The Last Look…
Posted by Colin Lambert. Last updated: December 16, 2025
As has become customary, we will close the year with a look at the most read columns to grab a sense of what people were thinking and feeling in 2025. Basically you lot like it when I lose the plot and have a good old-fashioned rant! Luckily though, there are a couple of more thoughtful pieces in the top 10 (from Eva!)
The two most read were actually continuations of longer-term themes, namely where the market was left on pre-hedging after the US court system finally saw sense and cleared Mark Johnson; and my thoughts on the impact of Bloomberg charging brokerage on the week it actually came into force. What was notable about the latter was how so many people got in touch to agree that Bloomberg’s rivals had “missed the boat” as one put it, by not only failing to reduce their prices but actually, on a net basis, raising them!
That reaction probably highlights how the platforms continue to take advantage of the competitive LP landscape, and there is some merit in the argument that if they weren’t making money, then they wouldn’t be pricing! That said, beware the better-informed LP, as these firms better analyse their business they are making decisions on their interactions with certain platforms – and not always to the benefit of the platform.
Pre-hedging also grabbed a lot of attention in my (ahem) “studied analysis” of the IOSCO recommendations. Perhaps likening the release to being a West Ham supporter and those unlucky enough in history to suffer a second date with me was enough, but the fact was – and is – there was widespread disappointment that dealers are still in harm’s way. Or are they? As I discussed in the column, there is one line that could provide hope.
Two full-on-rants were also in the top five, firstly – and this was the first column of 2025 so we got off to a good start – on fill rates, this included a warning to platforms, linking back to the Bloomberg issue, that as competition increased, participants are going to look much closer at their trading experience than ever before. The second, proving that this column is fair (or hates everybody, I am still not sure), I had a crack at some poor LPs (and their buy side customers) who were apparently struggling with the weight of news and price swings. There was also time for a couple of swings at AI in the trading process, as well as what is perceived to be a genuine fear of losing money – cue an extra kick for those LPs adopting the broker model – West Ham must have lost that weekend (it was during the season so there was a good chance!)
While we’re on the subject of rants, the bear was well and truly poked early in the year, when people started talking about the “liquidity mirage” again. My response was pretty blunt and is probably best summed up by the conclusion: “The market is what it is, and it doesn’t owe anyone a thing. You don’t like the price? Fine, don’t hit, but please, for once, take some responsibility and accept the consequences. The price is going to be there, but it may not be pretty; welcome to the real world – a world that hasn’t changed that much…”
Thankfully, more the readers’ sanity as much as anything else, it hasn’t all been about me sounding off. Two of Eva’s columns, the first looking at the opportunity for FX from the surge in interest in stablecoins and the second, a study in the nuances of regulator-speak around digital assets, also featured in the top 10. The former issue has become bigger as the year has gone on, and has also been amongst the most popular topics at our events this year. Personally I am just grateful that we have someone who can write about it with authority rather than me thrashing around!
Finally, proving (perhaps) that I too, can do serious analysis, our top 10 is rounded out by two columns, one a perspective, the other analysis. One looked at the launch of Spot+ by CME Group, which inevitably looked at the risks of cannibalising the existing FX businesses, but also saw tremendous opportunity, the other, in January marked the 10thanniversary of SNB-Day.
I would say that was 24 hours that changed the FX industry, but the reality was it was less than a minute! There were some serious and negative consequences of that day that persist to this, but as I noted, we also have a more robust foreign exchange market, that has handled the volatility of 2025 (and yes, I know it’s not on the same scale) with aplomb.
If nothing else, that’s a positive note on which to end. I would also like to thank all of you that interact with me regularly or occasionally on our content – without that feedback loop, it would all be a lot less entertaining!
Wishing all of our readers a very happy and prosperous 2026.
