White House Watch: Transitioning to Virus Mitigation

The stock markets Monday seemingly resigned themselves to the long slog of bad virus news ahead, gaining around 4.5% to 5.1% as the drastic repricing of last week was recalibrated somewhat in the opposite direction. At the White House, the first of vice president Mike Pence’s daily virus briefings had as its top headline, the […]
Read More »

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 […]
Read More »

In the FICC of It

Market structure dominates this week’s podcast as Colin Lambert goes to town on the SEC’s refusal to grant Cboe permission to implement a speed bump (and along the way take a few pops at the equity market structure of course), before touching upon news that the LSE-Refinitiv deal may be delayed and what that means […]
Read More »

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 […]
Read More »

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side firms face holding more risk and, possibly, seek to match with other firms, even this generic description may be out of date soon.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 […]
Read More »

And Another Thing…

I have been away in the wilds of Australia for a week so a little rusty on what’s hot, but something did catch my eye as I was waiting for my flight home yesterday – yet another realisation by US authorities that they may have got something wrong in their post-GFC rush to regulate everything […]
Read More »

And Finally…

Talk to any service provider – the customer is at the centre of everything they do. I am, therefore, a little confused, or perhaps fearful for those pushing this line, by some of the data in the latest turnover survey by the UK’s FX Joint Standing Committee (JSC). Of course, at the same time as […]
Read More »

P&L Talk Series with Raidne’s Jamie Walton

With increased interest in financial benchmarks generally, Colin Lambert talks to Jamie Walton, co-founder of Raidne, about Siren, a new FX benchmark that seeks to make things fairer for both buy and sell side. Colin Lambert: What is Siren? Jamie Walton: It’s an idea we had after a meeting with the Bank of England in […]
Read More »

And Another Thing…

I played golf the other week, you’ll all be pleased to hear, and it didn’t go too bad. The only real hiccup was when the pro shop directed us to start on the 7th hole we arrived there to find we were behind three other groups of players – at which point my friend said, […]
Read More »

Retail Flow Is Not Easy to Price

A widespread misconception has taken hold in FX, that retail flow is easy to price or, as it is commonly referred to, “soft”. At a very basic level, the logic behind such an assumption generally runs as follows: retail traders represent uninformed flow and the vast majority of them lose money, therefore it must be […]
Read More »