This week’s podcast allows Colin Lambert to sound off on two of his favourite subjects as he discusses buzz from various conversations that indicates some LPs in FX markets are extending their last look windows. Referring back to concerns he has raised before in both his columns and on this podcast, Lambert wonders why LPs are simply quoting wider – after all, he asserts, what they are doing at the moment is guessing where the market is because they don’t have to stand behind the price.

Liquidity, or the lack of it, has also reared its head again this week, so there is time to discuss a few of the moves that have occurred as well as to reflect on an article in the Financial Times that highlights a problem he has been banging on about for years (and years!) – the London 4pm Fix.

Sanity then prevails as Lambert is joined by this week’s guest Steve Englander, head of global G10 FX strategy and North American macro strategy at Standard Chartered to discuss a research piece the bank released recently. The two discuss how the work finds, in a risk on/risk off world, that FX can offer a better opportunity to express this view than the S&P 500, and there is also the question of what this means for the perennial argument of FX as an asset class. Subscribe on your favourite podcast app or download from the Profit & Loss site to listen now.