This week’s podcast begins with Galen Stops, editor of Profit & Loss, giving his perspective on the attempts by US politicians to grill a Facebook representative regarding the planned launch of its new cryptocurrency, libra. Stops highlights the good, the bad and the ugly from the Senate and House hearings, but when Colin Lambert, managing editor of Profit & Loss, asks him about the long-term viability of libra, Stops confesses to being uncertain what the impact of the hearings will be.
Stops then brings up a previous topic of debate from the In the FICC of it podcast series when he remembers that the decision by Citi to cut non-bank market makers as clients of its FX prime brokerage service means that yet another of his predictions from that start of 2019 has come to pass. However, Lambert is quick to highlight another of Stops’ predictions that isn’t faring quite so well…..
The podcasts ends with Lambert discussing the latest woes for Wells Fargo, and his background as a trader is clearly on show as he talks about how it certainly looks as though the traders in this debacle have been dealt with rather harshly.