When FX Goes Bad – Scandals, Shocks, and the Price of Trust

Beyond Electronification: The Next Chapter in FX

In the final episode of the ACI UK podcast series, the focus turns firmly to the future—bringing together three industry innovators to explore what lies ahead for the FX market. Hosts Noel Singh and Kim Myers are joined by Andy Coyne (CobaltFX), Guy Hopkins (FairXchange / United FinTech), and Christian Frahm (United FinTech) for a wide-ranging discussion on the next phase of evolution in FX. The conversation reflects on how the pace of innovation has shifted—from the rapid transformation of electronic trading to today’s more incremental improvements—before diving into the forces most likely to drive the next wave of change. Artificial intelligence emerges as the central theme, with discussion ranging from early use cases to the longer-term implications of agentic workflows, digital employees, and hybrid human-machine decision-making. Alongside AI, the episode explores other major structural shifts, including the renewed momentum behind digital money, tokenisation, and shared infrastructure models. The guests examine how legacy systems, data fragmentation, and operational inefficiencies continue to shape the industry—and why collaboration, interoperability, and better use of data will be critical to improving profitability and resilience. Risk is another key focus, with cyber security, operational resilience, and data governance highlighted as defining challenges for the next decade. As technology expands the possibilities, it also increases the complexity of protecting market participants in an increasingly interconnected ecosystem. Looking ahead to 2035, the discussion paints a picture of an FX market that is more automated, more data-driven, and more efficient—but still fundamentally reliant on human relationships, trust, and judgment. While the tools may change, the core of the market remains rooted in people. Bringing together insights from across the series, this final episode offers a thoughtful and forward-looking conclusion—capturing both the scale of change underway and the enduring principles that continue to define the FX market. As always a huge thank you to LSEG FX [https://www.lseg.com/en/fx] and Trade Treasury Payments [https://tradetreasurypayments.com/] for your support this season.

Trading Through Change: Women, Innovation, and FX

In this episode of the ACI UK podcast series, the focus shifts to the evolution of women’s roles in the FX market—told through the candid and compelling career journey of Paula Fry, Global Head of Fixed Income and FX Trading Liquidity at Bloomberg. From starting as a travel agent to becoming a senior figure in one of the world’s leading financial institutions, Paula shares an unfiltered account of breaking into a male-dominated trading floor, navigating early electronic trading innovation, and building a career without a traditional academic background. Her story offers a rare, inside look at the realities of FX trading in the 1990s and early 2000s—where resilience, instinct, and adaptability were essential. The conversation explores the challenges women have historically faced in the industry—from bias and cultural barriers to balancing career progression with family life—and how those dynamics are slowly evolving. Paula reflects on the importance of visibility, mentorship, and confidence, while also highlighting the structural changes still needed to create a more inclusive and balanced industry. Alongside these personal insights, the episode touches on the early days of electronic FX trading and automation, offering a fascinating perspective on how human intuition helped shape the algorithms that now dominate markets. Blending career storytelling with honest reflection and practical advice, this episode is both an inspiring account of one woman’s journey and a broader look at how the FX industry continues to change—and where it still has work to do. Many thanks to our sponsors, LSEG FX [https://www.lseg.com/en/fx] and Trade Treasury Payments [https://tradetreasurypayments.com/about] for supporting this episode.

From OTC to Exchange: How FX Futures Are Redefining Currency Markets

In this episode of the ACI UK podcast series, the spotlight turns to the growing role of FX futures and how they are reshaping the broader currency trading landscape. Hosts Noel Singh and Kim Myers are joined by Phil Hermon (CME Group) and Marc Putter (Transtrend) to explore the evolving relationship between exchange-traded futures and the traditional OTC FX market. 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 [https://www.lseg.com/en/fx] and Trade Treasury Payments [https://tradetreasurypayments.com/] for supporting this episode.

When FX Goes Bad – Scandals, Shocks, and the Price of Trust

In this episode of the ACI UK podcast series, the focus shifts to the darker side of FX market history - exploring the scandals, shocks, and regulatory responses that have reshaped the industry over the past two decades. Hosts Kim Myers and Noel Singh are joined by Katharine Leaman (Leaman Crellin, former FCA) and Colin Lambert (The Full FX) for a candid discussion on misconduct, market failures, and the evolution of oversight. 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 [https://www.lseg.com/en/fx] & Trade Treasury Payments [https://tradetreasurypayments.com/]for supporting this episode.

FX Prime Brokerage & the Rise of HFTs & Retail

In this episode of the ACI UK podcast series, the conversation dives into the evolution of the FX market through the lens of prime brokerage and its critical role in shaping today’s trading landscape. Host Noel Singh and co-host Kim Myers are joined by industry veterans Kate Lowe (Euroclear) and Jeremy Smart (XTX Markets) for a detailed exploration of how FX prime brokerage enabled the rise of high-frequency trading (HFT) and transformed both institutional and retail markets. 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 [https://www.lseg.com/en/fx] and Trade Treasury Payments [https://tradetreasurypayments.com/about] for sponsoring this episode.