The Full FX Podcast – Currency Matters
Posted by Colin Lambert. Last updated: April 12, 2024
The podcast is back in 2024 with a new format as Colin Lambert is joined by two contributors to The Full FX, Steve Flanagan and Andrew Durrant to discuss the big issues of the past month.
The first episode hopefully sets the tone for the future with Flanagan immediately questioning Lambert over his comments in another podcast relating to flash crashes. With Durrant, they debate the question, ‘what is a flash crash?’, asking, ‘is what we see in these events just a new market norm?’
The discussion on the related re-papering of trades manages to drag the chat into “dinosaur trading” and the concept of doubling up until you can’t any more (at which time you exit the building), and speaking of doubling up, Flanagan probably reflects the wider Full FX audience, by not seeming to be happy with Lambert’s 2024 Trade of the Year. That is as maybe, but Lambert is equally unhappy when Flanagan introduces facts into the conversation, pointing out that being long PEN/GEL incurs a 3% carry charge over the year – this on top of a trade that is already underwater!
The conversation then moves onto third-party services in FX and the transparency (or lack of) around these arrangements, especially in an age when cyber security is such a big issue. The three see some anomalies in the JP Morgan 2024 e-Trading Edit, mainly around an apparent lack of concern on security, but have a good idea why that is.
Somehow, this leads out trio into a conversation about the influence of human traders on markets, before they close out by discussing the recent GFXC review of the FX Global Code. Durrant gets general agreement when he says that the Code continues to be fit for purpose, but it is noted that the only area of concern in the survey was over our old friends last look and pre-hedging. It was accepted that only a minority share those concerns, but, long time listeners to the In the FICC Of It podcast will be delighted to hear, Lambert has one of his “theories” to explain why it may be a bigger issue than many think.
Listen here, or subscribe from your podcast store.
Podcast: Play in new window | Download
