Shining a Light on Opaque Market Data Packages*†
By Roger Rutherford, COO, ParFX. Opaque market data pricing models, accompanied by unsustainable cost increases, have become a harsh reality of financial markets. This creates a multiple-tier market, compromising the ability of institutions with less financial resources to operate on an equal playing field or measure whether they are getting value for their money.
Taking the first steps towards a new market structure*
“The execution principles and agreements that liquidity providers had in place with customers prior to the FX Global Code being published – many of them have already changed. We’ve already seen a difference in the market already. Some execution agreements have explicitly stated they will not use the information within the last look window for trading, and others have moved to zero hold time so participants can’t use that information to pre-hedge,” says Roger Rutherford, Chief Operating Officer at ParFX and ACI FX committee member.