The Last Look…
March 31, 2026
It has to be one of the longest-standing traditions of the FX market – customer asks for a price; dealer… Read More »
The Position is the place to go for opinion, both from The Full FX and selected FX and crypto industry voices. Colin Lambert will be providing regular commentary on the latest industry developments with the intention of provoking discussion over developments. The Position will also carry occasional market commentary from leading FX and crypto strategists as well as macro commentary from think tanks.
It has to be one of the longest-standing traditions of the FX market – customer asks for a price; dealer… Read More »
I predict a riot. What begins with a K and is valued at $22 billion? In a business that handles… Read More »
Legendary American macro whizz Stan Druckenmiller is no fan of bitcoin, and yet, while maintaining that as a store of… Read More »
The tenth annual J.P. Morgan E-Trading Edit has been published, you can access the findings here, providing insight into traders’… Read More »
The Irony of Ironies. Readers of this column will be familiar with my tendency to bang on about the benefits… Read More »
It’s always, well, sometimes, nice when a central bank agrees with you. That was the case going through the Swiss… Read More »
Company or team culture is rarely declared; it is revealed – often in the smallest, most routine interactions. One of… Read More »
FX platforms have largely been immune from the need to cut costs that have dominated so many banks’ thinking over… Read More »
Following an analysis of the “future of FX” which identified a “persistent trend of increasing costs even within periodically volatile… Read More »
UK and US corporates are reporting average annual losses in the millions from currency movements, with 80% of respondents reporting… Read More »
Bitcoin, collateral and the dollar. As bitcoin’s crash hogs the headlines it has gone relatively unnoticed that something important happened:… Read More »
LMAX Group has unveiled Omnia Exchange, a new infrastructure layer that the firm says will allow any user “to convert… Read More »
SGX FX has announced that it will combine its liquidity and buy-side client base with CME Group’s EBS Market and… Read More »
In amongst the recently-published minutes of the latest Global Foreign Exchange Committee meeting was an interesting – and most welcome… Read More »
Deutsche Bank is to integrate its FX-as-a-service offering HausFX into Blackrock’s Aladdin OMS that is used by in excess of… Read More »
Organisations today are rich in talent. Yet despite this and their unprecedented access to data and technology, many still struggle… Read More »
DeFiance is futile. The convergence of DeFi and traditional finance is continuing with renewed momentum in 2026, even as the… Read More »
Not least because of “Liberation Day” inspired volatility, FX venues that publish data largely had a banner year in 2025,… Read More »
Last week’s meltdown in Japan’s bond markets, a small matter of JGBs shifting in a day what normally takes a… Read More »
2026 has started pretty much how 2025 proceeded – random events spiking interest in markets, although this year, thus far,… Read More »
It has been pointed out to me by an observant reader, that the first column of every year since Michelle… Read More »
Financial markets have long equated strong workplace performance with financial results. But this thinking comes with hidden costs – significant… Read More »
As has become customary, we will close the year with a look at the most read columns to grab a… Read More »
Just days after releasing a survey revealing that UK funds are planning to combat increased Sterling volatility by ramping up… Read More »
What is it with FX costs that’s so hard to get? For a third of asset managers, the costs of… Read More »
In an AI world that is now awash with synthetic text and hidden biases, work slop and automation bias are… Read More »
UK fund managers are planning to ramp up hedging in 2026 thanks to currency volatility, especially in Sterling, although many… Read More »
The CME outage last week is the latest example of how the FX industry has, in the main, managed to… Read More »
The UK’s Financial Conduct Authority (FCA) has renewed its recognition of the FX Global Code, Global Precious Metals Code, and… Read More »
The latest in our Voice of Experience series sees industry veteran Alan Konevsky dip into the early days of e-FX… Read More »
Stables, stability and risks – where next? At least one of Australia’s major super funds will start using stablecoins in… Read More »
Following the recent unveiling of the first Full FX Awards, Eva Szalay and Colin Lambert discuss the inaugural Crossover Award,… Read More »
One aspect of the Bank of England paper studying the effect on Credit Suisse’s clients following that bank’s collapse in… Read More »
There are many things in life that inevitably end in disappointment, West Ham going 2-0 up only to lose; every… Read More »
Following the recent unveiling of The Full FX Awards for 2025, Colin Lambert sat down with Eva Szalay to offer… Read More »
1:1 or 1:100? Stablecoins continue to have many doubters, despite the fact that the (current) US government is not one… Read More »
A survey of senior traders at 34 European asset managers has found widespread unhappiness at the practice of pre-hedging, with… Read More »
If you thought that the noise around the Libor/market manipulation/trader dismissal issue from nearly a decade ago was diminishing, you… Read More »
In the northern hemisphere it is very much the end of what many term the “stablecoin summer”, but it is… Read More »
It’s been a busy week, so rather than bang on about something I have half an understanding of (what’s new… Read More »
Things that annoy me: Part 1,754. Ignorance that ignores reality in the hope that some mug falls for the sales… Read More »
The US appears to be keen to underwrite a new growth phase in derivatives markets. This is according to a… Read More »
I rarely have sympathy for regulators – I understand we need some guidance in markets, but too often relatively uninformed… Read More »
From scarcity to abundance – what a mindset! In a few weeks’ time foreign exchange will receive its triannual update… Read More »
The latest report from MillTech surveying North American fund managers paints a picture of firms impacted by FX volatility, as… Read More »
A few weeks off does wonders for the mind, helps you focus and, often, come back to work with a… Read More »
Talk data to me* Quite unexpectedly, Uncle Sam is now onchain. That’s a swift pivot for a country that just… Read More »
Deep in the weeds of foreign exchange land, it’s sometimes hard to imagine that there are people living entire lives… Read More »
“Pre-hedging”, or “hedging ahead of the Fix” as it is referred to around the major FX benchmark fixes, remains a… Read More »
Market structure evolution is a regular theme in these pages, and indeed this column, and most often it is targeted… Read More »
