Tag: FX Global Code

FX Global Code

Settlement Risk Remains High on GFXC Agenda

Following its latest teleconference meeting, the Global Foreign Exchange Committee (GFXC) has reiterated its focus on settlement risk gaps in the FX market and says it will strengthen its guidance on settlement risk as part of its ongoing review of the FX Global Code. Highlighting recent incidents in the Turkish lira, where borrowing rates of […]

BoE Questions Decision to Drop Spot FX Market Abuse Regime

As part of its response to the findings of an internal investigation conducted after it was revealed that audio recordings of its press conferences were being sold to market participants, the Bank of England has flagged revisiting a previously ignored recommendation of the UK’s Fair and Effective Markets Review (FEMR) to create a new statutory civil […]

And Another Thing…

Compared to the mayhem of April, the June month-end WM/R 4pm Fix went off reasonably OK – there were no huge moves, just a steady grind lower by the dollar except for against the yen, where it was in demand for the second time that day (the first being the Tokyo rate set at 9.55am […]

FX Global Code in 2021 and Beyond

How well have the principles of the FX Global Code stood up in face of recent volatility spikes? Panellists Rohan Churm, head of the FX division at the Bank of England; Neill Penney, vice chair of the Glboal FX Committee; Christian Schoeppe, managing director and founder of Schoeppe FX; and Martin Pluves, CEO of the […]

In the FICC of It

In this week’s podcast, P&L managing editor Colin Lambert takes a look at the week’s news, including a brief look at the month-end Fix and the “Friday phenomena” in liquidity, leading him to describe the overall experience as “not a good look for the market – although he does also ask the question, “has much […]

And Another Thing…

If everything stacks up, something happened on Monday that highlights just how much more work the FX industry has remaining to not only get people to understand the FX Global Code’s requirements, but also to adhere with it. Bloomberg News issued a report which basically stated that someone in Asia had triggered an option barrier […]

And Another Thing…

We will take a quick break from the Fix – even though the debate continues apace – to look at something else that got my attention over the past week, something from our Frankfurt Dial-in-Day last week. I have always advocated for the FX industry to have leadership, preferably consensus-led, that allows it to engage […]

24 Exchange Signs FX Global Code

Trading platform 24 Exchange has announced it now operates in accordance with the principles of the FX Global Code. The firm has signed a Statement of Commitment, pledging adherence to the Code, which was established in 2017 by the Global Foreign Exchange Committee, saying that its executive leadership will ensure all of the company’s operations […]