Some highlights from the Finance Magnates summit
I was on the spot at the FM summit and heard some key comments.
Ex-head of global FX at Deutsche Bank, Kevin Rogers, said that further flash crashes due to the increase in electronic trading are inevitable.
Marc Zaffran, head of FX at SocGen said that fast money is already positioning for the French election and when I questioned him further, added that most are trading for an upset. He also added that traders were mainly looking to trade the volatility between rounds 1 & 2.
On the recent GBP flash crash, one prominent liquidity provider (Swissquote I believe) said that they monitored the liquidity providers over the event and found that banks were the ones who pulled the bulk of liquidity, while non-bank providers stayed in. That's a very unexpected and perhaps shocking comment.