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 […]
Read More »

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 […]
Read More »

In the FICC of It

Colin Lambert flies solo on this week’s podcast, thanks to the sheer weight of news. So the agenda ticks quite a few “Lambert Boxes”, starting with his thoughts over the changing role of the Global Foreign Exchange Committee after this week’s virtual meeting, especially that group mentioning publicly, for the first time in a formal […]
Read More »

And Another Thing…

I first wrote about the use of client ‘tags’, especially pre-trade, in 2017; along with last look they comprised a solution that was ripe for abuse by the wrong sort of liquidity provider. You can imagine then, that I was pleased to see that Euronext FX has made the subtle switch of having liquidity consumers […]
Read More »

And Finally…

Last week the Mark Johnson case took its latest turn with the filing of a Writ of Certiorari, which effectively asks the US Supreme Court to listen to an appeal against the judgement. This may be the last step along a long and painful road for Johnson, his family and friends, and, indeed, the foreign […]
Read More »

In the FICC of It

Data is very much on Colin Lambert’s mind this week, but not in the usual sense. Thursday saw two glitches involving economic data releases, one of which had a comedy element, the other more troublesome, and while he understands mistakes happen, he wonders if we are going to see more of these incidents following the […]
Read More »

And Another Thing…

Monday’s column – predicably I have to say – prompted no little chatter on my communication channels, it’s always that way when I write about the primary venues, and amongst the always interesting conversations was an idea or two about why the April and May data were so awful, and the suggestion of a scenario […]
Read More »

And Finally…

So, do we need to talk about the primary venues? The ADV data from CME Group (which obviously includes EBS) and Refinitiv makes for pretty grim reading with the latter two reporting the lowest daily turnover since they started publishing data in 2007 and 2009 respectively, and the former being in the fifties of billions […]
Read More »

In the FICC of It

On this week’s podcast Colin Lambert is joined by Xav Porterfield, head of research at New Change FX (NCFX), to discuss a new method of measuring execution quality – the unit cost of volatility (UCV). Porterfield explains how the measurement actually derives from a landmark market impact paper in the mid-1990s before the two delve […]
Read More »

And Another Thing…

It’s a bold statement from a man who has proven again and again he is not afraid of rocking the boat, “We consider a full move to 24/7 spot FX trading a real possibility within the next five years”. So, is David Mercer, CEO of LMAX Group, making a bold statement or actually predicting what […]
Read More »