Explorez tous les épisodes du podcast ACI UK - Yours, Mine, Nothing Done

Huge thanks to LSEG FX and Trade Treasury Payments for supporting 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)

In this episode of the ACI UK podcast series, hosts Kimberly Myers and Noel Singh explore the origins and transformation of the electronic FX market. Joined by industry veterans Tracey Riodan and Steve Tatum, the conversation traces the shift from voice brokers and telex machines to the electronic trading platforms that reshaped global currency markets.

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!

Welcome to the inaugural episode of the ACI UK podcast series.

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!