And Finally…

Another week, another move by a player in the FX CLOB space, this time from a primary venue in EBS. Albeit the actual changeover is still 18 months away, but what are we to make of the new matching model at what remains one of the platforms of record in spot FX? Probably the biggest […]
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In the FICC of It

On this week’s podcast P&L’s managing editor Colin Lambert is joined by Martin Pluves, CEO of the FICC Markets Standards Board (FMSB) for a broad ranging discussion around the evolution and use of technology in the trading business. The two discuss the governance of algorithmic execution processes, following a recent discussion paper and white paper […]
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And Another Thing…

I was asked by a younger generation market participant the other day, “how have things changed from your time in a trading chair?” The answers are obvious; I sleep in, don’t have the angst that I have to check prices every 30 seconds when I am out for dinner or drinks; and, naturally I can […]
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And Finally…

I’ve been pondering not only the decline in volumes at the primary FX venues, but also what seems to be a struggle on the part of any anonymous venue to really build numbers, and have come to the conclusion that while the slippery slope may not get any steeper, I don’t see many opportunities for […]
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In the FICC of It

In this week’s podcast, Colin Lambert casts his eye over a new challenge facing Refinitiv Benchmarks over the London 4pm Fix – something he confesses to not have even considered in the past, and then gives his thoughts on a small, but potentially important change at CME Group on its FX Link service. He is […]
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And Another Thing…

Something I get asked quite frequently is why I have such a dislike of last look, after all during my trading career it barely existed and anyone who did regularly “drop” others (that’s reject in modern day idiom) soon got a reputation they didn’t want (or the threat of a visit from some very “tasty […]
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And Finally…

It’s an interesting question to be asked, “why do you dislike customers so much?” I was asked just that when talking with someone (obviously a regular reader!) last week and it prompted a degree of introspection on my part before I answered confidently (is there any other way?), “No”. There is no argument from me […]
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In the FICC of It

The move by Refinitiv to a 5ms data feed on its Spot Matching platform has grabbed Colin Lambert’s attention this week, leading him to call for an open debate in the FX industry over the length of last look windows. With both primary venues at 5ms, is it now the time for platforms to step […]
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And Another Thing…

Compared to the mayhem of April, the June month-end WM/R 4pm Fix went off reasonably OK – there were no huge moves, just a steady grind lower by the dollar except for against the yen, where it was in demand for the second time that day (the first being the Tokyo rate set at 9.55am […]
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And Finally…

This week sees yet another change in the platform world with, as discussed during our first Dial-in Day in April, Refinitiv Matching releasing a 5ms data stream, bringing it in line with the top feed at EBS Market. This is the latest in a mini-rush of changes at ECN/platform level, following Euronext FX’s change to […]
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