Shows
360T Podcast SeriesEpisode 51: The 2025 Crystal Ball with Colin Lambert, Co-Founder of The Full FXOnce again, Colin Lambert, Co-Founder of The Full FX, joins the podcast to make a series of predictions for the year ahead. But first we review and, for the first time ever, score his predictions from 2024 – has Lambert been looking into a crystal ball or a snow globe? Looking ahead to 2025, Lambert predicts that volatility will drive trading volumes up significantly across the industry, that regulators in the UK and Europe will get serious about enforcing rules for trading platforms and that the latest wave of non-bank market makers to enter the FX will find it a challenging marketplace. He...
2025-01-1536 min
The Full FX Podcast: Currency MattersThe Full FX Podcast – Currency MattersIn the latest edition of the podcast, Steve Flanagan and Colin Lambert are joined by The Full FX’ contributing editor at large, Eva Szalay, who knows how to make an impact by going straight in and asking Lambert about recent research on the various fixes. Thankfully, Lambert does not spend the entire podcast ranting, instead he and Flanagan discuss the intricacies of executing large tickets and the role of pre-hedging – even though neither can remember the phrase from their voice trading days!
The discussion progresses through to the signalling risk involved in large ticket execution – Flanagan highlights the “d...
2024-07-0444 min
Chroniques CPIE - PAYS CREUSOISLes araignéesDistribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.
2024-06-1314 minChroniques CPIE - PAYS CREUSOISLe moustique tigre.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.
2024-05-1612 minThe Full FX Podcast: Currency MattersThe Full FX Podcast: Currency MattersThe latest edition of the podcast sees Colin Lambert and Steve Flanagan allow a former FX salesperson into the conversation in Full FX regular Ted Holloway, as they discuss the big stories and issues of the previous month.
The conversation kicks off with Lambert challenging Flanagan on his view in a previous column, that all is good in the liquidity world. If that is the case, Lambert asks, why do industry surveys always show it to be a top-two concern? Flanagan has an answer, naturally, but Lambert also asks Holloway – is this actually a client perspective problem?...
2024-04-2745 minChroniques CPIE - PAYS CREUSOISRestrictions d'eau.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.
2024-04-1813 minChroniques CPIE - PAYS CREUSOISTechnicien riviereDistribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.
2024-03-2112 minThe Full FX Podcast: Currency MattersThe Full FX Podcast - Currency MattersThe podcast is back in 2024 with a new format as Colin Lambert is joined by two contributors to The Full FX, Steve Flanagan and Andrew Durrant to discuss the big issues of the past month.
The first episode hopefully sets the tone for the future with Flanagan immediately questioning Lambert over his comments in another podcast relating to flash crashes. With Durrant, they debate the question, ‘what is a flash crash?’, asking, ‘is what we see in these events just a new market norm?’
The discussion on the related re-papering of trades manages to drag the chat...
2024-03-0435 minChroniques CPIE - PAYS CREUSOISLes HaiesDistribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.
2024-02-2212 minChroniques CPIE - PAYS CREUSOISLes papillons en limousinDistribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.
2024-01-2513 min360T Podcast SeriesEpisode 47: The 2024 Crystal Ball with Colin Lambert, Co-Founder of The Full FXAs is something of a tradition on the 360T podcast now, Colin Lambert, Co-Founder of The Full FX, joins as a guest to review the accuracy of his 2023 predictions and make a series of new ones for the year ahead. Lambert receives some gentle criticism for making "obvious" predictions last year, which perhaps prompted him to be more daring this year as his 2024 predictions encompass cybersecurity threats, why the shift to T+1 settlement might only be the tip of the iceberg, flash crashes in the FX market, a good year for discretionary trading, cryptocurrency adoptions and more! And although...
2024-01-2332 minChroniques CPIE - PAYS CREUSOISEntomologieDistribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.
2023-12-2812 min
The Geek In ReviewColin Levy, Dorna Moini, and Ashley Carlisle on Herding Cats and Heralding Change: The Inside Scoop on the "Handbook of Legal Tech"This week on The Geek in Review podcast Marlene Gebauer and Greg Lambert featured guests Colin Levy, Ashley Carlisle, and Dorna Moini discussing Levy's recently published book "Handbook of Legal Tech." Levy edited the book and contributors included Moini, Carlisle's CEO, Tony Thai, and many more legal technology experts. The book provides an overview of key technologies transforming the legal industry like automation, AI, blockchain, document automation, CLM, and more.
Levy shared how he ended up editing the book, describing it as "herding cats" to get busy experts to contribute chapters. He wanted the book to serve...
2023-10-2434 minThe Full FX Podcast: Currency MattersPartnerships, with Lucera Financial InfrastructuresIn the latest edition of the podcast – sponsored by Lucera Financial Infrastructures – Colin Lambert talks to Scotte Moegling, responsible for the counterparty business in currencies, commodities and crypto at Flow Traders.
The two discuss the evolving market structures across the three markets and look for commonalities, as well as where they can learn from each other. Moegling, explains how Flow Traders have set up and run its business, as well as the role played by Lucera in helping it focus in on opportunities to differentiate itself. One area of this includes helping Flow Traders remain focused on its...
2023-09-1118 minThe Full FX Podcast: Currency MattersThe Full FX Podcast – Currency Matters, with CMC ConnectThe podcast is back and in this edition Colin Lambert and Sam Horowitz, head of FX distribution and liquidity management at CMC Connect look to cut through some of the noise around different FX platforms and the quality (and quantity) of market data – especially in an era of changing volume patterns.
The two discuss the influences of exchanges as they build their ownership of platforms in the OTC FX space, as well as how data from last look venues can be used and the importance of being able to understand the nuances of different feeds. There is al...
2023-07-1120 min
The Geek In ReviewColin Lachance on Jurisage's MyJr and How He's Looking at AI to Assist in the Synthesis and Reading of Legal Cases (TGIR Ep. 190)It is pretty apparent that we are in a super Hype Cycle when it comes to AI tools like ChatGPT, but for many of us in the legal profession, we're not used to reaching this point of the cycle at the same time as the rest of the world. Because things are happening so fast, we wanted to bring in someone like Colin Lachance from Jurisage to talk about how they are integrating Generative AI tools into their products.
Greg was going down an AI rabbit hole on Twitter this week when Colin mentioned his own project.
2023-02-1538 minThe Full FX Podcast: Currency MattersPeer-to-Peer and Much MoreWith peer-to-peer trading in FX seemingly attracting more attention than ever, it is an opportune time for Colin Lambert to sit down and chat with Jay Moore, co-founder and CEO of FX HedgePool. In a wide-ranging conversation the two talk the separation of credit and liquidity, the challenges facing the industry around the London 4pm benchmark fix and, an old favourite, pre-hedging!
The post The Full FX Podcast: Currency Matters appeared first on The Full FX.
2022-11-1517 minThe Full FX Podcast: Currency MattersAi in FXIn the latest edition Colin Lambert demonstrates, yet again, his legendary timing by scheduling a chat with two of the co-founders of AiTonomy to discuss, amongst other things, AUD/CZK, just after his Trade of the Year in the pair had gone very, very south!
Andrew Brown and Ashley Daffin join Lambert to share their observations on how their Ai models have found the intricacies of AUD/CZK when generating trading signals, and are kind enough not to rub it in that the Ai has, convincingly, outperformed the HODL.
There is also time to discuss...
2022-10-1723 minThe Full FX Podcast: Currency MattersThe Full FX Podcast: Currency MattersLiquidity is front and centre in the latest podcast as Sam Horowitz, head of FX distribution and liquidity management at CMC Markets Connect, joins Colin Lambert to discuss the changing face of FX liquidity and the role being played by CMC Markets Connect.
Horowitz explains the data-driven approach taken by the firm as well as how it manages issues such as skew and prevents information leakage – he also talks about how CMC Markets Connect differentiates itself with its proprietary liquidity.
Lambert, inevitably, wants to talk volatility, which they do, before moving on to discuss the ne...
2022-08-0319 min
The Geek In ReviewColin McCarthy of Legal Operators on Building a LegalOps CommunityThe legal operations community was barely nascent a decade ago. Now there is a booming LegalOps profession and a number of professional associations have sprouted up to help the community learn and collaborate. Legal Operators is one of those communities. We asked the founder of Legal Operators, Colin McCarthy, to come on the show and talk about why he took a small legal ops community that started with a few people doing TED-Talk style presentations over drinks, to a community of thousands. Legal Operators produces online learning programs, a list of legal operations software and services, job board, and...
2022-06-0137 minThe Full FX Podcast: Currency MattersThe Full FX VoxPopTaking advantage of the first in-person event from The Full FX, Colin Lambert took the opportunity to catch up with Sally Francis-Cole, global head of FX sales, and Geoff Jones, director, spot venues, at LSEG’s Refinitiv, and find out about the firm’s recent announcement it is launching NDF Matching in SG1.
The post The Full FX VoxPop appeared first on The Full FX.
2022-05-1600 minThe Full FX Podcast: Currency MattersPeer-to-Peer and Market VolatilityIn the first edition for 2022, Jay Moore, co-founder and CEO of FX HedgePool, joins Colin Lambert to talk a changing FX market structure against a background of rising market volatility.
Moore observes that the cost of hedging for the buy side is rising – and expectations are that the cost will increase further as spreads widen – thanks to a combination of higher risk and the impact of regulation. One potential solution for the buy side is peer-to-peer matching in FX swaps, especially around the month-end, however the two also discuss the reasons behind FX HedgePool launching a mid-month matc...
2022-02-1419 min360T Podcast SeriesEpisode 35 - Colin Lambert, Co-Founder of The Full FXJoining the podcast once again Colin Lambert ruminates on some of the most surprising developments in the FX industry during 2021 and picks out what he believes to be the most consequential news story of the past year. Looking ahead, he argues that the FX Swaps will continue to propel the overall marketplace towards growth in the upcoming BIS survey and makes a series of predictions — including some wildcards — about what to expect in 2022.
2022-01-0425 minThe Full FX Podcast: Currency MattersSmarter AggregationIn the latest edition of the podcast, Colin Lambert talks to Phil Weisberg from oneZero about smarter aggregation and building better liquidity pools for clients. The two discuss the key metrics behind building better streams and the role data and analysis plays in this process.
They also talk helping clients build a better understanding of the reason for, and true cost of, rejects, with Weisberg explaining this is a non-trivial and multi-dimensional calculation. From there, the discussion moves to actioning the results of the analysis through smarter routing, the need to maintain a dynamic approach, as well...
2021-11-2319 min360T Podcast SeriesEpisode 25 - Colin Lambert, Co-Founder, The Full FXThe discussion opens with Colin Lambert, the co-founder of the The Full FX news website, joking that he has been predicting structural changes within the FX Swaps space for a long time but that the scene might finally be set for these to actually happen. All of which begs the question: why now and not sooner? Elsewhere in the episode Lambert gives his opinion on the state of innovation within the FX industry, why regulators need to ensure that rules are applied uniformly and the strengths and weaknesses of the Global Code of Conduct
2021-02-1722 min
In the FICC of ItFrom Cable to Digital AssetsThere is plenty for Colin Lambert to ponder in this week’s podcast as he reviews the feedback to his recent comments suggesting the NDF market doesn’t need fragmentation, lets listeners in on the background to something that has been puzzling him, and then, with no little trepidation, he “tiptoes” into Cryptoland. Of course, there is no such thing as him doing anything delicately so kicking off with a blast at what he sees as rather simplistic market analysis, he then looks at not only the growing interest of the authorities in crypto markets but also at a new prod...
2020-10-1700 minIn the FICC of ItTrickey RelationshipsThere’s a behavioural feel to this week’s podcast as Colin Lambert opens up with his views on the number of spoofers being brought to heel by the CFTC. He then moves onto another CFTC-related issue, wondering if questions should be asked of the management team that allowed Citi’s voice monitoring operation to descend into apparent chaos – leading to a CFTC fine. Finally, in yet another inspired(!) prediction, Lambert wonders if a deal announced this week signals the retreat of voice brokers from the hybrid model.
Lambert is then joined by Guy Hopkins, founder and CEO of F...
2020-10-0300 minIn the FICC of ItBenchmarks!In this week’s podcast Colin Lambert gets his teeth into one of his favourite subjects – spoofing – and, as usual, has some theories about lessons that can be learned elsewhere.
Ahead of Forex Network Chicago later this week, however, which will kick off by a panel looking at the FX swaps market structure, the majority of the podcast looks at a new initiative in that space as Lambert is joined by Andy Woolmer, CEO of New Change FX to talk benchmarks for FX swaps and currency beta indices. Woolmer explains the thinking behind the new products and answers...
2020-09-1924 minIn the FICC of ItTensions Rising?There’s a slightly different feel to this week’s podcast as Colin Lambert is, not for the first time, given an education in the workings of Profit & Loss! With Forex Network Chicago nearly upon us, Michelle Hemstedt, commercial director at P&L, joins Lambert to explain how our virtual event is going to work, including an explanation of the virtual booths in the virtual exhibition hall.
Fresh from understanding how we are putting the “Network” back into Forex Network, Lambert takes a look at three matters from the past week that have tweaked his curiosity. Is he right...
2020-09-1221 minIn the FICC of ItGood things in tough timesThe podcast has a nice positive vibe to it this week as Colin Lambert is joined by Ayesa Latif, head of EMEA e-commerce FX sales at Citi to discuss the eighth annual “e-for-education” campaign by the bank, which kicks off this week. Latif explains how the campaign works, what channels are likely to generate the funds, as well as the not for profit partners Citi’s FX team works with – she also highlights some great examples of material help the programme, which raised over $8 million last year alone, has provided.
Lambert also appears to be in a good moo...
2020-09-0522 minIn the FICC of ItAlgos, Africa and CorrelationsThis week’s podcast kicks off with Colin Lambert discussing some of the feedback he received over his comments in the week’s column over the re-papering of trades post the SNB debacle in 2015. He does not, of course, miss the opportunity to drive home his argument that algos should have mandatory price limits, along the way dismissing concerns aired over what would happen if we have another Brexit-type event.
Lambert also has time to discuss the latest episode in the Cartel saga as well point listeners, unusually, in the direction of another podcast, before he is join...
2020-08-2226 minIn the FICC of ItFX Liquidity: The Facts and the Opinions!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 analysis, backed up by hard data!
Hodgson and Lambert discuss Mosiac’s FX Liquidity service which was launched earlier this year and, more pertinently, the trends that have emerged from the data. The chat runs through spreads, volumes, volatility and mu...
2020-08-1531 minIn the FICC of ItA look into the futureThere 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 ascertain and also makes another one of his predictions, this time about how demand for data could stimulate activity on firm liquidity venues.
Lambert is then joined by Todd McDonald, co-founder of R3, to discuss central bank digital currencies and the adva...
2020-08-0831 minIn the FICC of ItAround the WorldThere 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 the biggest challenge to market participants – noting that the FX market is a competitive space and therefore spreads are very likely to accurately reflect the risk environment at any given time.
Sanity is then restored as guest John Ashworth, CEO of Cap...
2020-07-2528 minIn the FICC of ItAlgos, Large Trades and BehaviourOn 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 published by FMSB ahead of its next Statement of Good Practice on the subject. Pluves stresses the importance of the right processes, controls and hierarchy in an algo business, while Lambert ponders on whether there be a “fit and proper...
2020-07-1829 minIn the FICC of ItGoverning the governorsIn 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 then joined by Rashid Hoosenally, co-founder of Lacero, to talk data, APIs and compliance – but from a very different perspective. With data volumes continuing to soar, and the scrutiny of how data is handled increasing commensurately, Hoosenally shares his concept of the policy...
2020-07-1130 minIn the FICC of ItQuestions and IllusionsThe 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 up and impose a ceiling on hold times? Equally, will this move highlight the “good” LPs from the bad?
There’s time for a quick note on this week’s month-end Fix before P&L’s editor-in-chief Julie Ros takes over to talk to J...
2020-07-0430 minIn the FICC of ItOpinions - and lots of them!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 environment, market conditions around the 4pm Fix.
This feeds nicely into another feature run by Profit & Loss last week, Lambert’s interview with Shirley Barrow, global head of benchmarks at Refinitiv, and the person who runs the organisation responsible for the 4pm Fix...
2020-06-2730 minIn the FICC of ItData (the old-fashioned kind)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 rules around the release of certain dataets being changed.
Lambert is then joined by Rowland Park, co-founder and CEO of LimeGlass, a fintech company looking to evolve how research is consumed by streamlining access to the critical components of what can so...
2020-06-2025 min
In SeclusionAre These Changes Permanent, Or Just to Get Us Through the Moment? - Colin LevyColin Levy, Legal Technology, and Legal Innovation Thought Leader says that there are a lot of people in the legal industry who are truly trying to innovate, but that innovation does not equal technology, and technology does not equal innovation. There’s a holistic approach that needs to be taken, especially in the middle of a crisis like we have now, and the processes as well as the technology need to be evaluated in order to truly create an innovative environment that is built to last.
Remember, we may all be In Seclusion, but we’re in this...
2020-06-1912 minIn the FICC of ItMatters new...and oldOn 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 into the theory behind it and how NCFX plans to use it.
The discussion then turns to more practical matters with Lambert asking how a trader on an execution desk could utilise the analysis and also about a case study that used...
2020-06-1330 minIn the FICC of ItA prediction (Finally) Coming True?In this week’s podcast, P&L managing editor Colin Lambert takes a look at the week’s news, including a brief look at the month-end Fix and the “Friday phenomena” in liquidity, leading him to describe the overall experience as “not a good look for the market – although he does also ask the question, “has much changed since 2010?”.
He then moves on an incident that he sees as being an egregious breach of the principles of the FX Global Code in the triggering of a barrier option and is concerned that while it is in the public interest t...
2020-06-0624 minIn the FICC of ItPerformanceThis week’s podcast is all about performance – following the third of Profit & Loss’ spring Dial-in-Days, editor-in-chief Julie Ros joins Colin Lambert to discuss some of the themes coming out of the events, starting with hedge fund and CTA performance in the recent market upheaval.
Ros dives into the suggestion by panellists in New York that more idiosyncratic, or capacity constrained, strategies worked well, giving Lambert to ideal opportunity to dive in on a regular theme of his – herding and crowded trades – he also, much to the delight of his former co-host Galen Stops no doubt, manages to get a q...
2020-05-3000 minIn SeclusionThe Distance has Kept Us Together - Colin Lechance, VLexOne of the themes I’ve picked up on with the now 41 episodes of this series, is that the transition to remote working environments caused by the pandemic was helped immensely by the increase in cloud and communications technology, as well as our need to work between multiple offices across vast distances. Colin Lachance from vLex solidifies that theme and tells how his recent international merger didn’t seem to slow the transition at all, in fact, it may have helped make that transition even more efficient.
Remember, we may all be In Seclusion, but we're in this...
2020-05-1913 minIn the FICC of ItOld school...and NewTwo guests for the price of one on this week’s podcast as Colin Lambert is joined by Keiren Harris, co-founder of Data Compliance LLC to discuss the recent first quarter results, and the future of, the inter-dealer broking industry. Lambert sees some interesting observations in the reports regarding how people are trading, while Harris discusses the squeeze on the major IDBs from above and below.
Harris then discusses the importance of these firms being well-capitalised, before the discussion moves to the future of the IDBs, during which Lambert reassures Harris that a making a statement that ca...
2020-05-1600 minIn the FICC of ItWindowsWhen Colin Lambert posted a column arguing that the events surrounding the April month-end FX Fix highlighted the need for reform – and then followed that up by asking if the industry needs to revisit the 2014 FX Benchmark Group’s recommendations – it ignited a firestorm of debate over both public and private channels.
This edition of In the FICC of It focuses in on that debate as Lambert lays out – and often disagrees with – the points made by correspondents. He also discusses a few new areas of interest around the value or other otherwise of netting and peer-to-peer mechanisms...
2020-05-0900 minIn the FICC of ItIn the FICC of It SpecialDue to the level of interest generated by Profit & Loss’ discussion with Rohan Churm, head of the FX division at the Bank of England as part of our first ever Dial-in Day, we are releasing the audio as part of our In the FICC of It podcast series.
You can download either by clicking the link below or going to your regular podcast distribution app to hear about how the Bank of England maintains its operations and market surveillance function during the pandemic; as well as Churm’s observations on the evolution of FX swaps markets highlighted in the latest Bank f...
2020-05-0500 minIn the FICC of ItBlack Gold and Virtual GoldThis week’s podcast features Colin Lambert and Julie Ros taking a look at the week’s event, along with a bit of inter-office banter. Lambert kicks off by asking a question of Ros and the audience and, when he eventually gives the answer later in the podcast, the latter is quick to claim she was going to say that answer…even though she actually answered with something else!
The discussion then moves onto events in the oil market and Lambert’s suggestion that what we actually witnessed was a phenomena across markets – the end of “sell the rumour...
2020-04-2500 minIn the FICC of ItOld FavouritesThis week’s podcast allows Colin Lambert to sound off on two of his favourite subjects as he discusses buzz from various conversations that indicates some LPs in FX markets are extending their last look windows. Referring back to concerns he has raised before in both his columns and on this podcast, Lambert wonders why LPs are simply quoting wider – after all, he asserts, what they are doing at the moment is guessing where the market is because they don’t have to stand behind the price.
Liquidity, or the lack of it, has also reared...
2020-04-1800 minIn the FICC of ItIn the FICC of It SpecialFor this podcast special, Colin Lambert is joined by Alan Schwarz, CEO of FXSpotStream for a fascinating look inside a business operating in stressful conditions.
That FX markets are volatile and volumes are high is obvious to anyone but Schwarz is able to put some numbers on the issue – and they are quite staggering at times. From volumes to order and message rates, through to fill ratios, the podcast studies how FXSpotStream handled the unprecedented challenge of these spikes in activity with a dispersed workforce.
Although in retrospect Schwarz is not surprised by some of th...
2020-04-0800 minIn the FICC of ItDarwinismAs liquidity has clearly deteriorated in FX markets over the past two weeks, this week’s podcast is faced with a series of questions regarding participant behaviour, and joining Colin Lambert to discuss these issues is John Crouch, founder and CEO of Ideal Prediction.
Using the imagination for which he is famous* Lambert kicks things off by looking at Monday morning in Sydney when strange things happened in USD/CAD – prompting the question, is the issue of establishing highs and lows even more pressing in such illiquid conditions?
The conversation them moves onto the issue of b...
2020-04-0400 minIn the FICC of ItMarketsIt’s an all Profit & Loss affair for this week’s podcast as Colin Lambert is joined by P&L’s editor-in-chief Julie Ros to run through a long agenda in these “interesting” times.
This being the podcast Lambert can’t resist a little cynicism to kick off as he “praises” some market analysts’ abilities, but Ros easily pulls the conversation back into line as they discuss the various views proffered by analysts over whether or not the market has priced in the worst case scenario. Lambert believes we are approaching the time when analysts need to switch away from th...
2020-03-2800 minIn the FICC of ItKeeping things runningThere is one theme for the podcast this week – the FX market’s ongoing challenges in the current volatile environment. Joining Colin Lambert, managing editor of Profit & Loss is Rob Loft, founder and CEO of performance consultants Harvey Loft, to talk through the issues, starting with a perspective of how markets have handled the extraordinary and, in modern times at least, unprecedented, events.
Firms’ business continuity plans and technology preparedness comes under the microscope, especially as Lambert asks the question, ‘how long can the industry work like this?” and Loft talks through some of the strategies that can be depl...
2020-03-2100 minIn the FICC of ItThe ethics of machine learningThe podcast lives up to its name this week with an in-depth look at conditions in fixed income, credit and FX markets as volatility spikes continue in markets generally. After a few observations on bitcoin’s failure to live up to its hype as a hedge in times of turmoil and conditions in the FX market generally, P&L’s managing editor Colin Lambert is joined by Mark Yallop, chair of the FICC Markets Standards Board to talk about recent developments in fixed income markets.
With automated trading very much to the fore in markets, the conversation then...
2020-03-1400 minIn the FICC of ItIt's back baby!The is one subject on the agenda for this week’s podcast – the return of volatility to FX markets. Joining P&L’s managing editor Colin Lambert to discuss the issue are David Mercer, CEO of LMAX Group, and Joel Kruger, currency strategist at LMAX Exchange.
After Kruger provides his view of current conditions in, and drivers of, markets (including the challenges of central banks and governments managing the current crisis with “exhausted policy tanks”), and Lambert observes that any “emergency” policy measure aimed at calming markets do anything but; he and Mercer turn to the impact of these event...
2020-03-0700 minIn the FICC of ItAnd they call this a model market structure?Market structure dominates this week’s podcast as Colin Lambert goes to town on the SEC’s refusal to grant Cboe permission to implement a speed bump (and along the way take a few pops at the equity market structure of course), before touching upon news that the LSE-Refinitiv deal may be delayed and what that means for the latter’s FX business in particular.
Following on from last week’s podcast conversation with Matt Kulkin about Libor reform, Lambert also provides some observations on the Bank of England’s plan to “help” the transition to risk-free rates (which h...
2020-02-2900 minIn the FICC of ItRegulation - Three Different KindsOn this week’s podcast Colin Lambert casts his eye over the week’s news, before he is joined by Matthew Kulkin, partner at US law firm Steptoe, and former director of the CFTC’s Division of Swap Dealer and Intermediary Oversight, to discuss all matters regulatory.
Lambert is pleased to find out that one of his observations – that there is a rush of rule-making at CFTC – is actually accurate, thanks to the natural cycle with US regulatory circles, as Kulkin takes him through last week’s important rule proposals from CFTC around swaps data reporting and disseminatio...
2020-02-2200 minIn the FICC of ItConduct, Codes and anonymous tradingIn this week’s podcast P&L’s managing editor Colin Lambert is joined by Guy Debelle, chair of the Global Foreign Exchange Committee, to discuss the recently released survey of attitudes towards the FX Global Code. From the latest on the debate around last look, pre-hedging and mark ups, to the effectiveness of the Code, the survey’s results are dissected to lead into a discussion around the impending three-year review of the Code.
There is time for a quick look at the paper on anonymous trading in FX markets released by the GFXC – and the challeng...
2020-02-1500 minIn the FICC of ItIt's a numbers gameIn this week’s new style podcast Colin Lambert casts his eye over some key news stories of the week and is joined by Jay Moore, founder and CEO of FX Hedgepool and Rob Loft, founder and CEO of Harvey Loft to discuss two in depth.
Listeners will be surprised to hear that Lambert has some thoughts on the Investment Association’s call for standardised FX reject messaging, and equally that he has some observations on the first two rounds of data from the FX platform world. What may nonplus listeners is his willingness to comment on thin...
2020-02-0800 minIn the FICC of ItThe farewell editionThere is a packed agenda for Galen Stops’ last In the FICC of It podcast as he and Colin Lambert discuss a busy week in FX markets – especially if you’re in the survey business!
After Lambert salutes Refinitiv for its gesture in donating brokerage to the Australian bushfire relief effort and Martin Mead on his retirement (the podcast was recorded during the celebration, but sadly from 13,000 miles away) from the FX market, it’s back to cynical business as they take a look at the fourth annual e-trading survey from JP Morgan. While Stops questions some of the fi...
2020-02-0100 minIn the FICC of ItThe Uncle EditionTrading automation in the non-spot FX world is again firmly in the sights of Colin Lambert and Galen Stops in this week’s podcast, although this time it is in FX options. With SynOption launching in Singapore this week and Digital Vega expanding its capabilities further, they ask, ‘is this the time that the FX options market finally electronifies in the multi-dealer space?’
For once our two podcasters agree that the conditions are probably right for such a move, thanks to changing perspectives on both buy and sell side and while they will undoubtedly not have the field...
2020-01-2500 minIn the FICC of ItReports, Reports, Reports...and SheepThere is plenty on the run sheet for this week’s podcast as Galen Stops quizzes Colin Lambert over a report that links FX swaps liquidity and spreads to spot. Lambert confesses to being a little puzzled over some of the statements in the report and willingly confesses to Stops’ accusation of him being an FX geek by explaining what he would like to see in the next piece of research into what he thinks is a phenomenon and not a structural shift.
The conversation then moves onto to discuss a new blockchain collateral solution that will unde...
2020-01-1800 minIn the FICC of ItWhat we did on our holiday...The podcast is back for 2020 and Colin Lambert and Galen Stops immediately try to dampen new year’s spirits with a look at what was a pretty poor 2019 for the FX platforms.
On a more positive note, Lambert thinks that 2020 could be a breakout year for two services in the FX industry as they seek to build out from the foundations established over the past year or two, but Stops is a little worried there will be a downside to this for the P&L editorial team.
Our podcasters then launch into a discussion over th...
2020-01-1100 minIn the FICC of ItThe end of term jamboreeIt’s a boisterous end of term party for our podcasters as Colin Lambert and Galen Stops interrupt their festivities to grade each other’s predictions for the industry made at the start of the year.
Stops is in triumphant mood as he picks apart a couple of less-than-successful predictions from Lambert, however the latter is ready with some handy data to dampen the former’s spirits – or so he thinks.
So, from algos and crypto, through tap ins on market data and FXPB, to full amount trading and unintelligible predictions, there is plenty for them to g...
2019-12-2100 minIn the FICC of ItJust stay off Twitter...There is plenty for Colin Lambert and Galen Stops to get their teeth into this week as the BIS released a series of papers studying the data in the Triennial FX Turnover Survey. From working out who the mysterious “others” were in the survey, through some initially confusing execution data, to a signalling of the return of settlement risk to the regulatory agenda, our podcasters run through the key issues.
Lambert has time to share some thoughts on the future of the primary FX venues before the conversation moves onto some hedge fund launches that appear to fly i...
2019-12-1400 minIn the FICC of ItScepticism reignsThis week’s podcast starts with a bombshell that leaves Galen Stops reeling and lost for words before he and Colin Lambert get into the details with a look at the results of the first day of the Global FX Committee’s deliberations this week. Lambert highlights one of two challenges he believes the committee face, not least that of actually getting US buy side firms to commit to the FX Global Code.
The scepticism is amped up following that as Lambert picks up on a quote about internalisation in a report this week, Stops joins in the...
2019-12-0700 minIn the FICC of ItThe optimistic edition...In this week’s podcast Colin Lambert and Galen Stops tackle the tricky question of ‘if things are as bad in FX as some will have us believe, why are outside firms still investing?’ With three investment deals in the past week to discuss there is plenty for them to get their teeth into and, listeners will be pleased to hear, plenty for our two podcasters to disagree on. For example, is Lambert right when he says he thinks banks should – and probably are – looking at creating a new round of consortia to incubate firms to challenge the existing fintechs?
2019-11-2300 minIn the FICC of ItDoubting everything...There is a long run list for this week’s In the FICC of It podcast, which kicks off with some welcome listener input into last week’s questions of algos intentionally losing money to throw the “order sniffers” off the scent and the challenges facing Singapore’s efforts to build an FX liquidity hub.
Colin Lambert and Galen Stops then develop the conversation further by discussing recent comments on FX platform consolidation – Lambert highlighting his concerns that the universal belief in data as a revenue generator may be a short lived model for many – before moving onto the establ...
2019-11-1600 minIn the FICC of ItResignations, questions and winning bigThis week’s In the FICC of It podcast is an emotional rollercoaster, containing euphoria, resignations and emotional pleas for clemency as Colin Lambert and Galen Stops discuss key themes from the last two conferences of the year at Profit & Loss, in Singapore and Hong Kong.
Reflecting upon some really interesting (and different) perspectives on the geopolitical landscape at the two conferences, our two podcasters dive into the themes of de-dollarisation and the future of the RMB, asking what are the alternatives to the dollar? There is plenty of noise about moving away from it, but where wi...
2019-11-0900 minIn the FICC of ItCutting the tail and going greenIn this week’s podcast Colin Lambert and Galen Stops pick through the big talking point of the week, Citi’s reported decision to cut the number of platforms it connects to in the FX market. Once he can stop him being smug about predicting such a thing two months ago, Stops asks Lambert whether he thinks other banks or LPs will follow the Citi lead, while the latter asks the question, Is Citi trying to establish itself as the leader of a movement to radically change how the FX market operates?
The pair then move on to d...
2019-11-0200 minIn the FICC of ItTough break ups and lending dodgy currency to celebritiesProfit & Loss editor, Galen Stops, is in London right now and explains that Brexit seems to be the main topic dominating a lot of conversations. And unfortunately for those who might be sick of the subject, he explains that even if the UK leaves with or without a deal in the near-future, this is only the beginning of the Brexit discussion.
Meanwhile, Colin Lambert, managing editor of Profit & Loss, relates the dizzying highs and lows he experienced this week at a conference focused on benchmark reform. Regular readers will not be surprised to discover that Lambert has s...
2019-10-2600 minIn the FICC of ItSeriously; I cannot believe we're talking about quantum computingIn this week’s podcast Colin Lambert comes out swinging from the start as Galen Stops reports on a sharp divide between panellists at Profit & Loss’ Copenhagen conference over the future of FX volatility. Typically Lambert gives short shrift to one side of the argument as he channels his inner Star Trek (of which he has never seen an episode or a film!) by suggesting that what we actually have now is volatility, but not as we know it.
The conversation then moves on to quantum computing (yes honestly) as Stops argues that while it will be hugel...
2019-10-1900 minIn the FICC of ItA changing world order...or maybe notNew technologies and old issues are on the agenda for this week’s podcast as Colin Lambert and Galen Stops take a look at the likely impact of blockchain on FX swaps. Stops makes the point that this would be a radical step for what is often seen as an archaic segment of the market, but also stresses that the ambitions for the project remain limited at this stage. Lambert, for his part, has no problem with the limited ambitions, pointing out that most of the challenges facing the FX swaps markets are in the inter-dealer space, where most of...
2019-10-1200 minIn the FICC of ItLawsuits, fines and converging worldsWith the disclaimer that one only has a degree in English Literature (the other keeps his 5 O levels quiet) Colin Lambert and Galen Stops ignore their lack of expertise to dive back into the legal world in this week’s podcast.
Stops explains the details that will drive former Citi FX trader Rohan Ramchandani’s case against the bank for “malicious prosecution”, while Lambert discusses the comments he has received from industry sources, which in turn leads him to ask about how the industry views moral or ethical indiscretions that have been found not to be illegal? Can inst...
2019-10-0500 min2019-09-3000 minIn the FICC of ItWhat we talk about on tour...P&L’s managing editor Colin Lambert and editor Galen Stops are joined by guest podcasters John Crouch and Brandon Primack to discuss the hot topics from the first day at Forex Network Chicago for this In the FICC of It special.
The podcast looks at how platforms seek to build a better liquidity landscape through the effective monitoring of both liquidity providers and consumers – and inevitably data rears its head. There is also a healthy discussion around the benefits (or otherwise) offered by the high frequency trading community and although there is some discord a consensus is a...
2019-09-2600 min2019-09-2000 minIn the FICC of ItMatters legal, algos and mergersAlthough there was plenty of news for Profit & Loss' managing editor, Colin Lambert, and editor, Galen Stops, to get their teeth stuck into this week, the duo focused on just three main stories.
First of all, they discuss the news that former HSBC head of cash FX trading, Mark Johnson, has lost his appeal to have his conviction and sentence overturned in the US, highlighting a number of way in which this decision could have important ramifications for the FX industry, not least because it creates a precedent for any future legal cases.
Secondly, Stops qu...
2019-09-1400 min2019-09-1300 minIn the FICC of ItThe past, present and futureIt’s the past, present and future as far as the agenda for this week’s In the FICC of It podcast is concerned as Colin Lambert and Galen Stops take a look at the chaos in the UK surrounding Brexit, digital assets, and the e-revolution that hit FX 20 years ago.
Stops is surprised by the lack of volatility in sterling given the ups and downs in Westminster, although Lambert feels mean reversion and an eagerness to take a profit – any profit – is playing its part. The real question he thinks, is how far sterling moves if a revers...
2019-09-0700 minIn the FICC of ItSo what exactly is this thing called FX?Having dragged Colin Lambert and Galen Stops kicking and screaming off the beach, the podcast is back and they are into the swing of things early, discussing the changing attitudes of fund managers to FX. Looking at this week’s NAB survey of Superannuation Funds FX attitudes, Lambert highlights the paradox of funds investing more in emerging markets but using dramatically less NDF products to hedge them, while Stops wonders how big the opportunity for currency managers actually is in the world’s fourth biggest superannuation pool?
There is also time for Lambert to provide two stories that...
2019-08-3100 minIn the FICC of ItVolatility is back, back, back!This week’s podcast sees Colin Lambert and Galen Stops respond to listener feedback from recent episodes before turning their attention to events in the FX market last week – and the return of volatility.
With the trade war and central bank surprises suddenly kicking FX markets into life Lambert is intrigued to see if the volatility continues, believing it will be very instructive regarding the modern market structure if it doesn’t. He also, true to form, is mystified why it has taken the markets so long to wake up to events that have been bubbling along for mo...
2019-08-1000 minIn the FICC of ItOne Topic - Lots of QuestionsThere is one item – and a lot of questions – on the run sheet for this week’s In the FICC of It podcast as Colin Lambert and Galen Stops take a long hard look at the London Stock Exchange Group’s $27 billion for Refinitiv. Not least, Stops wants to know, is this the trigger for another round of M&A deals in the platform world? What does this mean for Deutsche Boerse, which has lost out on the FX platforms it was seeking to buy, and for LSEG itself?
He is also interested in the role to be playe...
2019-08-0300 minIn the FICC of ItA Free Ride for the Buy Side...After upsetting non-bank market makers and then banks in recent weeks, Colin Lambert takes a shot at the buy side in this week’s In the FICC of It podcast when Galen Stops asks him, “will the buy side adopt the FX Global Code?” Our two podcasters discuss next year’s review of the Code as Stops reveals how plenty of his sources remain unsure over the Code’s influence and likely success, before moving onto last week’s FX turnover surveys. Clearly many were surprised by FX activity going up from the previous April (Stops also exults in the likeliho...
2019-07-2800 minIn the FICC of ItIt's all about the GrandstandingThis week’s podcast begins with Galen Stops, editor of Profit & Loss, giving his perspective on the attempts by US politicians to grill a Facebook representative regarding the planned launch of its new cryptocurrency, libra. Stops highlights the good, the bad and the ugly from the Senate and House hearings, but when Colin Lambert, managing editor of Profit & Loss, asks him about the long-term viability of libra, Stops confesses to being uncertain what the impact of the hearings will be.
Stops then brings up a previous topic of debate from the In the FICC of it podcast serie...
2019-07-2200 min2019-07-2200 min2019-07-2200 min2019-07-2200 minIn the FICC of ItIt's all about the risk...In this week’s podcast Colin Lambert gets to air some long-held grievances at market structure change when Galen Stops asks him, “any thoughts on the Deutsche Bank job cuts?” Our two podcasters look at the function of risk in the market, as well as the potential impact of what Lambert sees as a steady shift to the brokerage model in FX, with the associated threat to market quality.
The two also take a look at a recent survey of corporate treasurers by Citi and have a lively debate around the pros and cons of those functions embrac...
2019-07-1400 minIn the FICC of ItVol, Vol...Where art thou Vol?News that FastmatchFX founder Dmitri Galinov is planning a return to the FX industry dominates this week’s podcast as Colin Lambert and Galen Stops chat through the challenges and opportunities for the fledgling platform, which leads into a broader discussion around the NDF market in general.
Stops also recounts a meeting with an FX market maker who is feeling less than cheery about the prospects for the market, which feeds into two central questions this week – is now the time to be launching a platform and will volatility as it is generally accepted ever return?
O...
2019-07-0600 minIn the FICC of ItIf at first you don't succeed....Colin Lambert is on the defensive from the start of this week’s podcast thanks to another disastrous prediction in the previous edition of In the FICC of It, so listen in to enjoy his discomfort as he and Galen Stops discuss the return of volatility to bitcoin and while doing so decide for yourself – does he double down on his prediction?
In an effort to divert attention, Lambert also wants to get Stops’ thoughts on the market structure in cryptocurrencies – how does a retail, and “herd driven”, market effectively reach up to the institutional world? What will that wo...
2019-06-2900 minIn the FICC of ItLibra, PB and the FX version of the matrix...In this week's extended podcast Colin Lambert and Galen Stops dig into the details around the announcement that Citi has given notice to four of the biggest non-bank market makers in FX and discuss the potential implications for the industry.
They also find time to chat about Citi's realignment of FX and Rates, although Lambert is unsure if the changes do actually streamline the business as was apparently the intention - after all, how many people can one person effectively report to?
They close out by taking a look at the unveiling of Facebook's proposed...
2019-06-2300 minIn the FICC of ItNarnia, wishful thinking and a question of size...In this week’s podcast Colin Lambert is keen to find out more from Galen Stops about a new peer-to-peer FX platform being created, we’re not sure but this interest may stem from his recent statement that anyone who thinks the concept could work lives in “Narnia Land”.
This week’s episode also takes a look at a recent report into the future of the FX options market that may have gone down well in exchange-land, but is received less rapturously by our podcasters who still think there are obstacles to be overcome, before moving onto Stops’ int...
2019-06-1600 minIn the FICC of ItOne year on and still stepping into unknown territory...In the FICC of it is one year old this week, and, aside from expressing surprise they got this far, Colin Lambert and Galen Stops celebrate by plunging into two of the themes covered in the first podcast that still resonate today. Stops talks about the evolution of Euronext FX and has two questions for Lambert; how successful has the firm’s FX Tape been? And will its announced building of a matching engine in Singapore mean a shift in the balance of power in Asia?
Our podcasters second link back to the first ‘cast is in the...
2019-06-0800 minIn the FICC of ItReal economics, dodgy data and speed bumps...Remember to download and subscribe to In the FICC of It at the Apple iTunes store and this week you can enjoy Colin Lambert and Galen Stops stepping into tricky territory by discussing actual economic things! As always seems to be the case Lambert is mystified by a US government decision, while Stops suddenly has a favourite panel at the upcoming Profit & Loss conference in Mexico City.
Our podcasters then move into more familiar territory, although this time it is Stops who is a little mystified, by numbers in a recent report on FX platforms – as ever La...
2019-06-0100 min2019-05-2400 minIn the FICC of ItIn the FICC of ItIn this week’s podcast Colin Lambert attempts to answer Galen Stops’ question, why are some banks fined more than others for what appears to be the same conduct? Stops then attempts to answer a long list of questions from Lambert on the “digital asset” world, and also shares some of his observations from a big week in the crypto world, including an overheard conversation that not only highlights how people are making money on Bitcoin, but also what they are spending it on!
2019-05-2000 minIn the FICC of ItIn the FICC of ItIn this week’s podcast P&L’s editor Galen Stops is in ebullient mood as trend followers return to profitability and he is quick to let P&L’s managing editor Colin Lambert – who predicted the death of trend following last year you may recall – know this fact. As well the expected bluster and refusal to change his position, Lambert observes what he thinks is an interesting paradox. Why, when volumes are low and people are bemoaning the lack of volatility, are CTAs suddenly doing so well – including the aforementioned trend followers?
Stops also asks Lambert for his obse...
2019-05-1300 minIn the FICC of ItIn the FICC of It SpecialAhead of the unveiling of the 2019 Digital FX Awards for bank single dealer platforms tonight, Colin Lambert, managing editor of Profit & Loss, sat down with John Ashworth, CEO of Caplin Systems, for a special In the FICC of It podcast, sponsored by Caplin Systems.
In this special our two podcasters looks at the future of SDPs, what the bigger players can learn from their regional counterparts, the new tailored connectivity culture in markets, mobile and much more.
Ashworth talks of a new dawn in e-FX banking when it comes to distribution models and IP, as w...
2019-04-2400 min