the name of, by asking, “Could you ask me that question again Galen?” Stops also has a series of questions relating to the Virtu-ITG tie up reported this week as our two podcasters discuss the evolution of the non-bank trading firm business model. Where do these firms expand? Lambert is fairly confident (is he ever not?) that it is not by buying other trading firms, but both men see opportunities away from trading. They also discuss volatility in crypto markets and ask – at what stage does the institutional enthusiasm for crypto start to weaken? This week’s podcast also highlights how Lambert giveth…and taketh away…as it is bookended by praise and ridicule for his colleague! Find out why by listening in to this week’s edition.
In the FICC of It In this week's podcast Colin Lambert and Galen Stops focus in on what seems to be a growing debate about the value and indeed future of the FX Global Code following the acquittal of the three members of the Cartel. Discussing the implications of the jury's decision and the reaction from the FX industry, regular listeners will not be surprised to hear that our two podcasters manage to disagree over a few aspects of both the case and the debate.
In the FICC of It In this week’s podcast, Galen Stops lights the blue touchpaper and steps back to watch the fireworks by asking Colin Lambert about not only the Benchmark Fix, more specifically the research paper published this week, but last look as well following the news that a regional regulator is investigating the practice. Just to add to the mix, he also gets him going on another Lambert favourite, tracking error. They also discuss the FX Global Code and fintechs and ask, ‘should they be adhering and signing up to the Code?’ and Lambert shares some reader feedback on this week’s opinion piece on FX options brokerage.
In the FICC of It In this week’s podcast Galen Stops shares some feedback about a previous week’s discussion on electronification of NDFs and Colin Lambert reports from an equity-focussed market structure conference, some of the statements from which, surprised him and lead to another one of his “theories” about the relationship between FX and equities. Our two podcasters also dive into the big announcement from the crypto world that Fidelity are stepping into this space in a big way and ask the question, who comes next? They close out with a brief example of the challenge facing Refinitiv as it rebrands, before asking the question first put in yesterday’s And Another Thing…Was FXMarketSpace really, as Stops puts it, “the right idea at the wrong time?”
In the FICC of It 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.
In the FICC of It This week’s podcast was delayed because Galen Stops had difficulty connecting from Peru…that or the fact that our podcasters were intimidated by the quality of their guests the previous week and knew they couldn't match the standard! They overcome the fear factor, however and go on to discuss the local market in Peru as well as the broader issue of NDF market development, during which Colin Lambert thinks he sees positive signs coming out of Asia regarding electronification of these markets.