Although there was plenty of news for Profit & Loss' managing editor, Colin Lambert, and editor, Galen Stops, to get their teeth stuck into this week, the duo focused on just three main stories.

First of all, they discuss the news that former HSBC head of cash FX trading, Mark Johnson, has lost his appeal to have his conviction and sentence overturned in the US, highlighting a number of way in which this decision could have important ramifications for the FX industry, not least because it creates a precedent for any future legal cases.

Secondly, Stops questions Lambert on whether he buys into the hype around algos as the "next big thing" amongst the buy side in FXand whether selling them will really come to represent the robust, consistent sort of revenue that banks are hoping it will. Lambert doesn't seem convinced, but points out that the large liquidity pools that some of these banks are sitting on gives them a crucial advantage over fintech firms that might be eyeing this segment of the market.

And lastly, the pair discuss the news of Hong Kong Exchanges & Clearing's (HKEX) surprise  £31.6 billion bid for the London Stock Exchange Group (LSEG) and the subsequent rejection of that bid in no uncertain terms. Both appear convinced that this deal is unlikely to go ahead, but could LSEG shareholders be tempted by more cash? And could Britain's impending exit from the European Union also have an impact?