Conversations with LSEG FX

FX Insight Interviews

Our FX insights series brings you 10 new video interviews from the experts at LSEG FX. Tune in to discover the big opportunities and challenges facing the global FX community.

  1. Overview
  2. Speakers
  3. Episodes
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About this video series

Explore the forces shaping the FX market in our 10-part video series, where LSEG FX experts unpack the big themes and findings from our 2025 research. From liquidity fragmentation and algorithmic trading, to workflows and innovation, each episode dives into the trends shaping the global FX market.

Meet the speakers

  •
    Alex Walker
    Head of Surveillance Workflows
  •
    Sasha Stancliffe Bird
    Senior Product Manager
  •
    Albert Blackburn
    Markets FX - CEEMA Emerging Market Lead
  •
    Romael Karam
    Director, Strategic Lead - FX Hedge Funds
  •
    Bart Joris
    Head of FX Sell-Side Trading
  •
    Alex Goraieb
    Head of FX Pre and Post Trade Workspace Workflows
  •
    Lee Gibbons
    Head of Electronic Trade Execution
  •
    Jeffrey Afriyie
    Director of Product, Post Trade

Interview Videos

Hear from the team at LSEG FX

Episode One: Risk Management

Bart Joris and Alex Goraieb

Episode Two: Investment in RegTech

Alex Walker and Sasha Stancliffe Bird

Episode Three: Data and Analytics

Bart Joris and Alex Goraieb

Another interesting stat Bart isaround the investment in trade data analytics in AI.64% saw that as a priority to invest inwhich at larger firms went up to 71%.It almost feels now there's an emergence of new providersin this space that allow a lot more transparency acrossthe liquidity available and how you can engage that liquidity.Do you feel that is one of the areas wherethey're prioritising their focus in order to improvehow they mitigate risk and manage their FX Risk?I think, yes, TCA is already very well embedded to a certain extentwithin every community which it's in there.Also, think about regulation even enforce it to them to a certain extent.Best execution is a form of TCA, what you're actually doing.But I think it's more the awareness.TCA is not just for selecting the best price, the awarenessthat it actually really drives around.What is your overall execution, which actually drives the best resultand outcome, which you're actually sittingas looking into it. When you talked about it,you have the data aspect and the analytics layer.And I think if you look to the analytics layers, analytics are actuallya simple form, why you can say a plus b is c that's in analyticsand that's in theory where it actually sits.What is more important is the data. Where do you compare yourself into?And I think that's where the key sits it's that transparency to actually really createyour equivalent of what you're doing.Because not everybody has the same accessto the market as every person in the FX world.So, really that data element is the key differentiator in the wayhow we can bring it.And then the usability. What is the moment you use into it?So, and I thinkif you look into it we are very,let's call it, very well acquainted inthe market is Post-trade analytics and TCA.These days we actually move forward to pre trade TCA.What is the next real evolution?What you're going to have is actually at trade TCA.When you do your execution, how is it actually evolving?How do you actually really see you stay on top of it?These are the pieces.And I think when I would ask you around then the way how algos compare towhat RFQ’s and in a way, how that actually really sits in there,what is the best advice?And I think I would love to see what you think the right structure is in there.I mean interesting, because I've had a lot ofconversations with, large corporates, asset managersaround this topic, and in many cases it's about transparency.It's about them understanding the models before they commit to using them.Question is, you only find out how good a model iswhen you've actually used it repeatedly and you looked at the outcomes.So having a strong suite of analytics and datathat has learnt from the experience of everybody that's gone before youthat you can use to determine for this particular trade, which is the bestway to mitigate the risk on the trade.Whether I go and I request a quote from a panel of five banks,if so, who are the banks?Or if I choose an algo, which is the optimal algo to useon this particular trade?And I've got ten banks that are offering me ten algos each.That's 100 which ones, which is the right one to choose, right?And having the data for that in terms of mitigating the riskand managing the risk in the right way, given the nature of that particular tradeyou need to do or set of trades is gold dust,it's invaluable. But the main thing is confusion.They don't know what, they need guidance.It's like, well, first of all, I don't use algosbecause I don't understand them.But if I did understand them, I would use them.So, do you think then actually the algo world has got to grow furtheragainst the RFQ world or how do you see this actually really moving?Very good. One of one of two options either,look, data doesn't lie.The analytics will show the path. Right?And so either it'll tell them the algos arenot quite deliveringwhat they promise, in which case people won't use themor the opposite will happen, which is actuallythese algos here are delivering a better performanceover what you used to do, which is ask 20 banks for a price,which set the market off away from you because of all the information leakage.That's the algo tool. You know so it's one of two.I mean, you know, it could go either way,Bart. So I think now we will find outas we democratize the pre trade costanalytics with the liquidityconsumers that can most benefit from that intelligence and transparency.

Episode Four: Algorithmic Trading

Albert Blackburn and Romael Karam

Episode Five: Surveillance

Alex Walker and Sasha Stancliffe Bird

Episode Six: Technology Adoption

Bart Joris and Alex Goraieb

Episode Seven: Innovation

Lee Gibbons and Jeffrey Afriyie

Episode Eight: Emerging Markets

Albert Blackburn and Romael Karam

Episode Nine: Workflows

Lee Gibbons and Jeffrey Afriyie

Episode Ten: Liquidity Fragmentation

Albert Blackburn and Romael Karam

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