In the FICC of It

The podcast is still on the road this week as Colin Lambert and Galen Stops check in for the second time this week from Chicago – and they are joined by another guest podcaster, Caplin CEO John Ashworth. Listen in as he “owns” them with a terrific name drop as they discuss crypto regulation, potential limits to the market’s growth and the shift from retail to institutional. The podcast also discusses a real life use case of the FX Global Code and looks (and fails) for other uses, before moving onto data and a good slap down of the hype around AI. Book-ending the podcast are a plea by Lambert for further evidence to be considered in his debate with Stops over trend following (hint: It involves the Naim and eFX video on YouTube) – and each podcaster revealing their best “swag” from the exhibition hall at Forex Network Chicago.
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In the FICC of it

This is a very special In the FICC of it podcast as Colin Lambert and Galen Stops bring in some guest commentators at the Forex Network Chicago conference: they're joined by Jim Cochrane, head of North America sales at BestX, Peter-john Byrnes, vice president, Networks and Infrastructure at Elysium Technology Group and Al Crane, director of sales at MarketFactory. The subjects of data, connectivity, liquidity are covered and one of the guest commentators makes a serious error of judgement by asking Lambert for his thoughts on last look!
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In the FICC of it

It's a bumper edition of In the FICC of it this week as Colin Lambert and Galen Stops prepare to head off to Forex Network Chicago 2018, with both giving previews of the main issues that they plan to tackle on the panel sessions that they are moderating. The pair also discuss a report by the New York state Attorney General, which highlighted some major concerns about some of the crypto trading venues operating today. But the most interesting aspect of this story is the response of one exchange that decided to hit back at the AG in rather spectacular fashion - Lambert and Stops highlight some of the shots fired on (where else?) Twitter.
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In the FICC of It

This week’s podcast roars through a huge range of subjects and features Colin Lambert lamenting the demise of “crazy” hedge funds and Galen Stops questioning how much value there really is in the swathe of market data products coming to the market. Our two podcasters also take a look at TCA and ask, “does it really add value?” They delve deeper into the real challenges facing corporate treasuries (hint: it’s not execution) and the value, or otherwise, of them using currency overlay programmes; roll through the FX Global Code and into the end of the class action against Deutsche Bank over last look; and end up with exciting news for listeners attending Forex Network Chicago.
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In the FICC of it

This week's In the FICC of it Colin Lambert and Galen Stops discuss the implications of an FX market where intermediaries are sometimes more profitable than the risk-taking firms that are using their services, and the former - for once - is unsure who to blame for this state of affairs. Elsewhere, a new report claims that the FX Global Code is already leading to greater transparency and improved behaviour in the FX market, but Lambert isn't buying this explanation, and Stops recounts comments from a recent interview with the FinTech firm, Cobalt, and asks: is the #blockchain fad over in FX? The pair also explain that while, yes, hedge fund fees are in general still coming under downwards pressure, if you scratch beneath the surface there is evidence that investors are still willing to pay for alpha, they've just become savvier about analysing exactly what this constitutes.
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In the FICC of It

In this week’s podcast Galen Stops explains the devil in the detail behind the SEC rejecting bitcoin ETFs, the changing market structure in crypto generally, and how market participants are going about institutionalising the new asset class. Colin Lambert meanwhile, is in a punchy mood and wants to take everything and everybody to task. They observe how crypto-strategists are just the same as fiat strategists; discuss the barriers to entry for currency managers; the pricing of credit and liquidity in FX; and Lambert in particular has a problem with investors’ approach to allocating to hedge funds.
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In the FICC of It

In this week’s In the FICC of It, your podcasters are taken to task by a listener over some points they may have missed when discussing the State Street/BestX deal last week and Galen Stops asks Colin Lambert the question (on behalf of a listener), ‘can you be too client focused?’ They also look at the impact of political events on FX markets and Lambert appeals to listeners of a ‘certain generation’ (i.e. as old as he is!) to come up with times when global politics was potentially such an influence on FX markets? The evolving market structure of crypto markets also attracts their attention, and they ask the question; ‘Can innovation really thrive in banks today?’
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In the FICC of It

In this week’s podcast episode, Colin Lambert and Galen Stops share their views on the takeover of BestX by State Street. What does it mean for BestX’ USP of independence? What drove the deal? Will it be a success? They also touch upon the latest lawsuit in FX circles, served by former Fastmatch CEO and founder Dmitri Galinov against the firm and its owner, Euronext US, and ask whether this highlights yet another barrier to success for the swathe of fintech firms targeting the FICC sector?
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In the FICC of it

In this week’s podcast Colin Lambert attempts to sound informative on all things crypto, while Galen Stops is informative on all things crypto. They also discuss the shift in FX trading from anonymous to disclosed channels and its impact on last look as well as the latest on pre-hedging from the Global FX Committee. There is also time for one to bang on about a correct prediction (to date) made at the start of the year and they also touch on "de-centralised" crypto trading platforms and realise it's just like the FX options market in the 1980s.
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In the FICC of it

In this week's In the FICC of it podcast, Colin Lambert and Galen Stops discuss the Mark Johnson trial, pointing out that if the current verdict is upheld despite the ongoing appeal against it and ACIFMA's decision to file an amicus brief in support of the appeal, it could have a very significant impact on both the Global FX Code and how the FX industry operates more broadly. They also look at why crypto regulation is unlikely to move as fast as some people in the industry would like, and why this might not be such a bad thing.
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