This week’s podcast starts with a bombshell that leaves Galen Stops reeling and lost for words before he and Colin Lambert get into the details with a look at the results of the first day of the Global FX Committee’s deliberations this week. Lambert highlights one of two challenges he believes the committee face, not least that of actually getting US buy side firms to commit to the FX Global Code.

The scepticism is amped up following that as Lambert picks up on a quote about internalisation in a report this week, Stops joins in the fun by suggesting it is all about one’s definition of “internalisation” before raising the stakes further by asking, ‘can a single product platform be a multi-asset class venue?’ This leads to a lively discussion around the chances of two new FX venues to launch this week – at a time when the existing platforms are reporting historically low turnover data.

Our two podcasters then step into the digital world by discussing the likely impact of LMAX Digital publishing its ADV data in crypto before Lambert tries (hard), and fails to get Stops to admit he was right in an assertion he made (several times) over the past two years about crypto markets.

On the subject of innovation, the podcast closes out with a quick chat about the challenges of instant settlement in FX with Stops admitting he is surprised by the complexity involved in delivering such a service.

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