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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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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