Community

Do you have two reporters? Would make more sense for dual sessions I think.

Gary

I dont agree at all on this issue; the FX market and bullion market has functioned on 2 day settlement since way back and settlement issues do arise but with the stringent credit checks they are more often due to errors than lack of liquidity.The 2 days give all global players sufficient time to issue payment instructions irrespective of the location of the two counterparty's.  

Cheers

I think most politicians miss the point. Unless a market is totally domestic it's unworkable to levy a tax. What if two non European banks buy and sell a commodity or currency over a US owned broker based in London. Who do the politicians think will pay a tax here?

I can't remember the nationality of the town that was experimenting with holding shopping weekends using the legacy currency; I wonder if its still running, they may come smack bang into vogue.

Nice pros and cons. I still can't get used to seeing someone in a coffee shop pay by debit card for such a minimal transaction as a coffee and a bun.

When I came into the market it was still dominated by the London clearers NMRothschild, Mocatta, Samuel Montague, Sharps Pixley and Johnson Matthey. Credit Suisse and JPMC were the main ones to ruffle the old order and as credit ratings played a larger part began to dominate the market. Most of the original houses were bought up by bigger names. Two of the biggest OTC players at the time were Drexel and FNBB.  

The pendulum swings again. I enjoyed working in the precious metals market during its last boom when the big foreign banks Credit Suisse, UBS, JP Morgan and Deutsche decided they wanted to play with the London pm clearers. Then they got bored with the whole thing and most closed down their PM operations.

A good blog Paul, and it will be interesting to see when that 'tomorrow' will be. It strikes me that the banks are currently dragging their feet and looking to preserve legacy processes at minimum cost rather than thinking next generation.

The secret police are on their way.

Thats good Matt. If Mr Cable doesn't stop beating the bankers he might get more than he bargains for.

Come on people, here's your chance to air your best banker joke to go on the cash slip.