What Really Happens to Markets Around Flash Crashes?

This content was sponsored by Deutsche Bank Several high profile flash crash episodes have been reported in recent years. Their frequent occurrence has raised concerns around the stability of the market, and has attracted attention from both regulators and market participants alike. In this article we highlight two of DB’s market-leading research pieces in this […]
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Self-Learning FX Algos: Part of the Shifting TCA Battleground

Galen Stops takes a deep-dive look at how Goldman Sachs is adding self-learning elements to its FX algos, and where this technology fits into the shifting analytics landscape across FICC markets. Goldman Sachs has for some time now offered a variety of algorithms to clients for trading FX, ranging from the more aggressive ones that […]
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Currencies in Competition

On first glance there appeared to be few significant changes of note when looking at the currency-specific data in the latest BIS survey. But scratch beneath the surface and this data asks some important questions, says Galen Stops. Looking at the data regarding the currencies themselves in the latest OTC FX turnover survey from the […]
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BIS: How Did We Get to $6.6 Trillion?

The Bank for International Settlements’ Triennial Survey of FX Turnover sent the market’s activity benchmark to a new high, but what drove the growth and what does it mean for the industry? Colin Lambert finds out. The first thing to note about the Bank for International Settlements’ $6.6 billion figure for average daily turnover in […]
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Are FX Swaps Ready for Blockchain Settlement?

Profit & Loss recently reported on a new venture designed to settle FX swaps via blockchain-based technology. Galen Stops takes a closer look at the genesis and the mechanics of this solution. Having worked in liquidity management at Bank of Ireland and then UBS, Brian Nolan observed firsthand how the regulatory expectations around intraday liquidity […]
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The Great Migration

The past few years have seen a significant number of senior figures from the FX market transition into the digital asset space. Galen Stops talks to a few of them about where they see the parallels, differences and possible convergences between the two markets. Galen Stops, editor of Profit & Loss: Where do you see […]
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Time to Get Creative?

Does FX still have the ability to innovate the way that it did 20 years ago? Galen Stops finds the industry divided on this important question. When Profit & Loss launched 20 years ago, the FX market looked very different than it does today. Much of the industry was still trading via voice channels, pricing […]
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FX: A Relationship Business

Mike Harris, President of Campbell & Company, talks about the changing dynamics of trading relationships over the past 20 years and why he’s still bullish on FX as an asset class. Profit & Loss: When you think back to 1999, what was the biggest difference between FX trading then and now? Mike Harris: The biggest […]
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The 20 for 20 Countdown – Part Four

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 5-1. 5. Chatrooms It seems incredible that it is now over six years since word […]
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