The Last Look…
December 6, 2022
The recent move by some venues to prioritise FX Global Code-only liquidity has helped dilute the sense that too many… 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.
The recent move by some venues to prioritise FX Global Code-only liquidity has helped dilute the sense that too many… Read More »
In its latest Quarterly Review, the Bank for International Settlements (BIS) seeks to highlights the challenge of “huge, unseen dollar… Read More »
With The Full FX View The latter half of 2022 has seen three major FX platforms announce that at… Read More »
Is it time to reassess the post-GFC regulatory world and consider nuancing many of the rules that were imposed more… Read More »
Before we go any further, a huge thank you to all the sponsors, speakers and attendees at last week’s 60th… Read More »
Is the real danger to cryptocurrency values not the trust (or lack of) factor involved in another firm blowing up,… Read More »
In its latest Expected Cost Monitor report, BestX carries a feature on the recent Japanese interventions to strengthen the yen,… Read More »
Yet again we are reading about a corporation suffering losses thanks to FX derivatives, and yet again the product in… Read More »
Do we need to change how the BIS Triennial Survey data is collated and published? I am always reluctant to… Read More »
The reaction to Credit Suisse winning its case in New York against FX market manipulation by its traders would support… Read More »
How realistic is the prospect of the “real” FX market moving to a 24/7 model? Obviously, there are places to… Read More »
Year-end funding pressures have long been a part of the FX industry with liquidity historically challenged, however the underlying issues… Read More »
Great is the number of post-2005 entrants to the FX market that have been battered with stories and legends from… Read More »
With The Full FX View Euronext FX has become the latest platform to unveil plans to transition its anonymous spot… Read More »
The next week or so will see both EBS and Refinitiv release their volume data for September and both should… Read More »
These are certainly different times in the FX market compared to what we have all become used to, and for… Read More »
Last week saw the 30th anniversary of one of the more remarkable days in my FX trading career, 16 September… Read More »
FX Global Code only liquidity – discuss… Well, the first thing to stress is that I fully support the efforts… Read More »
Following a request for feedback initiative in April, which the firm says is still open on its website, Refinitiv Benchmarks… Read More »
Apart from “stops at”, has there ever been a more persistent rumour in FX markets than those about a big… Read More »
Why the FX industry should not follow the all-to-all, fully transparent, equities style market structure, part 106. Just when we… Read More »
One of the more persistent sores in FX circles in recent years has been the quality – and oversight –… Read More »
A new report from Acuiti finds that the majority of its Crypto Derivatives Expert Network remain optimistic over the future… Read More »
This will be necessarily brief as I am away for 10 days playing chicken with the crocodiles on the golf… Read More »
The International Swaps and Derivatives Association (ISDA) has published a survey of 25 member firms in response to discussions by… Read More »
There are a lot of initiatives underway in the FX payments and settlement space, but the sense is that the… Read More »
A new report by investment management firm PGIM, which manages over $1.4 trillion, finds “little evidence that cryptocurrencies offer any… Read More »
ESMA may not work quickly, but it is persistent and thorough – and for that reason the FX industry needs… Read More »
The European Securities and Markets Authority (ESMA) has published a consultation paper looking at the issue of pre-hedging and while… Read More »
We can argue about pre-hedging and last look all we like, but has there ever been a more divisive subject… Read More »
The US Department of Justice has charged three men, including an ex-Coinbase employee, of insider trading in digital assets. What… Read More »
We said goodbye to a friend of mine – and many of you – with the laying to rest of… Read More »
A few readers were in touch about last week’s column to suggest that I under-played the role of prime brokers… Read More »
Here’s a question: What’s happening in the non-bank market maker space in FX? It was noticeable during my extended trip… Read More »
The Financial Markets Standards Board (FMSB) has released its final Statement of Good Practice (SGP) on trading platform disclosures across… Read More »
I accept that this column often criticises, it is part and parcel of this job, but this week I come… Read More »
As the one-year anniversary of the updated FX Global Code approaches, two senior members of the Federal Reserve Bank of… Read More »
I had a very interesting conversation with someone in the crypto world last week during which we agreed that the… Read More »
An article in the latest BIS Bulletin, published by the Bank for International Settlements, highlights the practice of MEV (miner… Read More »
There have been hints that regulation is forcing banks’ to widen their FX swaps pricing, not least the Bank for… Read More »
Over the years there have been three main issues I felt the FX industry needed to deal with, one of… Read More »
Even with the tremendous volatility in the sector, there are many more traditional hedge funds investing in crypto and more… Read More »
Very quietly the next big change on the regulatory horizon is approaching in stage 6 of the Uncleared Margin Rules… Read More »
Very quietly, the FX Global Code turned five last week. I remember being in New York for a Profit &… Read More »
With global authorities increasingly assertive in their warnings over the potential financial stability threat from the merging of crypto-asset and… Read More »
While aimed at the broader community, last week’s announcement from Deutsche Bank that it was making vendor sustainability ratings compulsory… Read More »
Ever since the Bank for International Settlements (BIS) highlighted the scale of settlement risk in FX markets in its 2019… Read More »
Stablecoins – discuss. At least I have one ‘W’ under my belt when Galen Stops and I reconvene to assess… Read More »
Well, this column was going to discuss the question, ‘What’s with Bitcoin price action recently?’ but the market seems to… Read More »
Last Friday – a month-end ironically – marked the closing of the Refinitiv consultation on revising the WM Fix and… Read More »
