The Trading Floor with David Axtell

Rondanini Publishing Ltd
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Thirty-five years. Four continents. 120+ currencies. David Axtell bridges the gap between textbook theory and trading floor reality—real stories, real mistakes, hard-won lessons from institutional FX markets. From Saudi Riyal derivatives to Nigerian Naira, from building treasury functions to managing nostro networks across frontier markets. Plus bonus episodes featuring traders, treasurers, and practitioners from leading institutions. Co-authored with Luigi Rondanini.

  1. Jun 9

    Bonus: An Honest Conversation — What This Was and What Comes Next

    Luigi Rondanini speaks frankly: the podcast, the books, the effort. FX Cash Products selling well. FX Derivatives out September. Book 3 with David Axtell in progress. Fiction, Market Myths, Commodities series. Thank you and goodbye.FX Cash Products book, FX Derivatives Products, cross-currency swaps book, Luigi Rondanini, David Axtell, Rondanini Publishing, FX professional series, learn rondanini, foreign exchange books, treasury books, financial markets education, FX options book, commodities energy markets book, Market Myths Mathematical Reality, The Trading Floor novel, Tom Fielding fiction, FX practitioner books, professional finance reference, treasury education, financial markets series, axtellconsulting, rondanini.uk RELATED RESOURCES: Book: FX Cash Products — available now through all major bookstores and rondanini.comEducation platform: learn.rondanini.com — 145+ professional mini manuals plus Python toolkitsConsultancy: rondanini.net / rondanini.uk (Luigi Rondanini) · axtellconsulting.net (David Axtell)Podcast website: thetradingfloor.rondanini.com

    8 min

  2. Jun 9

    The Future of FX: Where the Market Goes Next

    Season One finale. David Axtell on the future of FX: AI, T+1 settlement, renminbi internationalisation. Book 2 (FX Options, sole-authored by Luigi) and Book 3 (Cross-Currency Swaps, David returns) both in progress. Ep 20. future of FX, FX markets future, electronic FX trading, AI market making, algorithmic FX, T+1 settlement, FX settlement reform, CLS settlement, distributed ledger FX, CBDC FX, renminbi internationalisation, digital renminbi, CIPS, dollar reserve currency, FX regulation, non-bank FX, Basel III FX, Volcker Rule FX, FX markets evolution, FX technology, FX career, professional FX markets, trading floor podcast finale, season 1 FX RELATED RESOURCES: Book: FX Cash Products — available now through all major bookstores and rondanini.comEducation platform: learn.rondanini.com — 122+ professional mini manuals plus Python toolkitsConsultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell)Podcast website: thetradingfloor.rondanini.com

    11 min

  3. Jun 2

    NDF Risk Management: What Can Go Wrong

    NDFs carry risks standard forwards don't. David Axtell covers delta exposure, EM VaR, stress testing peg breaks, fixing manipulation, CSA structures, operational controls, and governance frameworks. March 2020 included. Part V. Ep 19. NDF risk management, NDF delta, NDF VaR, emerging market VaR, fixing risk, fixing manipulation, NDF stress test, currency peg break, CNY devaluation risk, INR risk, Turkish lira risk, NDF counterparty credit risk, credit support annex CSA, NDF collateral, NDF clearing risk, NDF operational risk, trade capture FX, confirmation matching, settlement reconciliation, NDF governance, position limits FX, contingency funding plan, March 2020 FX, EM currency crisis RELATED RESOURCES: Book: FX Cash Products — available now through all major bookstores and rondanini.comEducation platform: learn.rondanini.com — 122+ professional mini manuals plus Python toolkitsConsultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell)Podcast website: thetradingfloor.rondanini.com

    11 min

  4. May 26

    Inside the NDF Market: Liquidity, Dealers, and Execution

    Not all NDF liquidity is equal. David Axtell breaks down the three-tier market structure, how dealers skew quotes to manage inventory, when electronic beats voice, and why information leakage can cost more than the spread. Part V. Ep 18. NDF liquidity, NDF execution, NDF market microstructure, NDF dealer, electronic FX trading, voice FX execution, multi-dealer platform, Bloomberg FXGo, Refinitiv FXall, 360T, dealer quote skew, NDF bid offer spread, best execution FX, transaction cost analysis TCA, FX algorithmic execution, TWAP FX, VWAP FX, NDF clearing, LCH ForexClear, central counterparty clearing, NDF bilateral execution, information leakage FX, dealer scorecard, emerging market FX execution RELATED RESOURCES: Book: FX Cash Products — available now through all major bookstores and rondanini.comEducation platform: learn.rondanini.com — 145+ professional mini manuals plus Python toolkitsConsultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell)Podcast website: thetradingfloor.rondanini.com

    9 min

  5. May 19

    NDFs: Hedging the Currencies Nobody Delivers

    Capital controls block physical currency delivery. David Axtell explains how non-deliverable forwards solve that problem — settlement mechanics, fixing sources, NDF basis, and why $250B+ trades daily in markets you cannot physically touch. Part V. Ep 17. non-deliverable forward, NDF, NDF settlement, NDF fixing, CFETS fixing, RBI reference rate, Bank of Korea rate, USD CNY NDF, USD INR NDF, NDF basis, capital controls, restricted currencies, cash settlement FX, emerging market hedging, CNY hedge, INR hedge, KRW hedge, BRL NDF, renminbi forward, SAFE regulations, offshore onshore basis, NDF mechanics, corporate FX hedge, treasury hedging emerging markets RELATED RESOURCES: Book: FX Cash Products — available now through all major bookstores and rondanini.comEducation platform: learn.rondanini.com — 145+ professional mini manuals plus Python toolkitsConsultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell)Podcast website: thetradingfloor.rondanini.com

    9 min

  6. May 12

    Liquidity Management: A Treasurer's Toolkit

    Every payment, every currency, every day. David Axtell covers the treasurer's daily toolkit: FX swaps, repo, money markets, LCR, NSFR, intraday management, and stress testing. The practical reality of keeping operations funded. Part IV finale. Ep 16. liquidity management, LCR, NSFR, Basel III liquidity, high quality liquid assets, HQLA, intraday liquidity, daily cash position, multi-currency management, CLS settlement, TARGET2, CHIPS, Fedwire, collateral transformation, repo, money market funds, treasury bills, commercial paper, contingency funding plan, stress testing, cash pooling, payment system cut-off, daylight overdraft, treasury toolkit, corporate treasury liquidity RELATED RESOURCES: Book: FX Cash Products — available now through all major bookstores and rondanini.comEducation platform: learn.rondanini.com — 122+ professional mini manuals plus Python toolkitsConsultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell)Podcast website: thetradingfloor.rondanini.com

    15 min

  7. May 5

    Central Bank Operations: How the Fed Became the World's Dollar Lender

    Dollar swap lines. Reserve management. Intervention mechanics. David Axtell explains how central banks operate in FX markets, why verbal jawboning moves rates 1–2%, and how the Fed deployed $450B+ in swap lines during March 2020. Part IV. Ep 15. RELATED RESOURCES: Book: FX Cash Products — available now through all major bookstores and rondanini.comEducation platform: learn.rondanini.com — 145+ professional mini manuals plus Python toolkitsConsultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell)Podcast website: thetradingfloor.rondanini.com

    12 min

  8. Apr 28

    Funding in Foreign Currency: Why Banks Live on Swaps

    $13 trillion of non-US bank assets funded via FX swaps. David Axtell explains synthetic dollar borrowing, why the cross-currency basis never disappears, Japanese megabank strategy, and the quarter-end effects every treasurer must plan around. Part IV. Ep 14. RELATED RESOURCES: Book: FX Cash Products — available now through all major bookstores and rondanini.comEducation platform: learn.rondanini.com — 145+ professional mini manuals plus Python toolkitsConsultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell)Podcast website: thetradingfloor.rondanini.com

    12 min
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About

Thirty-five years. Four continents. 120+ currencies. David Axtell bridges the gap between textbook theory and trading floor reality—real stories, real mistakes, hard-won lessons from institutional FX markets. From Saudi Riyal derivatives to Nigerian Naira, from building treasury functions to managing nostro networks across frontier markets. Plus bonus episodes featuring traders, treasurers, and practitioners from leading institutions. Co-authored with Luigi Rondanini.

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