After upsetting non-bank market makers and then banks in recent weeks, Colin Lambert takes a shot at the buy side in this week’s In the FICC of It podcast when Galen Stops asks him, “will the buy side adopt the FX Global Code?” Our two podcasters discuss next year’s review of the Code as Stops reveals how plenty of his sources remain unsure over the Code’s influence and likely success, before moving onto last week’s FX turnover surveys. Clearly many were surprised by FX activity going up from the previous April (Stops also exults in the likelihood of a higher BIS number in September), but as Lambert points out, there were as many questions as answers raised by the data.

The two finish off with a spirited conversation about the FXPB/non-bank market makers saga one month on from Citi giving several of these firms three months’ notice – not least, why are deals not being struck with the other PBs?