In the FICC of It

In this week’s In the FICC of It podcast, Colin Lambert apologises to the English nation and Galen Stops talks about the needs of a millennial. They also discuss the week’s news from the FX world including SGX launching futurised OTC products and LCH going live with deliverable FX options clearing, as well as deliberate upon how hedge fund performance is measured; US regulators’ attitudes to cryptocurrencies; and the latest blow to the desktop terminal industry. They close out with a quote from their favourite profession – the legal industry – which rather aptly reinforces something Colin Lambert has been saying for some years – and let’s face it, if he says enough at some stage a lawyer somewhere will have to agree, it’s the law of averages! In case you missed some of the original coverage this week, you can catch up here: SGX Launches “Futurised” OTC FX Product LCH Goes Live with Deliverable FX Options Clearing US Regulators Shift Attitudes Regarding Cryptocurrencies Hedge Funds Suffer in June: BarclayHedge And Finally…(subscription required)
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In the FICC of It

In this week’s In the FICC of It podcast, Colin Lambert has another one of his “theories” – this time about why 360T bought GTX – and Galen Stops thinks he knows why CboeFX is doing so well. They also rail against PR-speak when looking at this week’s news from the crypto and corporate world and ponder the value of corporate treasuries turning themselves into professional FX trading units. They close out by discussing the possibilities of voice activated trading by creating “eFXa” (Trademark pending) and P&L’s managing editor looks to continue his stellar* run of World Cup predictions by tipping yet another surefire winner.
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In the FICC of It

In this week’s In the FICC of It podcast, after last week’s confident prediction of a German World Cup win Profit & Loss’ managing editor Colin Lambert puts a hex on another team by predicting them as winners and editor Galen Stops volunteers to play fact checker on statements made by panellists at a conference. They also discuss this week’s news, including the Global Foreign Exchange Committee meeting, BNY Mellon launching an options business, the latest from the crypto world and the latest evidence (unproven) of regulatory arbitrage involving Australia and the US. On a more sombre note they also pay tribute to FX industry veteran Paul Chappell, who passed away this week, with a couple of lighter hearted stories involving him.
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In the FICC of It

In this week’s In the FICC of It podcast managing editor Colin Lambert and editor Galen Stops continue the tradition (yes, we know it’s three weeks in) of slamming a white paper from one of the world’s authorities. To find out the winner of this week’s “obvious conclusion” prize, as well as hear their thoughts on Mark Johnson winning bail and Deutsche Bank’s fine for FX malpractice, download the podcast now. Along the way you will also hear about a panel that was “moany”, they give a sneak peek of an exclusive story and, most importantly, they go truly off piste by giving their World Cup predictions!
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In the FICC of It

In this week's In the FICC of It podcast, P&L's editor Galen Stops tries to rein in a punchy managing editor Colin Lambert. So to find out what is a "social experiment" and what report "is a propaganda exercise" listen in. Along the way there will be more considered opinion and insight on the changing dynamic of the LP-client relationship, including a quick way to identify changing LP behaviour, as well as a look at what is, at face value, a surprising deal involving FXall and 360T.
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In the FICC of it

In the latest edition of Profit & Loss' podcast series, In the FICC of It, managing editor Colin Lambert and editor Galen Stops discuss some of the news stories that have hit the headlines over the past week. They discuss the surprising departure of Fastmatch CEO Dmitri Galinov, the drivers of latest deal in the FX trading platform world and the challenges and opportunities facing the CTA industry. They close out with a few quick thoughts on the first anniversary of the FX Global Code and as you would expect, they are "off message"!
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In the FICC of it – Surprise Optimism Regarding FXPB

So we’ve just published our Q3 edition of Profit & Loss magazine, which includes our prime services special report, and I wanted to share some thoughts about one segment of it. When I first started the report I was very negative on the prospects for FX prime brokers, over the eighteen months or so I’d heard so many complaints about credit constraints, about offboarding – I don’t think that was even a phrase that I’d heard prior to SNB – and the general retrenchment of FXPBs. Now obviously SNB was a catalyst for a lot of these issues, but really it just exacerbated a trend that already existed and this was caused by the introduction of new regulations that made it more expensive for banks to offer FXPB services to a lot of clients.
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In the FICC of it – Cryptocurrencies: Watch This Space

As P&L’s resident cryptocurrency enthusiast I'm excited by some of the developments that have occurred in this space over the past few months, because it could signal the start of these digital assets moving towards the financial mainstream. To help explain why I think this is such an interesting time in the cryptocurrency space, I explain how I first became interested in them after joining Profit & Loss, that I refused to buy bitcoin when it was at $1,000 because "it will never go higher than this" (it's now at $4,300) and why recent regulatory developments could have significant implications for financial services firms looking at trading cryptocurrencies.
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In the FICC of it – The Problem With CTAs Right Now….

CTAs have, generally, not been doing well in 2017, judging by the major indices that track their performance. Profit & Loss deputy editor, Galen Stops, relays a conversation that he had with a portfolio manager at one alternative investment firm (with AUM of over $10bn) to illustrate why some investors are very negative about the outlook for investing in these firms right now, even beyond the immediate problem of low returns. For a more in-depth look at some of the challenges facing CTAs and the trends that are shaping this segment of the market, see Profit & Loss' previously published piece: CTA Performance: Decline or Dip?
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In the FICC of it – The Global Code of Conduct

Lots of people are talking about the Global Code of Conduct, but are they asking the right questions? Profit & Loss deputy editor, Galen Stops, discusses why incentives might be more important that enforcement mechanisms when it comes to ensuring adherence to the Code.
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