Market Maker

Could UBS really leave Switzerland? In this episode, Anthony Cheung and Stephen Barnett break down the growing dispute between Switzerland’s biggest bank and the government over new capital requirements and why tougher regulation could have major consequences for UBS and its shareholders.

We explain how banks actually work, why Common Equity Tier 1 (CET1) capital matters, what changed after the collapse of Credit Suisse and why forcing banks to hold more capital can make them safer but potentially less competitive.

We also look at the battle between traditional banks and fintech challengers, as Monzo considers its next move following takeover interest from Nubank. With Revolut racing ahead and Monzo looking for fresh capital, we explore why some challenger banks have succeeded while others have struggled to scale and what could happen next.

00:00 The Ultimate Banking Mistake

04:10 How Banks Really Work

06:41 What Is CET1?

12:44 Why Banks Are Too Big to Fail

20:18 UBS vs Switzerland

27:54 Why UBS Is Fighting Back

32:23 How UBS Compares

38:35 What’s Happening at Monzo?

46:51 How Challenger Banks Work

49:05 Revolut vs Monzo

52:30 What Happens Next?

What does it actually take to build a successful career in financial markets?

In this episode, Anthony Cheung sits down with Jamie Philip, who began his career trading at a hedge fund before spending nearly 19 years at J.P. Morgan, ultimately becoming Managing Director and Head of EMEA Futures and Options Execution Sales.

Jamie shares what senior bankers really look for when hiring graduates, why being teachable can matter more than appearing impressive, and the mistakes young professionals often make once they land their first job in finance.

We also discuss the importance of consistency, trust and reputation, why comparing yourself to others can derail your career, and the lessons Jamie learned from nearly two decades inside one of the world’s biggest investment banks.

For anyone trying to break into investment banking, sales and trading or financial markets, this is an inside look at what it takes not just to get the job, but to build a career that lasts.

00:00 Breaking Into Finance

02:58 Buy Side to Sell Side

10:13 A Non-Linear Path

17:18 What MDs Look for in Graduates

20:24 How to Stand Out

22:28 Why Consistency Matters

27:11 Handling Mistakes Under Pressure

29:43 The Early Career Trap

32:46 Money, Success & Perspective

37:08 Finding Work-Life Balance

43:49 Jamie’s Advice for Graduates

In this episode, Anthony Cheung and Stephen Barnett explore how geopolitics and soaring energy prices are reshaping some of the biggest deals in global markets.

We look at Nigeria’s $1.6 billion Dangote Petroleum IPO and its ambition to build the world’s largest oil refinery, before unpacking Carlyle’s attempt to acquire Lukoil’s $20 billion portfolio of international assets amid Russian sanctions.

We also break down why Trafigura is launching a new supertanker business as spot shipping rates surge towards $1 million a day, and how disruption in the Strait of Hormuz is transforming the economics of moving oil around the world.

Finally, we examine KKR’s acquisition of DCC Energy and explain why private equity sees an opportunity in one of Europe’s biggest energy distributors.

00:00 The Global Energy Shake-Up

02:08 Nigeria’s $1.6BN IPO

04:17 Inside the Dangote Refinery

07:10 How Do You Value African Companies?

12:12 Nigeria’s Energy Revolution

17:45 Lukoil’s $20BN Sale

24:29 Inside Trafigura

28:56 The Supertanker IPO

31:53 Why Shipping Rates Are Surging

37:24 KKR’s Acquisition of DCC Energy

40:23 How Private Equity Creates Value

43:04 The Deal Gets Approved

UK government borrowing is surging, bond yields remain elevated and the cost of servicing Britain’s debt is becoming increasingly difficult to ignore. But how serious is the problem and what happens if borrowing costs stay high?

In this episode, Anthony Cheung and Piers Curran break down why Britain’s public finances are under pressure, how the bond market can constrain government spending and why the Bank of England’s decision to step back from quantitative tightening could matter for UK borrowing costs.

We also explore whether governments can simply keep accumulating debt, why the US and Japan have managed even larger debt burdens, and whether AI-driven productivity growth could eventually offer Britain a way out.

Finally, we look at the bigger question facing developed economies: if debt keeps rising, what could actually cause the music to stop?

00:00 Britain’s Debt Problem

02:22 Why Debt Is Getting Expensive

08:56 The Global Debt Problem

10:49 Britain’s Borrowing Surge

11:50 Why UK Inflation Is Different

15:44 Is Britain’s Economy Stalling?

17:53 Why Bond Yields Matter

21:20 Quantitative Tightening Explained

27:32 Could QE Return?

30:29 Can AI Save the UK Economy?

36:00 Can Britain Keep Borrowing?

40:12 Is the West Losing Power?

HYROX has exploded into one of the biggest trends in fitness, and now private equity wants a piece of it. But what exactly makes the business so attractive?

In this episode, Anthony Cheung and Stephen Barnett break down how HYROX makes money, its rapid global expansion and why private equity giant L Catterton has invested in the business. We look at its asset light event model and ask whether HYROX can become a lasting global fitness brand or risks following the same path as CrossFit.

We also unpack Oura’s reported $16 billion IPO, from its hardware and subscription model to the 42 billion hours of biometric data it has collected. Could Oura become much more than a wearable technology company, or is there a risk it becomes the next Peloton?

(01:52) Oura’s $16B IPO

(02:50) Why Oura Is Booming

(06:33) The Subscription Engine

(08:08) Investors in Oura

(10:53) The Role of Robinhood

(12:43) IPO Underwriters

(15:39) History of Oura

(19:12) Oura Business Model

(23:41) Oura’s Data Advantage

(27:52) The Peloton Warning

(31:42) Celebrity Endorsements

(34:10) Can Oura Justify $16B?

(40:35) Why HYROX Is Exploding

(44:25) How HYROX Makes Money

(50:40) The CrossFit Warning

(54:58) Oura vs HYROX: Who Wins?

The Federal Reserve has raised interest rates for the first time in three years, with Fed Chair Kevin Warsh delivering a unanimous 25 basis point hike as inflation once again becomes the dominant concern for financial markets.

In this episode, Anthony Cheung and Piers Curran break down why the Fed decided to hike, what Warsh means by “removing accommodation”, and why the decision could be an important test of the Fed’s independence amid political pressure from Donald Trump.

We also explain the reaction across bonds, equities and the US dollar, why short and long-term Treasury yields are moving differently, and what the Fed’s latest projections could mean for interest rates over the rest of 2026.

Whether you’re following markets as an investor or preparing for a global markets interview, this episode gives you a practical framework for understanding one of the most important macro stories shaping the global economy.

(00:00) Why This Fed Decision Matters

(01:13) Why the Fed Hiked

(06:49) Policy Accomodation

(09:13) What’s Driving Inflation?

(16:18) Is the Fed Independent?

(21:44) How Markets Reacted

(25:51) What Happens Next?

(29:56) Lessons From Past Rate Hikes

(32:50) Interview Cheat Sheet

Application season is underway, and if you’re targeting investment banking, understanding what’s actually happening in M&A can give you a real advantage in interviews.

In this episode, Anthony Cheung and Stephen Barnett break down the huge resurgence in global dealmaking in 2026, why mega-deals are dominating, which sectors and banks are benefiting, and how interest rates, AI and valuations are shaping the outlook.

Most importantly, we explain how to turn that knowledge into better interview answers: which deals to research, how to structure your response and how to demonstrate genuine commercial understanding rather than simply memorising headlines.

(00:00) Investment Banking Interview Prep

(01:48) The M&A Boom

(04:47) Why Mega Deals Are Surging

(10:52) What Drives M&A?

(17:46) Merger Arbitrage

(19:41) The Hottest Sectors

(24:04) Which Banks Are Winning?

(26:15) How to Target Your Applications

(30:21) Stephen's Favourite Episode

(33:26) Anthropic IPO Prediction

(34:46) Impact of US Mid-Terms

(41:23) Number One Advice

Oil is back above $100 a barrel, food prices are climbing and central banks are once again facing pressure to raise interest rates. Is the world heading towards a second wave of inflation?

In this episode, Anthony Cheung and Piers Curran explain why the latest inflation threat goes far beyond the headline oil price. China is returning to the crude market just as conflict continues to disrupt global energy supplies, while refinery problems are pushing petrol and diesel prices even higher.

At the same time, food commodities including wheat, rice, coffee, sugar and cocoa are rising as war, extreme weather and supply disruption hit global production. We look at how those higher costs eventually reach the supermarket checkout and why a £100 UK weekly shop from 2020 could soon cost around £150.

Finally, we break down what this means for the Federal Reserve, Bank of England and other central banks, why bond yields are rising, and whether higher inflation could force interest rates to stay higher for longer.

(00:00) Is Inflation Coming Back?

(01:33) Why Oil Is Above $100

(05:57) The Trump Oil Problem

(07:11) Petrol Prices Surge

(12:43) How Oil Traders React

(15:58) Food Inflation Returns

(22:44) Why Food Prices Are Rising

(23:59) Interest Rates Going Higher?

(28:47) The Stagflation Risk

(31:36) The £150 Weekly Shop

Nvidia has agreed to acquire Hugging Face for $12.9 billion, paying around 86x revenue for one of the most important platforms in open-source AI.

In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down what Hugging Face actually does, why Nvidia wants it, and how the deal fits into Jensen Huang’s wider strategy to control more of the AI ecosystem.

We look at Hugging Face’s journey from a failed chatbot to the “GitHub of AI”, why open-source AI is becoming increasingly important, and whether Nvidia’s growing influence should concern regulators and developers. We also look at the parallels with Microsoft’s acquisition of GitHub and the extraordinary returns generated by some of Hugging Face’s earliest investors, including NBA star Kevin Durant.

A deep dive into the strategy, valuation and economics behind one of the biggest AI deals of the year.

(00:00) Nvidia Buys Hugging Face

(08:23) Why Nvidia Moved Now

(15:56) Who Made Billions?

(18:59) What Is Hugging Face?

(27:42) How Hugging Face Started

(30:19) The $12.9bn Valuation

(32:31) Nvidia’s AI Strategy

(44:04) Kevin Durant’s 240x Return

Can governments really control financial markets, or can they simply delay the inevitable?

Japan has spent nearly $100 billion trying to support the yen, with the US taking the extraordinary step of joining the intervention. But despite the firepower, the forces driving the currency, interest rate differentials, the carry trade and Japan’s economic fundamentals, haven’t simply disappeared.

In this episode, Anthony Cheung and Piers Curran explain how FX intervention actually works, why governments and central banks step into financial markets, and why intervention often treats the symptom rather than the underlying cause.

We also revisit the extraordinary 2015 Swiss franc collapse, when the Swiss National Bank abandoned its currency floor and triggered one of the most dramatic moves in modern FX history, before looking at the US Treasury market and the attempts to bring rising long-term bond yields under control.

From the Japanese yen to US Treasuries, this is a practical guide to what happens when governments decide to fight the market and why the market often has the final say.

(00:00) Can Governments Control Markets?

(07:26) Why the Yen Is So Weak

(15:24) The Yen Carry Trade

(17:59) The Intervention Explained

(19:41) Symptom or Disease?

(21:14) Japan’s $100bn Intervention

(27:11) The Swiss Franc Collapse

(41:10) The US Bond Market Problem

(45:51) What Could Break Next?

(52:49) What Happens Next?