And Finally…

I’ll make this quick – it’s my birthday. Something that previous crises have had in common with the current pandemic-driven meltdown (and I am in no way minimising what is easily the most serious threat to the global financial system in some time), is that at the end of it people look back and see […]
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And Another Thing…

I occasionally get the odd bit of grief from those who disagree with my views, no more so than when I criticise the shift towards an equities market model. Criticism has never bothered me, someone much smarter and more successful than me once told me she preferred to talk to people who disagreed with her […]
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Fed’s Powell: “Had to do More”; Trump Happy

White House Watch takes a look at the latest US response to the Covid-19 crisis. The economic and financial response to the virus crisis took a giant step Sunday, a 100bp Federal Reserve rate cut to near zero, while the health care response was considerably less impressive, with disease testing still far short of what’s […]
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And Finally…

There’s nothing like a crisis to bring out the best and worst in people and the Covid-19 calamity is right up there with the best of them. Overall though, in terms of markets, I am not that surprised by how things have gone, indeed I am a little bemused at the amount of people who […]
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And Another Thing…

As we reported at the start of this week, Citi formally confirmed what most of us knew, that it was cutting the number of connections to its FX business. I see this as the start of a process, however – nowhere near the end – one that also reflects what is likely to be a […]
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How Machine Learning with Built-In Explainability Spells the End of Biased Algorithms

Davide Zilli, client services director at Mind Foundry discusses the importance of built-in ‘explainability’ in AI  and machine learning solutions to ensure full transparency and accountability. The financial sector, like many industries today, relies on algorithms to make sense of data, conduct large-scale machine learning (ML) analysis and forecast outcomes. These algorithms are both effective […]
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And Another Thing…

I mentioned in a recent column the increasing noise around fragmentation in equity markets, specifically end user frustration and unhappiness with it, but it is noticeable to me that the same discussion is gaining more volume in FX. Now I need to stress that this is not me (for about the 10th time) predicting consolidation […]
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And Finally…

In this column on February 10 I bemoaned the lack of risk takers in markets, noting that the surge in passive investing in equities markets meant that inevitably the market swings, especially during corrections, will be wild. The last week has kind of highlighted what I meant, it is to be hoped that CTAs and […]
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And Another Thing…

Sometimes it just pays to have the odd rule in your trading ecosystem to protect you from when things – as they inevitably do – go wrong. The latest to discover this is Japanese crypto exchange Quoine, which this week lost an appeal against a ruling in Singapore that it wrongfully reversed seven crypto trades […]
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And Finally…

The “buy side” is a hydra – we use the phrase for convenience rather than accuracy – and indeed as more buy side firms face holding more risk and, possibly, seek to match with other firms, even this generic description may be out of date soon. So with the caveat that what I am about […]
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