Record Currency Management has signed both the FX Global Code and the Local Government Pension Schemes (LGPS) Investment Code of Transparency.
“Both of these codes are fully aligned with Record’s position as an independent currency manager, acting solely on our clients’ behalf, and promoting the highest standards of transparency and market conduct,” says the firm in a release issued today.
The FX Global Code is a set of principles of good practice in the foreign exchange market that has been developed in partnership between central banks and market participants.
It is intended to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of market participants, supported by resilient infrastructure, are able to transact confidently and effectively at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.
The LGPS Investment Code of Transparency has been developed by the Local Government Pension Scheme Advisory Board to assist LGPS funds in obtaining the data they require in order to report costs on a transparent basis. The move toward investment fee transparency and consistency is seen by the board as an important factor in the LGPS being perceived as a value-led and innovative scheme.
James Wood-Collins, Record’s chief executive, commenting on both developments says: “Since our foundation 35 years ago, Record has always represented independent and unconflicted best practice in the foreign exchange markets on our clients’ behalf. We are delighted that regulatory developments and market practice are encouraging greater transparency and disclosure, and we are fully supportive of the principles and objectives behind both of these codes.”