Podcast · Business

The Trading Floor with David Axtell

by Rondanini Publishing Ltd · English · Business

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 manag

New episodes: Daily
Typical length: 3 min
Latest: 13 Oct 2026
Language: English

Latest episode

13 Oct 2026 · 3 minNew

Episode 23: Advanced Volatility Models

Constant volatility is a convenient assumption, not reality. This episode introduces local volatility, stochastic volatility and other model approaches used to capture changing market behaviour. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 23 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.

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Earlier episodes 29 most recent

S2 · E7 · 13 Oct 2026 · 10 minNew
S2E07 Interest-Rate Risk: A Cross-Currency Swap Has No Single DV01
Ask for the rate risk on a single-currency swap and you get one number: its DV01. Ask about a cross-currency swap and a single number is dangerously incomplete. Episode seven shows why the risk is a vector — projection and discount curves, in each currency, across tenors — and why the seductive error is collapsing it into one convenient summary. Host David Axtell covers key-rate risk and the curve twists a flat summary hides, how you hedge each factor with an opposite-signed instrument, and why hedging is a governed, dynamic process, not a trade you place and forget. Companion season to…
S3 · E22 · 12 Oct 2026 · 3 minNew
Episode 22: Exchange-Traded vs OTC Currency Options
Listed and OTC currency options can share strike and expiry but differ in contract design, settlement, liquidity and margin. This episode explains why those differences matter in fast markets. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 22 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E21 · 11 Oct 2026 · 3 min
Episode 21: How Volatility Surfaces Move
When spot moves, the volatility surface can move in different ways. Explore sticky-strike and sticky-delta behaviour, Vanna exposure and why surface dynamics matter to hedging. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 21 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E20 · 10 Oct 2026 · 3 min
Episode 20: OTC, Futures and the FX Derivatives Market
OTC options, listed options and futures can hedge similar risks with very different liquidity, margin, documentation and operational consequences. This episode compares the market structures. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 20 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E19 · 9 Oct 2026 · 2 min
Episode 19: Structured Products: What Is Inside the Coupon?
Attractive coupons in structured notes often come from embedded option sales. This episode breaks down the economic trade hidden inside the wrapper and the risks investors may actually be taking. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 19 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E18 · 8 Oct 2026 · 3 min
Episode 18: Cross-Asset Signals for FX Options
FX options do not trade in isolation. This episode connects currencies with equities, rates, commodities and global risk appetite to show how cross-asset information changes pricing and hedging. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 18 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E17 · 7 Oct 2026 · 3 min
Episode 17: Central Banks, Event Risk and Implied Volatility
Central-bank decisions can lift implied volatility before an announcement and crush it afterward. This episode explains event risk, volatility repricing and the options market around policy meetings. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 17 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E16 · 6 Oct 2026 · 3 min
Episode 16: FX Options in Emerging Markets
Emerging-market currencies add capital controls, non-deliverability, liquidity gaps and political constraints. Learn why standard FX option techniques need adjustment in restricted markets. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 16 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S2 · E6 · 6 Oct 2026 · 13 min
S2E06 Pricing: From Fair Value to the Number on the Screen
Two treasurers call the same dealer, the same morning, for the same swap — and get different numbers. Neither is being cheated. Episode six opens the gap between what a cross-currency swap is worth and what a dealer will quote you. Host David Axtell builds the clean par rate from a zero-PV condition, then decomposes the quote component by component — credit, funding, capital, operations, profit — and shows why the capital charge is very often the single largest piece. Plus why the same trade costs different clients different amounts. Companion season to Cross-Currency Swaps and Basis…
S3 · E15 · 5 Oct 2026 · 3 min
Episode 15: Operational Risk on an Options Desk
Some of the largest losses on a derivatives desk come from process rather than market direction. This episode covers confirmations, settlement, controls, documentation and operational failure. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 15 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E14 · 4 Oct 2026 · 3 min
Episode 14: Capital Allocation for FX Options
How regulation and internal models turn market risk into capital requirements. Explore the link between options exposure, capital allocation and the economics of running a derivatives business. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 14 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E13 · 3 Oct 2026 · 3 min
Episode 13: Value at Risk and Tail Risk
Value at Risk can be mathematically correct and still miss the loss that matters. This episode examines confidence levels, holding periods, fat tails and why stress testing belongs beside VaR. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 13 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E12 · 2 Oct 2026 · 3 min
Episode 12: Hybrid Payoffs and Autocallable Structures
Autocallables and hybrid structures can look complex, but they are built from familiar option components. This episode decomposes the payoff and shows where path dependency enters the risk. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 12 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E11 · 1 Oct 2026 · 3 min
Episode 11: Trading Volatility with Variance Swaps
Variance swaps let traders take a direct view on realised versus implied volatility. This episode explains the payoff logic and how volatility can be traded without relying on market direction. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 11 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E10 · 30 Sep 2026 · 3 min
Episode 10: Correlation and Basket Options
Basket options combine several currencies into one payoff. Learn how correlation creates the apparent diversification benefit and why that benefit can disappear when markets become stressed. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 10 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E9 · 29 Sep 2026 · 3 min
Episode 9: Asian Options and Average-Rate Hedging
Asian options use an average exchange rate rather than a single fixing. This episode shows why average-rate structures fit recurring exposures and how averaging changes volatility and hedge behaviour. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 9 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
29 Sep 2026 · 15 min
The Cross-Currency Basis: Why It Exists and Won't Go Away
There's a number quoted daily on every major currency pair that, in theory, should be zero. It isn't, and hasn't been for nearly two decades. Episode five is the conceptual centre of the season: what the cross-currency basis measures, why covered interest parity broke in 2008 and never fully healed, and why it persists — balance-sheet costs and one-way hedging demand, not textbook mispricing. Host David Axtell proves with the book's own figures why a visible basis is not free money, and can turn a 15bp "pickup" into a six-figure loss. Companion season to Cross-Currency Swaps and Basis…
S3 · E8 · 28 Sep 2026 · 3 min
Episode 8: Barrier Options: Knock-Ins and Knock-Outs
Knock-in and knock-out barriers can radically change cost and risk. Understand how barriers behave as spot approaches the trigger and why discontinuous exposures require active management. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 8 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E7 · 27 Sep 2026 · 3 min
Episode 7: Digital Options and Binary Payoffs
Digital options pay a fixed amount if a condition is met and nothing if it is not. This episode explains their discontinuous payoff, pricing behaviour and concentrated risk around the strike. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 7 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E6 · 26 Sep 2026 · 3 min
Episode 6: Vanilla Strategies: Calls, Puts and Collars
Calls, puts, spreads and collars translated into real treasury decisions. Learn how zero-cost structures are assembled and why no-upfront-premium never means no economic cost. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 6 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E5 · 25 Sep 2026 · 3 min
Episode 5: Reading the FX Volatility Surface
Why implied volatility is not one number. Explore smiles, skews, term structure and the way strike and expiry combine to create the FX volatility surface used for pricing and risk. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 5 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E4 · 24 Sep 2026 · 3 min
Episode 4: The Greeks: Delta, Gamma, Vega and Theta
Delta, Gamma, Vega and Theta are the core language of options risk. This episode explains what each Greek measures and why traders manage the sensitivities rather than just the option price. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 4 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E3 · 23 Sep 2026 · 3 min
Episode 3: Black-Scholes, Garman-Kohlhagen and FX Pricing
How the classic Black-Scholes framework is adapted for currencies through two interest rates, forward pricing and the Garman-Kohlhagen approach used across FX options markets. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 3 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · E2 · 22 Sep 2026 · 3 min
Episode 2: Option Value: Direction Is Not Enough
Why getting the currency direction right is not enough. This episode explains intrinsic value, time value, moneyness and the forces that can make an option lose value even when spot moves your way. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 2 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S2 · E5 · 22 Sep 2026 · 13 min
How Cross-Currency Swaps Are Valued: Multi-Curve, Basis and OIS Discounting
Before 2008, one yield curve valued a swap. The crisis proved that wrong. Episode four rebuilds cross-currency swap valuation from the ground up: why projection and discounting became two different jobs, how the cross-currency basis enters the price as a first-order component, and the sign convention that costs people real money when they get it backwards. Plus the idea that surprises everyone — the collateral you post decides which curve you discount with. Host David Axtell works the book's own figures throughout. Companion season to Cross-Currency Swaps and Basis Trading , out 15 December.
S3 · E1 · 21 Sep 2026 · 3 min
Episode 1: Inside the OTC FX Options Market
A practical look at how the decentralised OTC FX options market works, who provides liquidity, why bespoke contracts dominate, and how venue and dealer choice affect execution. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 1 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
S3 · 20 Sep 2026 · 4 min
FX Options Daily: Why FX Options Daily
David Axtell introduces FX Options Daily, a 30-day season of The Trading Floor built around the institutional practice of pricing, hedging, exotics and risk in foreign exchange options. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. The season introduction sets up the full 30-episode journey. Educational content only. Nothing in this episode constitutes investment advice.
S2 · E4 · 15 Sep 2026 · 15 min
Inside the Market: Dealers, Platforms and Execution
Why do two desks quote different prices for the identical cross-currency swap? Episode three goes inside the market's plumbing: the concentrated dealer panel, how the leverage ratio and balance-sheet costs shape who quotes, electronic RFQ versus voice execution, and what really drives the bid-offer spread. Plus the misconception that runs deepest — standard cross-currency swaps are still bilateral, not centrally cleared, and clearing transforms counterparty risk rather than eliminating it. Host David Axtell works a live collateral-terms example worth six figures. Companion season to…
S2 · E3 · 8 Sep 2026 · 16 min
Anatomy of a Cross-Currency Swap
If you can't describe every cash flow in a cross-currency swap, you don't yet understand it. Episode two builds the trade from the ground up: principal exchange (physical and notional structures), fixed-for-fixed, fixed-for-floating and floating-for-floating legs, day-count pitfalls, RFR lookback and lockout conventions, settlement across multiple holiday calendars, and the four-part ISDA architecture that makes it all enforceable. Host David Axtell walks through a full worked example and a basis-swap sign-convention trap that costs people real money. Companion season to the book…

About The Trading Floor with David Axtell

The Trading Floor with David Axtell is a English business podcast from Rondanini Publishing Ltd. Melo plays each episode straight from the publisher's own feed — no ads added, no account needed — and remembers where you stopped, in this browser only.

Publisher: Rondanini Publishing Ltd
Language: English
Category: Business
New episodes: Daily
Typical length: 3 min
Latest episode: 13 Oct 2026
Feed: RSS — paste into any podcast app
Apple Podcasts: podcasts.apple.com/podcast/id1872074647
Rights: Rondanini Publishing Ltd

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