In this week’s podcast Colin Lambert and Galen Stops pick through the big talking point of the week, Citi’s reported decision to cut the number of platforms it connects to in the FX market. Once he can stop him being smug about predicting such a thing two months ago, Stops asks Lambert whether he thinks other banks or LPs will follow the Citi lead, while the latter asks the question, Is Citi trying to establish itself as the leader of a movement to radically change how the FX market operates?

The pair then move on to discuss the latest development in the Mark Johnson saga, with the former head of cash FX trading at HSBC formally applying for a re-hearing of his appeal against his conviction. Lambert relays a statistic that doesn’t make for optimistic listening but reiterates his belief that the FX industry faces what could be serious disruption if the reasons for striking down the appeal are allowed to stand.

The pair close out with Stops revealing news the first FX hedging deals to be arranged under BNP Paribas’s new sustainable derivatives platform, which is linked to the United Nation’s (UN) Sustainable Development Goals (SDG). This prompts Lambert to look up the 17 goals under that programme and try to assess how they can relate to an FX trade, and like last week’s quiz, it doesn’t go that well.