The conversation begins with the infamous Forex Cartel scandal, unpacking how informal information-sharing between traders escalated into one of the industry’s most high-profile cases - and why its legal handling remains controversial. From there, the discussion broadens to rogue trading incidents, highlighting how weak internal controls and ignored warning signs allowed losses to spiral out of control.

The episode also examines major market shocks, including the Swiss National Bank’s sudden removal of the EUR/CHF peg, and how both human behaviour and algorithmic trading amplified the fallout. These events serve as a backdrop for a deeper look at how regulation has evolved—from individual accountability regimes like SMCR to the introduction of the FX Global Code as a principles-based framework for restoring trust.

Looking forward, the guests explore emerging risks in an increasingly automated and AI-driven market, as well as the ongoing tension between regulation, innovation, and market efficiency. With a blend of real-world examples, sharp analysis, and industry perspective, this episode offers a grounded view of how the FX market has learned—sometimes painfully - to police itself.

Thanks to LSEG FX & Trade Treasury Payments for supporting this episode.

The discussion breaks down complex concepts - from what prime brokerage does, to how HFT firms emerged and scaled - while offering first-hand insights from those who witnessed the market’s rapid expansion in the early 2000s. The episode also examines the technological innovations that made this growth possible, including automation, straight-through processing, and platforms like Triana that revolutionised trade reconciliation and operational efficiency.

Listeners will gain a deeper understanding of how shrinking margins, data access, and infrastructure improvements reshaped the economics of FX trading, as well as how key events - such as the Swiss National Bank shock—exposed vulnerabilities in the system and forced structural change.

Blending technical insight with personal stories from inside the industry, this episode offers a rare, behind-the-scenes look at the forces that turned FX into one of the most electronic and competitive markets in the world - and where it may be heading next.

Thank you to LSEG FX and Trade Treasury Payments for sponsoring this episode.

In this episode of the ACI UK podcast series, the focus turns to one of the most transformative shifts in FX market history: the rise of single dealer and multi dealer trading platforms. Hosts Noel Singh and Kim Myers are joined by industry pioneers Jeff Feig (former Global Head of FX at Citi) and Mark Suter (Digital Vega) to unpack how electronic trading reshaped the competitive landscape.

The discussion traces the journey from phone-based dealing and early electronic systems to the emergence of bank-owned platforms like Velocity, Autobahn, and BARX, alongside multi-dealer venues such as FXall and Currenex. Through candid reflections, the guests explore how strategic decisions, internal resistance, and technological innovation determined which institutions thrived—and which fell behind.

Listeners get a rare inside view of the challenges banks faced when transitioning to electronic trading, including early losses from “toxic flow,” the tension between manual traders and automated systems, and the importance of speed, data, and user experience. The episode also highlights the role of prime brokerage and infrastructure providers like Triana in enabling scale, as well as the unintended consequences of opening markets to non-bank participants.

Looking ahead, the conversation shifts toward the next frontier of innovation—questioning whether blockchain and tokenisation could fundamentally reshape settlement and market structure, just as electronic trading once did.

Blending war stories, strategic insight, and forward-looking thinking, this episode captures a pivotal era in FX—and the mindset required to survive it.

To become an ACI member:

Of the ACI UK: ACI UK - A COMMUNITY for FX, Money Markets & Crypto Professionals

Of another ACI Chapter: Home | ACI Financial Markets Association (ACI FMA)

Drawing on decades of firsthand experience, Tracey and Steve recount the early days of Reuters Matching and EBS Markets, the fierce competition for liquidity, and the practical realities of building electronic trading networks bank by bank. From physically moving workstations across trading desks at night to negotiating bilateral credit lines and convincing traders to trust new technology, they reveal how the FX market evolved through a mix of bold innovation and daily persistence.

The discussion also highlights key turning points that accelerated electronic trading—including the rise of algorithmic execution, prime brokerage access, and the expansion of market data and automated workflows. Along the way, the guests reflect on the personalities, relationships, and mentorship that shaped their careers in one of finance’s most global and fast-moving markets.

This episode offers a fascinating behind-the-scenes look at how the electronic FX interbank market emerged, the culture of the early trading floors, and why liquidity, technology, and human relationships all played crucial roles in the evolution of the market.

To become a member:

Of the ACIUK: ACI UK - A COMMUNITY for FX, Money Markets & Crypto Professionals

Of another ACI Chapter: Home | ACI Financial Markets Association (ACI FMA)

Huge thanks to our sponsors, LSEG FX and Trade Treasury Payments!

In this opening conversation, we take a step back to look at the big picture—exploring how the foreign exchange market has evolved over the past five decades, from the end of Bretton Woods to today’s highly electronic, data-driven environment.

Hosts Kimberly Myers and Noel Singh are joined by two industry veterans: David Clark, Non-executive director at FTSE International and Honorary President of ACI UK and Simon Jones, Head of Product and Liquidity for LSEG FX. Together, they share first-hand stories from the trading floor, reflect on the pivotal moments that reshaped the market, and discuss the innovations—from Reuters screens to prime brokerage and algorithmic pricing—that changed the way FX works.

Along the way, you’ll hear how traders once quoted prices over the phone with a million-pound handshake, why “breaking the pip” shocked the industry, and what today’s professionals can learn from a market that never stops evolving.

Whether you’re an FX specialist or simply curious about the forces behind one of the world’s largest financial markets, this episode offers insight, perspective—and a few great stories from the front line.

Follow the series to hear what’s next, as we continue exploring the people, platforms and turning points that shape the FX world.

To become a member:

Of the ACIUK: ACI UK - A COMMUNITY for FX, Money Markets & Crypto Professionals

Of another ACI Chapter: Home | ACI Financial Markets Association (ACI FMA)

Huge thanks to our sponsors, LSEG FX and Trade Treasury Payments!

The discussion begins by unpacking the fundamental differences between cash FX and futures - particularly around central clearing, risk management, and market structure - before moving into the rapid growth of FX futures in recent years. The guests examine what’s driving this shift, from regulatory pressures and capital efficiency to advances in trading technology and increased accessibility for a wider range of market participants.

A key theme throughout the episode is the convergence of futures and OTC markets. Through innovations such as EFPs and new electronic workflows, the once-clear divide between the two is increasingly blurred, creating a more connected and flexible trading environment. The conversation also highlights how liquidity has evolved, with central limit order books (“the clob”) offering transparency and equal access, while still coexisting with deep OTC liquidity pools.

Looking ahead, the guests discuss the future of FX trading, emphasizing that futures and cash markets are likely to remain complementary rather than competitive. With continued technological development and growing adoption across banks, hedge funds, and asset managers, the next phase of evolution will be driven less by new products - and more by scale, automation, and participation.

Combining practical insight with industry perspective, this episode offers a clear view of how FX futures have moved from a niche product to a central pillar of modern market structure - and where they go next.

A huge thank you to LSEG FX and Trade Treasury Payments for supporting this episode.