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 »
It has to be one of the longest-standing traditions of the FX market – customer asks for a price; dealer… Read More »
In amongst the recently-published minutes of the latest Global Foreign Exchange Committee meeting was an interesting – and most welcome… Read More »
The Financial Markets Standards Board has published its workplan for 2026, including continued work on pre-hedging and market applications of… 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 »
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 »
The Financial Markets Standards Board (FMSB) has released its latest Statement of Good Practice (SGP), this time to help firms… Read More »
I rarely have sympathy for regulators – I understand we need some guidance in markets, but too often relatively uninformed… Read More »
Last week’s column prompted quite a response, which can be summarised thus: How confident are you that adhering to your… Read More »
For the second week in a row, we are writing about justice served around five years too late, following news… Read More »
As someone who has argued pretty much from the start that Mark Johnson’s conviction was wrong, it comes as something… Read More »
The one about technology So you don’t like digital assets? Probably because you are a profit centre for a firm… Read More »
A frisson of excitement rippled through financial markets last week when one of its recent “darlings” was banned by a… Read More »
Global Digital Finance and ACI Financial Markets Association have announced that EY and Kaiko have joined their Joint Stewardship Working… Read More »
Whistleblowing complaints to the UK Financial Conduct Authority have registered a slight decline in the first quarter this year, with… Read More »
Sometimes, language can tell you a lot, even if it not intended to, and I am starting to think that… Read More »
In the latest Unfiltered video, Colin Lambert has a very enjoyable chat with Lisa Dukes, UK private sector representative on… Read More »
The latest iteration of the FX Global Code contains some important, but nuanced, changes, and as well as highlighting how… Read More »
Last week’s column prompted several of you to get in touch with what was pretty much the same question. Where… Read More »
I think everyone knows by now that pre-hedging bothers me – it raises too many risks, is cloaked in ambiguity,… Read More »
IOSCO has published a much-anticipated consultation document on pre-hedging, following a survey of its own members, seeking wider views on… Read More »
It’s clearly a more complex subject, but there is a whiff of the old hedge fund tactic around information when… Read More »
It has become fashionable in some circles to bemoan the lack of opportunities and profits available in FX markets, but… Read More »
The Australian Prudential Regulation Authority (APRA) has increased the capital add-on applied to ANZ to AUD750 million in response to… Read More »
Former HSBC head of FX cash trading Mark Johnson has launched another appeal to overturn his 2017 conviction for wire… Read More »
In the latest Voice of Experience Column, Ted Holloway discusses the growing issue of data ownership, and also takes a… Read More »
The pre-hedging Spotlight Review from the FMSB merely serves to highlight, in my view, just how difficult, and potentially risky,… Read More »
In an effort to bring some clarity to a perpetual grey – as well as controversial – area in markets,… Read More »
ANZ says it has taken action against “several” employees on its Sydney Rates team over alleged breaches of its conduct… Read More »
The failure by former HSBC head of cash trading Mark Johnson to have his conviction vacated in the US effectively… Read More »
The Global Foreign Exchange Committee (GFXC) has unveiled Stuart Simmons, head of multi-asset solutions at QIC, as its new vice-chair.… Read More »
For large fixing orders, it benefits both the client and the dealer carrying out the transaction to hedge in the… Read More »
This week’s column is full of opinion and thought-provoking observations, but it has a different author – I think Eva… Read More »
How worried, or otherwise, should we be about buy-side adoption of the FX Global Code and how much more effort… Read More »
The information released regarding the episode between Westpac and its client that led to the bank being fined for its… Read More »
Last week’s Full FX conference included – as is inevitable these days – multiple references to AI and its potential,… Read More »
This is the second in our occasional series, The Voice of Experience, which taps into the experience of senior, and… Read More »
It took just half a day for a Manhattan jury to convict former Glen Point Capital CEO Neil Phillips of… Read More »
Although there has been recent media commentary on the growing importance of corporates to FX businesses, a new survey commissioned… Read More »
With The Full FX View Lawyers for former HSBC head of FX cash trading Mark Johnson have filed a… Read More »
Last week’s column, not unexpectedly I suppose, elicited quite a bit of feedback and comment and it was interesting that… Read More »
Reading the ESMA review on pre-hedging a couple of thoughts came to me on two of my favourite subjects –… Read More »
With The Full FX View As with so many issues in foreign exchange, indeed in financial markets generally, the issue… Read More »
Although I don’t think the lack of buy side adoption of the FX Global Code is as serious as some… Read More »
There are, inevitably, legal niceties and technicalities involved that mean the outcome of the case remains unclear, however reading the… Read More »
A judicial opinion published by the Southern District Court of New York, which is hearing the class action brought against… Read More »
The US Commodity Futures Trading Commission has issued an order simultaneously filing and settling charges against HSBC Bank USA for manipulative and… Read More »
The Financial Markets Standards Board (FMSB) has welcomed DTCC Europe, a subsidiary of The Depository Trust & Clearing Corporation (DTCC),… Read More »
Jonathan Moulds has been named as the new CEO of the Financial Markets Standards Board (FMSB), replacing Mark Yallop, who… Read More »
I had some great conversations off the back of last week’s column regarding the Glen Point case and about option… Read More »
