The Full FX Unfiltered

The execution cost at the month-end Fix is well-documented, but in the latest Unfiltered interview, Colin Lambert talks to Jamie Walton, co-founder of Siren FX, about what goes on beyond that Fix? Walton describes patterns throughout the month, and even on certain days, and also shares an interesting observation about the 4pm Fix on the penultimate day of the month.

The two also discuss the importance of accurately defining “volume” as opposed to “liquidity”, as well as the impact of what was lower FX volatility in 2023 in general. Walton also describes identified patterns both ahead of, and during, the Fix, as well as the challenges and opportunities involved in predicting the direction of the month-end rate set.

There is also time for a quick chat on the increasing focus on execution quality in general, including whether Walton thinks people are actually achieving best execution.