FX trade B2B information and occasions firm Revenue and Loss has closed its doorways
FX trade B2B information and occasions firm Revenue and Loss has closed its doorways for the ultimate time right now, because the 12 months through which occasions and conferences have been banned by draconian legal guidelines takes its toll. We take a look at the historical past of one of many FX enterprise’s most enduring and revered information sources
In the present day marks the tip of an period.
It’s the unlucky finish of the highway for lengthy established FX and digital buying and selling trade information and occasions firm Revenue & Loss, which closes its doorways right now for the ultimate time after over twenty years in enterprise.
This 12 months has taken its toll on many companies throughout many sectors worldwide, and though to a sure extent the digital buying and selling trade has ridden a wave of volatility, eager current prospects who’ve traded extra quantity than ordinary, and executed a good quantity of b-book profiteering, there are some components of the enterprise which have been unable to proceed, and due to this fact have turn out to be casualties.
As with most different industries worldwide, the draconian lockdowns which have been policed by masked males in uniforms and out of the blue foist upon the world through undemocratic, intolerant rushed-through ‘legal guidelines’ which have been put in in opposition to due course of, there was a big price to companies which depend on bodily assembly, and Revenue and Loss is, sadly, one in every of them.
The corporate was famend for its institutional FX and digital buying and selling trade information reporting, and its international occasions which hosted senior executives from a number of key firms globally, from the unique derivatives buying and selling heartlands of Chicago, all the best way to the Asia Pacific area.
Specifically, the occasion yearly in Chicago was an FX and digital buying and selling mainstay, participated in by OTC and listed derivatives brokers, liquidity distributors, skilled buying and selling platform distributors, exchanges, fintech firms, market integration and matching engine companies giant and small, from all corners of the globe. Little question will probably be missed in future.
Based 21 years in the past by Julie Ros, Revenue and Loss, which is the commerce identify of P&L Companies LTD, is among the oldest B2B publications specializing in the FX trade, having set out in 1998 to supply informative, related perception into the newest developments inside the FX trade sourced by its skilled, unbiased staff of employees journalists.
The corporate branched into occasion manufacturing a while later, and based Revenue & Loss journal in 1999. Six months after the launch of Revenue & Loss, Julie began the trade’s premier collection of FX conferences, now generally known as Revenue & Loss Foreign exchange Community. In 2008, she expanded the convention collection by the addition of FX Progress Markets conferences.
Previous to P&L, Ms Ros labored from 1993-99, at Waters Data Companies (now Incisive Media) because the London Bureau Chief, in addition to editor of the publication, FX Week; and editor of ACI Briefing, revealed by Revenue & Loss since 1999. Julie began her profession as a forex markets reporter for the previous Dow Jones Telerate.
Working alongside her colleague Colin Lambert, the corporate has been confronted with the challenges related to occasion manufacturing and the curtailment of such by governments internationally.
Mr Lambert’s profession is equally illustrious, himself having joined P&L Companies in August 2001 after a 24-year profession within the monetary markets, predominantly in international alternate buying and selling. He joined P&L from MCM Inc, an analytical firm centered on the monetary markets. While there, Colin managed the flagship CurrencyWatch I product. In his dealing profession, he labored in New York, Singapore, Toronto, Tokyo and London for each buy-side and sell-side establishments, in a number of roles, together with chief supplier.
In the present day, Ms Ros issued a full assertion asserting the closure of the corporate, which detailed the historical past, the nice instances and what the agency has achieved, plus thanking its supporters and readers. It learn as follows:
Revenue & Loss has weathered many storms over the previous 21+ years, together with the tech bubble burst in 2001-2002, the depressed market surroundings following 9-11, and the worldwide monetary disaster of 2008-2009, however the present and ongoing international pandemic has brought on challenges to our worldwide occasions enterprise which might be outlasting our means to proceed operations.
As our common readers know, after we have been unable to carry our in-person occasions this 12 months, we shifted right into a digital surroundings. Whereas these proved common – every occasion had between 200-600+ registrants – as a small, unbiased agency, the a lot decrease income base of digital occasions simply can’t maintain the enterprise going into 2021 ad infinitum for the pandemic. With such uncertainty in regards to the future forward, the corporate is closing on October 31.
Lots of you already know our distinctive employees at Revenue & Loss, however I need you all to know everybody’s names. Managing Editor, Colin Lambert, who joined P&L again in August 2001, has turn out to be a number one voice within the trade advocating for higher processes and practices, along with his insights and unbridled enthusiasm all the time current in his very fashionable weekly columns, and as emcee of our international occasions. Colin and I’ve spent numerous hours arising with new methods to debate subjects round liquidity and execution in informative and fascinating methods – now we have a lifetime of tales to recall. I’ll so miss our lengthy lunches and late nights on the finish of conferences – I consider there may be nonetheless a Colin and Julie dancing video in circulation on the market someplace.
In London, Industrial Director, Michelle Hemstedt, has been with P&L for 15 years – a good friend and colleague who has been an integral a part of the enterprise. Having labored with Michelle at a earlier firm, I consider it took simply two bottles of wine to persuade her to affix. Cindy Jiang, Occasions Supervisor, has been with us for greater than 13 years, working our international occasions collection so easily that I by no means fretted when she was on the helm. One other dancer – I hope there may be video on the market of her as properly! A particular point out to the fabulous Ms Anna Liza, who joined me simply three months in, as my first gross sales particular person. Anna launched herself on the telephone by saying: that is Anna Liza, you already know who I’m! Anna has lengthy been part of our household – my youngsters know her as Auntie Anna. Additionally in our London workplace, Bhinder Kaur, Occasions Assistant – though with us simply three years, she has discovered on the job and turn out to be an vital a part of our occasions staff – additionally recognized to affix us on the dancefloor! Chris Bates, who wears many hats as our workplace supervisor/HR/tech, bookkeeper, additionally has a protracted historical past with P&L – I’m positive he’ll right me, however I feel it’s 14 years. Additionally amongst our newer hires is our bookkeeper Olga Massalova, whom I had an excellent connection at first assembly, speaking about far more than accounting!
In New York, Jack Walsh, our Head of Gross sales for the Americas, joined in mid-2017. Jack has rapidly morphed from from his guise as an excellent old school salesman to a technically gifted digital occasions host, serving to our purchasers and audio system regulate to the brand new digital occasion surroundings, working lengthy hours (from the notorious ‘Jack’s Basement Bar’), weekends and nights to make sure a easy working occasion. Sarah Jordan, Head of Occasions and Advertising, Americas, is our latest staff member, however rapidly entrenched herself as our go-to particular person for every thing from occasion advertising, to database administration, and all aspects of occasion manufacturing. Within the new surroundings of digital occasions – Sarah has executed an impressive job – additionally working lengthy hours, nights and weekends to make sure the occasions ran easily for all concerned.
Lastly, Andrew Meikle, our Graphic Designer extraordinaire – who was integral to the launch of Revenue & Loss again in July 1999. A particular thanks goes to Andrew for his very lengthy days, nights and weekends from day one, from getting the journal to print in late-night runs to printers in St Albans, to the final minute web site and PowerPoint slide modifications the evening earlier than an occasion simply this week.
I’m so pleased with the robust staff now we have had at P&L – we couldn’t have produced all that now we have with another staff – I might advocate every one in every of them as a stellar addition to any staff. P&L’s motto has all the time been “work laborious/play laborious” and I’ve loved each minute of my time working with and attending to know Anna Liza, Colin, Michelle, Chris, Cindy, Bhinder, Jack, Sarah, Olga and Andrew, not solely as colleagues, however as family and friends. I’m going to overlook you all tremendously.
So farewell to our sponsors, thanks on your assist by these making an attempt instances. Farewell to our readers, who’re additionally our viewers and our associates. Hope to see you on the opposite facet of all this.
Finest,
Julie Ros
Mr Lambert reminisced as follows, in his assertion made earlier right now:
Nearly 20 years in the past I truthfully thought I used to be executed with international alternate. My starvation for a buying and selling job had diminished (and in a uncommon occasion of foresight I noticed the machine taking up my position) and I used to be casting round for one thing to do. Julie Ros noticed one thing in me (largely the lack to close up it must be stated) and in taking a punt on me, gave me, actually, a brand new lease of life on this trade.
I discovered a world through which I used to be capable of proceed speaking with associates and acquaintances with whom I had constructed up such an excellent relationship over time, but in addition one through which so many new connections awaited. I’ve learnt an infinite quantity about this nice trade – the most important eye opener for this ex-spot dealer who thought he knew all of it was discovering a lot in regards to the market construction than underpins that buying and selling perform, and for that I’ve to thank to a whole bunch, most likely hundreds of people that have, over time taken time to point out me what they have been doing and to debate concepts with me.
Firstly of 2008, we determined – I can’t bear in mind who, when or the place – that I ought to write a column through which I used to be capable of specific my opinion on frankly no matter I wished. Once more I’m indebted to Julie for her assist, I do know it gave her a number of sleepless nights questioning what I might give you and who I might upset subsequent!
I’ve intentionally, and for apparent causes, made this an “And Lastly…” column, as a result of that was the place it began and once I actually began to completely interact on among the extra controversial facets of the FX trade. Final Monday was the 600th “And Lastly…” and there have been 438 “And One other Factor…” columns, so I’m properly over the thousand mark and that’s due to you, the readers. Once more, a whole bunch, most likely hundreds, of you have got engaged with me over time in regards to the content material – clearly I can’t identify you (as all the time, ‘what goes on tour, stays on tour”) however you already know who you’re so I thanks from the underside of my coronary heart.
I can truthfully say the responses to those columns has been a driving drive for me and ensured that my already enthusiastic participation in all issues FX was notched up a little bit increased. I do know there are numerous on the market whom I’ve upset or angered with my views – as common readers will count on, I don’t apologise for that in any means. The intent of the column has all the time been to boost consciousness and provoke dialogue across the vital points dealing with the trade. Greater than anybody else, I do know I haven’t all the time been proper, however the opinions have been – are – all the time given truthfully. The columns’ core precept stays, “typically proper, typically fallacious, all the time sure!”
So right now, for me, is about folks. I can solely endorse Julie’s feedback about our nice employees and would advocate them to any potential employer – they’re sensible, revolutionary, hard-working and devoted. I additionally need to thank people who I’ve labored with and who’re now not at P&L – they’ve all been part of the journey that’s now, sadly, coming to an finish.
Total although I’ve a sense of privilege. It has been a real privilege to have interaction with so a lot of you within the FX trade each editorially and at our conferences – and it’s becoming that I loved our final session on this week’s Singapore digital convention a lot – they’ve all (largely!) been enjoyable.
As was the case in 2001, I don’t know what awaits me, however I sincerely hope it’s on this trade (that is what the Tabloid Press would name a “come and get me plea”!), there may be nonetheless a lot to be mentioned and analysed and I very a lot need to be part of that course of on no matter foundation works greatest.
So, if you already know anybody who wants some writing, modifying, evaluation and even arguing executed, ship them my means (as my predictions on our podcast spotlight, I’m most likely too rusty on the buying and selling entrance!), e mail particulars are on the backside as all the time.
I hope that is au revoir relatively than goodbye, but when it’s the latter…thanks all – it has been an honour and a privilege to have engaged with, and for, you.
This represents the second long-established information supply to have hung up its keys for eternity in current instances.
In 2017, FX-MM closed down after 25 years in enterprise.
1 / 4 of a century is a lifetime within the ultra-modern digital buying and selling trade, particularly when referring to the retail sector which, in comparison with the lengthy established institutional buying and selling desks of Chicago, New York and London which have their origins in pre-industrial commodities buying and selling, is a really new phenomenon certainly.
Mr Garnham has introduced the tip of the highway for FX-MM, which, based on his memorandum to readers right now, will stop to function by the tip of 2017.
“It’s with disappointment that I’ve to announce the closure of FX-MM. Over time, FX-MM has strived to supply a vital useful resource for the buying and selling, treasury and monetary expertise sectors” said Mr Garnham in his correspondence three years in the past.
One of many primary causes cited for the agency’s closure was that the supply of media on this area has radically modified.
Mr Garnham wrote “Regardless of our many efforts to develop new services and products, the saturation of the market with different sources of knowledge has turn out to be too nice an impediment.”
“Based 25 years in the past as a month-to-month journal centered on the FX trade, the journal expanded its remit to embody all facets of buying and selling, treasury, monetary expertise and, lately, the fixed flurry of latest regulation affecting the monetary sector” he said.
Trying again on an illustrious 25 years that Mr Garnham may genuinely be pleased with, he concluded “Personally I’ve edited FX-MM for 4 years, and want to take the chance to thank the devoted staff which have made that potential, from our proficient staff of writers and editors to the broader assist employees right here at Russell Publishing. I might additionally wish to thank the array of contributors and supporters from throughout the monetary sector which have made the journey so stimulating over the previous few years, and, in fact, the readers, whose suggestions and generosity have been so important.”
FinanceFeeds applauded the journalistic and analysis oriented effort revamped the course of this era by FX-MM, and wished Mr Garnham each success in his subsequent endeavor.
Equally, Ms Ross and Mr Lambert, together with their enduring Revenue & Loss information web site and occasions, will possible be missed by many FX trade executives throughout the globe.
FinanceFeeds commends them on their tireless work, and having come this far in an ever-changing surroundings.
We want you each an excellent future, and hope that you just stay a part of this trade.