FX and the Big Bang Theory

As electronic trading went mainstream, it created an explosion of growth in the market. But has this growth run out of steam? Galen Stops takes a look. The Big Bang Theory – in addition to being a popular American sitcom – is a well-known scientific thesis that posits the universe started with a small singularity […]
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The 20 for 20 Countdown – Part One

It’s been a busy 20 years since Profit & Loss launched. Colin Lambert and Galen Stops have picked out 20 key events or trends during that time and asked senior industry figures for their perspective on them – here’s numbers 20-16. 20. A New Currency for a New Era While the big event of 1999 […]
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Atlas Bank Eyes a New Model for FX Clearing

Galen Stops takes a look at how Atlas Bank is taking a new approach to prime banking and clearing processing in Latin America’s FX markets. Atlas has been around for quite some time now, and in fact has a long history in the FX industry. The group initially formed in 1994 with the launch of […]
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UK Execution Data Returns to Trend, but Concerns for Single Dealers?

Within the UK’s FX Joint Standing Committee (JSC) report on FX turnover, the data on execution styles suggests a return to trend on the part of the channels through which participants are trading. The last two reports from the UK have been notable for a significant surge in spot business executed via the voice channel, […]
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Analysing oneZero’s New Investment

A decade after launching, oneZero secured new outside investment this week. Galen Stops takes a look at the logic behind this deal for all the parties involved. Earlier this week, Lovell Minnick Partners (LMP), a private equity firm focused on investments in the global financial services industry, completed a minority investment in oneZero Financial Systems. […]
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Analysing the Implications of Citi’s FXPB Cull

The news this week that Citi served a 90-day notice to the largest non-bank market making firms in FX – including Jump Trading, XTX Markets, Virtu Financial, HC Technologies and, at an earlier point in time, GTS – that it is no longer willing to offer them FX prime brokerage (PB) services, certainly got tongues […]
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Peer-to-Peer Matching: FX HedgePool Tries a New Approach

There have been numerous attempts in the past to create buy side to buy side matching pools for FX, with very limited success. FX HedgePool is the latest venture seeking to do this and, as the company edges towards launch, Galen Stops takes a look at what it is doing differently. In April, Profit & […]
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Not So Fast: A Look at Eurex’s New Latency Mechanism

Galen Stops takes a closer look at the new latency mechanism being introduced to FX and certain equity options products by Eurex, in a bid to improve the order book. Speed bumps seem to be the topic de jour in the listed derivatives markets just now, with the Intercontinental Exchange (ICE) winning approval to implement […]
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P&L Talk Series with BNY Mellon’s John Arabadjis

John Arabadjis, head of markets macro strategy product and analytics at BNY Mellon, talks to Profit & Loss about the challenges associated with mining different data sources to produce new insights for investors. Profit & Loss: You were recently hired by BNY Mellon in the newly created role of head of markets macro strategy product […]
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Rationalising Buy Side Adoption of the FX Global Code

The changing nature of foreign exchange markets, not least the day-to-day participation of the buy side, offer a good rationale for why buy side firms should sign a Statement of Commitment to the FX Global Code, speakers argued at the recent Profit & Loss Frankfurt conference. Ahead of the Global Foreign Exchange Committee meeting in Tokyo […]
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