In this week’s podcast Colin Lambert comes out swinging from the start as Galen Stops reports on a sharp divide between panellists at Profit & Loss’ Copenhagen conference over the future of FX volatility. Typically Lambert gives short shrift to one side of the argument as he channels his inner Star Trek (of which he has never seen an episode or a film!) by suggesting that what we actually have now is volatility, but not as we know it.

The conversation then moves on to quantum computing (yes honestly) as Stops argues that while it will be hugely influential in financial markets, it is unlikely to be in trading for some time yet. Again typically, rather than have his absolute lack of understanding of the subject shown up, Lambert prefers to share an amusing story from a presentation he attended on the subject!

If Lambert came out swinging to start with the tempo is raised even further when Stops causes the heart of every listener to sink by asking him about last look. A column written this week was quick to get feedback, as our podcasters discuss and Stops makes a stout effort to defend a practice that Lambert believes is unconsciousable – having different hold times for different clients on the same connectivity.

The podcast closes out with a tongue in cheek tip of the hat to the brokers at Tullett Prebon in 2008-10 whose actions were last week targeted by the UK’s regulator. Exactly what constitutes “lavish over-entertaining” and should we stop turkeys voting for Christmas?

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