In this week's In the FICC of It podcast, P&L's editor Galen Stops tries to rein in a punchy managing editor Colin Lambert. So to find out what is a "social experiment" and what report "is a propaganda exercise" listen in. Along the way there will be more considered opinion and insight on the changing dynamic of the LP-client relationship, including a quick way to identify changing LP behaviour, as well as a look at what is, at face value, a surprising deal involving FXall and 360T.
In the latest edition of Profit & Loss' podcast series, In the FICC of It, managing editor Colin Lambert and editor Galen Stops discuss some of the news stories that have hit the headlines over the past week. They discuss the surprising departure of Fastmatch CEO Dmitri Galinov, the drivers of latest deal in the FX trading platform world and the challenges and opportunities facing the CTA industry. They close out with a few quick thoughts on the first anniversary of the FX Global Code and as you would expect, they are "off message"!
So we’ve just published our Q3 edition of Profit & Loss magazine, which includes our prime services special report, and I wanted to share some thoughts about one segment of it.
When I first started the report I was very negative on the prospects for FX prime brokers, over the eighteen months or so I’d heard so many complaints about credit constraints, about offboarding – I don’t think that was even a phrase that I’d heard prior to SNB – and the general retrenchment of FXPBs.
Now obviously SNB was a catalyst for a lot of these issues, but really it just exacerbated a trend that already existed and this was caused by the introduction of new regulations that made it more expensive for banks to offer FXPB services to a lot of clients.
As P&L’s resident cryptocurrency enthusiast I'm excited by some of the developments that have occurred in this space over the past few months, because it could signal the start of these digital assets moving towards the financial mainstream.
To help explain why I think this is such an interesting time in the cryptocurrency space, I explain how I first became interested in them after joining Profit & Loss, that I refused to buy bitcoin when it was at $1,000 because "it will never go higher than this" (it's now at $4,300) and why recent regulatory developments could have significant implications for financial services firms looking at trading cryptocurrencies.
CTAs have, generally, not been doing well in 2017, judging by the major indices that track their performance. Profit & Loss deputy editor, Galen Stops, relays a conversation that he had with a portfolio manager at one alternative investment firm (with AUM of over $10bn) to illustrate why some investors are very negative about the outlook for investing in these firms right now, even beyond the immediate problem of low returns.
For a more in-depth look at some of the challenges facing CTAs and the trends that are shaping this segment of the market, see Profit & Loss' previously published piece: CTA Performance: Decline or Dip?
Lots of people are talking about the Global Code of Conduct, but are they asking the right questions? Profit & Loss deputy editor, Galen Stops, discusses why incentives might be more important that enforcement mechanisms when it comes to ensuring adherence to the Code.
With less than one week to go before Forex Network Chicago, Profit & Loss has produced this podcast to preview the panel sessions on Day One. Listen to P&L’s managing editor, Colin Lambert, and deputy editor, Galen Stops, as ...
This is the inaugural edition of Profit & Loss’ In the FICC Of It, a new podcast series that seeks to cast an eye on the news of the week and highlight some issues for further analysis.
This week, P&L’...