Colin Lambert

A Message from Julie Ros, Founder of Profit & Loss

Dear Readers, Profit & Loss has weathered many storms over the past 21+ years, including the tech bubble burst in 2001-2002, the depressed market environment following 9-11, and the global financial crisis of 2008-2009, but the current and ongoing global pandemic has caused challenges to our international events business that are outlasting our ability to […]

And Finally…(literally)

At one stage I did plan to make this more humorous by expressing my support for extended last look times, the re-cycling of liquidity, the increased blurring of lines between retail and institutional and, of course, a shorter Fix window – all as part of what would be the world’s most misleading job application. I […]

Deutsche, Primetals, Agree ESG Derivative Framework

Deutsche Bank and Primetals Technologies have reached agreement on what they claim is the world’s first hedging concept that links currency options to sustainability goals. The framework agreement enables Primetals Technologies to hedge its currency risk with FX options with the bank over a period of four years. Should Primetals Technologies fail to meet the […]

Momentum Building: FX Swaps on the Cusp of Change

Is the last bastion of the “traditional” FX market about to be overrun? Talking to market participants and technology providers, Colin Lambert is starting to think that market structure change in FX swaps is, finally, upon us In terms of false starts, the restructuring of the FX swaps market has, over the past decade and […]

P&L Talk Series with Baton Systems

With settlement risk very much on authorities’ agenda, Colin Lambert talks to Alex Knight, head of global sales and EMEA at Baton Systems, about the challenges facing the industry…and the solutions. Colin Lambert: Last year the BIS surprised quite a few people by highlighting the scale of settlement risk in FX markets in its Triennial […]

360T Launches HyperSonic

Deutsche Borse’s 360T has launched HyperSonic, an aggregator and order book for spot trading across its disclosed TEX and undisclosed 360TGTX market places. By creating a common orderbook for the broad franchise that 360T has spent the past 20 years building, the firm says HyperSonic “substantially increases” the range of spot FX liquidity that participants […]

FIA Unveils CCP Tracker

FIA has released the first version of its CCP Tracker, a set of online interactive visualisations that provide insights into the financial resources and risk exposures of derivatives clearinghouses. The association observes that clearinghouses play a key role in ensuring the stability of financial markets by acting as a central counterparty and maintaining financial resources necessary to cover losses from a […]

Huobi Launches Tether-Margined Swaps

Huobi Futures is tapping into the burgeoning stablecoin market with Tether (USDT) margined swaps. The swaps, which launched this week with 10 cryptocurrencies including bitcoin and Ethereum, are available to trade via the Web and API, with trading on APP soon to be supported. The total market capitalisation of stablecoins has grown from $2.6 billion […]

And Finally…

As flagged in Thursday’s column, I want to revisit the subject of pre-hedging and the FX Global Code – and it is timely to do so given that the US Supreme Court is expected to review Mark Johnson’s petition to have his case heard and, eventually, overturn his conviction. The “offense” committed by Johnson, even […]

The H2 Edition of Profit & Loss is Now Available

The second edition of Profit & Loss magazine for 2020 is now available online, click here to access all the usual features as well as our main feature on the evolution of the FX swaps market – is it really, finally, on the cusp of radical change? There are also features on spoofing in spot […]

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