White House Watch: Structural Change Not Always Intentional

Huge disruptions, pandemics and wars, can cause fundamental changes down the line that were not anticipated and which were hard to recognise at the time. Which brings us to the Federal Reserve in this time of crisis. Wednesday afternoon Chairman Jerome Powell will be explaining to the world the policy statement that is released at […]
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In the FICC of It

This week’s podcast features Colin Lambert and Julie Ros taking a look at the week’s event, along with a bit of inter-office banter. Lambert kicks off by asking a question of Ros and the audience and, when he eventually gives the answer later in the podcast, the latter is quick to claim she was going […]
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And Another Thing…

Another week another meltdown in a market – this time oil, which, as I am sure you all know, went negative this week in the US as yet again the world was shocked by something that they really should have seen coming. This is becoming quite a regular feature of markets in the data-driven, automated […]
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And Finally…

Thursday’s column on what constitutes “institutional” and what exactly is an LP got people fired up, but before that I need to reiterate that my praise in that column for those doing good in the industry was not limited to the two Hall of Famers I mentioned. Although we do run the HoF and naturally […]
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And Another Thing…

Nearly all liquidity is, to a degree, recycled, and always has been – a market cannot start without someone either posting interest or (often metaphorically) stating, “this is my price”. I get that, and my frequent and overwhelmingly negative comments on this recycling aspect of the FX market do take that into account – but […]
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And Another Thing…

Long term readers and listeners to our In the FICC of It podcast will know that I am sceptic when it comes to some of the claims made about crypto markets – especially that they are something new and innovative. My scepticism was reinforced this week when I received some research from crypto liquidity provider […]
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And Finally…

This is a tricky one for me because I believe in open markets – I don’t like circuit breakers or enforced spreads; I think a market should be what it is, especially in times, like now, when it accurately reflects the uncertainty in the world (and business models). Spreads are wider, and rather than complain […]
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And Another Thing…

We should not be blind-sided by the relative calm at this week’s quarter end WM Fix, the fact is FX market conditions are as bad as I can remember them in my almost 43 years in the industry – and that includes countless multi-big figure days (or hours sometimes). The difference when those conditions hit […]
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And Finally…

If you want an example of how some in this industry, and the media, are reactionary, stuck in (literally) a different decade and prefer to cast blame than accept some responsibility – look no further than this week’s quarter end Fix. I have raised the subject a few times over the past week and quite […]
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And Another Thing…

As I am making predictions this week, and for once it seems to have gone OK (still time, I know), let’s maintain the momentum. When the world comes out of this crisis, financial markets will look different, but very familiar to some. I was talking to a friend who runs a fintech business in our […]
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