And Finally…

I have been keen in the past (appropriately so I still believe) to argue that the FX industry could do much more to help Mark Johnson fight his case and appeal against conviction for misconduct. The judges are apparently now considering whether striking down the conviction would mean a return to the “wild west” in […]
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And Another Thing…

I read this week that UBS’ compliance head Markus Ronner believes that while they will inevitably remain high, compliance costs for the banking industry have peaked. There are undoubtedly a host of financial markets’ participants out there who fervently hope he is right, actually if it comes down to it, I hope he’s right! The […]
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And Finally…

Have we finally hit the wall in terms of our willingness, as a broad financial markets industry, to accept the continued race to cut a few microseconds off the speed of trading? I suspect we may have, for as P&L editor Galen Stops’ articles on speed bumps in the listed derivative world have highlighted, this […]
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And Another Thing…

I may, not for the first time, be reading too much into a brief sentence, but I found it significant in my conversation with Simon Potter, outgoing chair of the Global FX Committee, that when talking about the review of the Code he mentioned “the handling of larger orders” as one area of possible review. […]
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And Finally…

As can often be the case when writing an opinion column, I have been taken to task by the readership over the past couple of days over my criticism of “full amount” trading. To be fair to all parties, there is a big caveat, however, and that is that for this method to work my […]
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And Another Thing…

Back in the day there were certain “clients” who would flat-out lie to their LPs about their trade being “full amount”. Nowadays, thanks to better data and analytics this type of behaviour can be spotted fairly easily and this has meant that now clients are quite open about the “full amount” not actually being “full […]
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And Finally…

So we brace ourselves, as an industry, for more bad headlines about conduct in the FX markets, however in contrast to previous instances, the industry should be ready on this occasion. The culmination of the European Union’s clearly exhaustive and complicated investigation into events that first came to light six years ago is upon us […]
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In the FICC of It

In this week’s podcast P&L’s editor Galen Stops is in ebullient mood as trend followers return to profitability and he is quick to let P&L’s managing editor Colin Lambert – who predicted the death of trend following last year you may recall – know this fact. As well the expected bluster and refusal to change […]
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The Problem with Cryptocurrencies….

One of the ongoing problems regarding the adoption of cryptocurrencies by mainstream financial firms was on full display at a fintech event hosted by the Depository Trust & Clearing Corporation (DTCC) in New York this week. The problem was highlighted by a fairly innocuous sounding question from the moderator: what is the problem that cryptocurrencies […]
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And Another Thing…

Following last week’s column I am obviously in the bad books of a small number of buy side firms and as such I intend, in true fashion, to dig myself in a little deeper today. There is a trend in the buy side, indeed business generally, that makes peer-to-peer matching on any reasonable scale even […]
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