The Last Look…
March 4, 2025
Feedback on industry consultations is often very dry – at least in its public form – so it is both… Read More »
Feedback on industry consultations is often very dry – at least in its public form – so it is both… Read More »
Three industry associations have published their responses to IOSCO’s consultation on pre-hedging in markets, and it is notable that even… 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 »
Former HSBC head of FX cash trading Mark Johnson has launched another appeal to overturn his 2017 conviction for wire… 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 »
While it continues its work to build adherence, buy side adoption and reducing settlement risk, the Global Foreign Exchange Committee… Read More »
In the latest edition of the podcast, Steve Flanagan and Colin Lambert are joined by The Full FX’ contributing editor… Read More »
The Global FX Committee meets next week and one of the topics on the agenda will probably be pre-hedging, specifically… Read More »
Although still below the average of 2023, May’s month-end Fix provided more serious market impact for users of the five-minute… Read More »
The failure by former HSBC head of cash trading Mark Johnson to have his conviction vacated in the US effectively… Read More »
For large fixing orders, it benefits both the client and the dealer carrying out the transaction to hedge in the… Read More »
It was a mixed bag of outcomes at the February month-end FX benchmark fix, with six of the regular currencies… Read More »
The Global Foreign Exchange Committee (GFXC) has published the results of its 2023 survey of the FX Global Code, including,… Read More »
The information released regarding the episode between Westpac and its client that led to the bank being fined for its… Read More »
Westpac has been fined just AUD 9.8 million for what an Australian court found to be “unconscionable conduct” in relation… Read More »
Investors whose funds use the five-minute WM window for the month-end FX fix missed out on potential savings of more… Read More »
With The Full FX View Lawyers for former HSBC head of FX cash trading Mark Johnson have filed a… Read More »
It is easy for me to tell that AI is starting to gain traction in financial markets from the number… 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 The issue of pre-hedging continues to split opinion in financial markets, and in its latest… Read More »
With The Full FX View As with so many issues in foreign exchange, indeed in financial markets generally, the issue… Read More »
Quieter FX markets translated into a relatively low market impact from hedging of flows before the London 4pm Fix with… Read More »
Market impact from hedging ahead of the monthly WM Fix was higher than recent months, with the potential savings from… Read More »
With The Full FX View The US Commodity Futures Trading Commission has levied a $6.8 million fine against Mizuho… Read More »
With peer-to-peer trading in FX seemingly attracting more attention than ever, it is an opportune time for Colin Lambert to… Read More »
It was a quieter than usual London 4pm month-end fix on October 31 in terms of market impact, with significantly… Read More »
It is of probably some relief to users of the WM London 4pm Benchmark Fix that after what was a… Read More »
ESMA may not work quickly, but it is persistent and thorough – and for that reason the FX industry needs… Read More »
The latest month-end FX benchmark fix to be analysed by The Full FX was, frankly, a bit of a bloodbath… 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 »
In the first edition for 2022, Jay Moore, co-founder and CEO of FX HedgePool, joins Colin Lambert to talk a… Read More »
The second cartoon in our occasional (and light-hearted) series, drawn by Madeleine Allcock, seeking to explain some of the controversial,… Read More »
When GFXC chair Guy Debelle stated clearly what many of us already thought – that the FX Global Code update… Read More »
The UK regulator, the Financial Conduct Authority (FCA) has formally recognised the updated FX Global Code and Global Precious Metals… Read More »
It’s time to get all “Oliver Stone” and probably see something that isn’t there, but…I wonder if we are building… Read More »
The Global Foreign Exchange Committee’s Three-Year Review of the FX Global Code more or less formally came to an end… Read More »
Price action around the London 4pm Fix grabbed traders’ attention again on 27 July as Cable saw a 60-point move… Read More »
There comes a time in every walk of life where delivering required change takes leadership. I believe the FX industry… Read More »
“Intent is a difficult concept to demonstrate…the benefits arising from pre-hedging can be very difficult to show”. Therein lies the… Read More »
The Global Foreign Exchange Committee (GFXC) says it has completed the latest three-year review of the FX Global Code, and… Read More »
I am genuinely sorry to do this to you, but given events in the market yesterday and ongoing legal arguments,… Read More »
OK. Tin hat on? Check. Flak jacket? Check. Let’s dive back in to pre-hedging! I have been asked by quite… Read More »
Dear Colin We would like to make a few points in response to your recent post on pre-hedging and the Global Code.… Read More »
There is nothing like last look to get people fired up in the FX industry – as my mailbag for… Read More »
The Global Foreign Exchange Committee has released two draft “guidance papers” on pre-hedging and last look and is seeking feedback… Read More »
The FICC Markets Standards Board (FMSB) has published a final Standard for the execution of large trades in FICC markets… Read More »
The Australian Securities and Investments Commission (ASIC) says it has commenced proceedings against Westpac for insider trading, unconscionable conduct and… Read More »
