2025 Most Read

As we did last year at this time, we thought it would be interesting to see what you, the readers, were most engaged with in 2025. As was the case in 2024, the most-read stories are dominated by two regulars, The Last Look and What Happened at the Month-End Fix?, so aside from those, what was our most-read over the past 12 months? Read on…

2025 Most Read 10-6

10: One of the more keenly awaited events of the year, the IOSCO report on pre-hedging, squeezes into the top 10 – even if it was a little underwhelming!

9: New platforms always grab the attention, especially if the people behind them are FX veterans! So what was FXSwapX all about? We reported in the launch.

8: The most-read of our Human FX series, authored by Martina Doherty, registered with readers – so how did she write about the “C word” (culture in case you’re wondering), and what myths were debunked?

7: We took a look at a paper published by Reactive Markets looking at platform performance, or more specifically transparency around the issue. Naturally, we had our own Full FX View to accompany it, so did time equal money?

6: The biggest event of the year, for number nerds at least, was the release of the BIS Triennial Review of FX Turnover. Earlier in the year, we had speculated over whether average daily turnover had hit $10 trillion in April – well it came close.

2025 Most Read 5-1

5: Tapping into a hot topic around the LPs of the world, the FXPA published a paper looking at definitions and guidance around internalisation. Again, it came with The Full FX View, we noted that anything that provides clarity over the practice was a good thing.

4: A long-running saga came to an end this year, as Mark Johnson finally had his 2019 conviction overturned by the US legal system.

3: New platforms always garner attention in these pages and the go-live of Loop FX did just that. Again, the story was accompanied by a Full FX View, we noted the importance of “trades”, rather than “trade” in the news, and how, if the model works, it was an important moment in the FX industry’s history.

2: Continuing the platform theme, our second most-read was a review of the FX platforms in 2024. We took a look at each platform – or at least those that are transparent enough to publish volume and performance data – and gave the industry “a big tick”. We also looked ahead to 2025 and, luckily for us, predicted more optimistic numbers!

1: If you ever doubted that FX is a “people industry” our most-read story of the year was a celebration of Jack Linker’s 50 years in the FX industry. I had the great fortune to sit down with Jack for the article in 360T’s New York office (we did follow up with lunch!), and I think the best way to reflect what it took to create what was one of my favourite stories for many a year comes from an anecdote from my friend and former colleague Galen Stops. As Galen noted, after about three hours of chatting in an office, Jack came out to get some more water for us.

“How’s it going Jack?, Galen asked.

“Great”, replied Jack. “We’re up to 1990!”

Revisit the story here – it’s well worth it.

For the third year in a row, the most-watched video on our site and YouTube channel was our interview with JP Morgan following the release of its annual e-Trading Edit, which polls traders’ views on a host of macro and market structure issues. As we approach the next edition, you can hear Scott Wacker’s thoughts on the survey here.