The feedback to Monday’s column was quick, comprehensive and did a very good job of raising my blood pressure. So strap yourselves in, this one comes from the sightscreen, is full of vitriol and, quite honestly, it’s very cathartic. Oh and by the way, if you’re in compliance or dealing desk oversight you might want to look away now – I don't think you’re going to enjoy it.
I want to focus on one of the themes I raised on Monday – that of under-trained, inexperienced staff on FX trading desks.
This column comes with a warning as I am getting increasingly grumpy with attitudes to FX market price action. You clearly can't please everyone, but how can someone complain - as they did to me this week - that what we have seen in sterling this week was "the wrong kind of volatility"? Luckily I have this column to let off steam so let's do that - with a take down of the model that has turned FX traders into glorified brokers.