Tag: Code

Code

What to Make of the Cartel Acquittal?

Shortly after we published the news that Richard Usher, Rohan Ramchandani and Chris Ashton, the three members of the now notorious “Cartel” chat room, were found not guilty of FX market manipulation by a New York court last Friday, my phone started buzzing.

Lots of the activity was WhatsApp messages and phone calls from various industry sources wanting to chime in regarding the decision, and one thing that has been interesting in the intervening time is that my sources seem to be split about whether they’re surprised regarding the outcome of the case.

“I know that they only release choice bits of the chat room transcripts to the public, but what came out looked pretty damning to me. I’m surprised that they’ve been able to get out of this one,” opines one market source.

Can Peer Pressure Work?

2018 is a big year for the FX Global Code as it will celebrate its first anniversary – a date by which all participants are expected to have adhered to the code’s principles. Will the code be a success? Colin Lambert thinks he has the answer.

It was, and still is, depressing having to read through legal papers and regulatroy notices on a regular basis, all of which deal with misconduct in FX markets, and nobody whould be misguided enough to think that such actions will not continue in the year ahead. They will, and probably the year after that.

There is an upside in having to rake over the ashes of past misdemeanours, however, because it offers a timely and regular reminder of the importance of the FX Global Code.

Portware Signs FX Global Code

Portware, a FactSet Trading Solution, has signed up to FX Global Code of Conduct.

This means that the firm has pledged to uphold the six leading principles of the code: ethics; governance; execution; information sharing; risk management and compliance; and confirmation and settlement processes.

“Portware expects its clients to benefit from the commitment to more robust and open practices across their foreign exchange (FX) operations, as well as the increased market liquidity a more trusted FX market is anticipated to generate,” says the firm in a release issued today.

“We firmly believe in standards of transparency, fairness, liquidity, and ethical practices in the FX market,” says Christopher Matsko, head of FX trading solutions, FactSet.

Hotspot Commits to Global FX Code

Hotspot says it has aligned its activities across its global business with the principles of the FX Global Code, issuing a statement of commitment today. 

Following a comprehensive internal review, Hotspot says that its business practices, procedures, compliance framework and disclosure standards have been augmented to fully reflect the Code’s principles, as published in May 2017.

The platform has also conducted a series of customer meetings to clarify how Hotspot’s adherence will impact them and their business. These efforts, which started over a year ago and developed as the Code’s drafting progressed, will remain a focus for Hotspot as adoption of the Code increases across the FX community and as its usage starts to further inform industry behaviour.