And Another Thing…

Well Monday’s column put the cat amongst the pigeons – as writing about SNB-Day and re-papering trades always does. I am indebted as always, to those of you who shared and re-lived your experiences, the only pity was we were not in the usual location for the swapping of war stories! The exception, it is […]
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And Finally…

Reading the judgement on the latest leg of the legal action brought by CFH Clearing against Merrill Lynch over SNB-day activities five and half years ago, I find myself thinking that neither party comes out of the affair particularly well. On one hand we have a customer executing without due care and attention; on the […]
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In the FICC of It

This week’s podcast focuses largely on liquidity in FX markets, which naturally gives P&L’s managing editor, Colin Lambert, an opportunity to share some of his more strident opinions, not least when it comes to customers complaining about spreads. Luckily for listeners, Matthew Hodgson, founder of Mosaic Smart Data is on hand to provide some reasoned […]
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And Another Thing…

We’ll make this quick. The past few days have seen me receive several missives on a bitcoin ‘flash crash’ the weekend before last. I looked it up and as far as I can see the market dropped by around $1000 in quick time and recovered about half the losses. It shows how far bitcoin has […]
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And Finally…

I may have missed something here but I received an email about a retail broker – apparently this firm is “the global leader in online forex trading”, something they may wish to discuss with the thousand or more firms in FX who are not only bigger but probably better, which refers to “50% month-on-month growth” […]
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In the FICC of It

There is a controversial start to this week’s podcast as P&L’s managing director Colin Lambert ponders whether the US really does have an “innocent until proven guilty” ethos in its legal system, before debating whether a firm, no last look, order book can really be spoofed? He argues “intention to deal” is fairly easy to […]
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And Another Thing…

The latest Spotlight Review from the FICC Market Standards Board got me thinking about the waning ethos of “consenting adults” in markets, as well as about a piece of industry infrastructure that could be very useful in monitoring activity in FX markets especially. The Review from FMSB looked at the use of machine learning in […]
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And Finally…

It would be remiss of me, after so noisily calling for the FX industry to do more to support Mark Johnson’s application to the US Supreme Court for a hearing, not to congratulate ACI – The Financial Markets Association, and in particular the US chapter of said association, for its work in delivering a second […]
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In the FICC of It

There is plenty to talk about for this week’s podcast as Colin Lambert casts an eye over EBS’s plans to alter its matching engine infrastructure and shares some of the feedback he has received. He then has time to launch into a diatribe about the results of a survey last week indicating that spreads are […]
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And Another Thing…

I had an interesting conversation with someone this week about competition in FX markets, specifically how in May, pricing in spot markets on aggregators and multi-dealer platforms become much more competitive. In many circles this is seen as liquidity “normalising” meaning spreads inevitably come in, but I think it also shows something else – the […]
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