The FX Global Code: The Rules Are Made to Be Followed *†
On May 25, 2017, the full Code was published, and early feedback is largely positive. Multiple major players in the FX market (e.g., Foreign Exchange Professionals Association, CLS, ParFX) made public statements lauding the code’s provisions, indicating their support, or officially endorsing the Code.
Hardwiring best practice into spot FX trading venues
The Bank of International Settlements’ (BIS) foreign exchange (FX) Global Code of Conduct is compelling market participants to take a hard look at established electronic spot FX platforms and ask if they are adopting best practices.
FX Ethics Revamp Spurs Citigroup Training, App for Traders*
“I hope and believe that the industry will adhere to the code, but in a market as global and diverse as foreign exchange, there will probably still be some bad apples,” said Dan Marcus, CEO of trading venue ParFX. While adopting the principles will probably add to costs across the industry, “it’s very hard to argue against them.”
Hardwiring best practice into spot FX trading venues*†
We welcomed the unveiling of the final Global Code and hope others follow ParFX in adhering to its principles. It closely aligns with our core ethics and values, with guidelines that strengthen the integrity and effectiveness of the foreign exchange market. It is a great step towards not only instilling renewed confidence in the market, but also creating an ecology where participants work together to solve industry issues.
FX: Randomization gains favour, despite flaws*†
However, ParFX chief operating officer, Roger Rutherford, reckons randomized matching technology has proven itself to be an effective mechanism for deterring disruptive trading behaviour in the FX market, nullifying the speed advantages of dark fibre, cross connect and low latency systems and models.
Platforms voice support for Code, but shy away from policing clients *†
Dan Marcus, chief executive of ParFX, said the platform strongly supports adherence to the Code across the industry and fully intends to commit to its principles. “While the Code is voluntary, we fully intend to promote the Code amongst our customers by encouraging them to evolve their institutions’ FX practices so they are consistent with the principles in the Code,” he said.
FX Global Code of Conduct Launched*
ParFX welcomes the launch of the FX Global Code for the wholesale foreign exchange (FX) market. This initiative sets out guidelines and principles that will strengthen the integrity and effectiveness of the FX market.
Foreign exchange market Global Code of Conduct supported*
“People on the buy-side, asset managers or hedge funds for example, weren’t aware that they were being priced in a way that was in some respects unfair”, said Roger Rutherford, chief operating officer of spot FX electronic trading platform ParFX.
New forex global code in London aims to restore confidence*
Dan Marcus, CEO of ParFX, an electronic spot FX platform, said his firm strongly supported adherence across the industry.
New forex global code in London aims to restore confidence*
Dan Marcus, CEO of ParFX, an electronic spot FX platform, said his firm strongly supported adherence across the industry.