The FX Global Code: Now the Hard Work Begins

Despite two years of intensive work to produce the FX Global Code of Conduct, Chip Lowry, senior managing director at State Street Global Markets and chairman of the Foreign Exchange Professionals Association (FXPA), warns that the hard work in terms of adherence to the Code is just beginning.

Having just participated in a panel at Forex Network New York discussing the implementation of the Code, Lowry comments: “It took two years to get to this point with the Code, and that’s been a lot of work. But I think that one of the things that came out on the panel was: now the hard work begins.”

Portware Joins FXPA to Engage in Critical FX Market Issues

Portware, a FactSet Company, has joined the Foreign Exchange Professionals Association (FXPA) as a supporting member.
Launched in 2014, the FXPA is designed to engage key regulators and policymakers to advance a sound, liquid, transparent, and competitive global currency market.
Portware is a global provider of multi-asset trade automation solutions powered by artificial intelligence. As a supporting member, Portware says it will help drive the global FX regulatory reform conversation, construct execution frameworks for FX, and collaborate with other thought leaders on key FX issues and market challenges, the company says in a statement.

Webinar: “How Does the Global Code Apply to Me?”

The Foreign Exchange Professionals Association (FXPA) is hosting a webinar on Wednesday, May 31, that looks at “How Does the Global Code Apply to Me?” at the following times: 10am (Eastern US) / 15:00 (UK) / 10pm (Singapore).
Webinar participants include Chip Lowry, Senior Managing Director at State Street Global Markets and Chair of FXPA; Lisa Shemie, Associate Counsel at Bats Global Markets, a CBOE Company and Member of the FXPA Policy Committee; Tahreem Kampton, Senior Director, Microsoft and Board Member of FXPA; and David Puth, Chair of the Market Participants Group for the Global Code, and CEO of CLS.

FXPA Elects New Officers, Board Members

The Foreign Exchange Professionals Association (FXPA) announced the results of its elections, which took place on February 16, and resulted in a slate of new Board members, as well as four officers to serve on the FXPA’s Executive Committee (ExCom).

FXPA members re-elected Chip Lowry, senior managing director of State Street Global Markets, as chair, and Sean Tully, senior managing director, financial and OTC products, CME Group, as treasurer. FXPA members also elected two new officers to the ExCom, Fulinda Rouse, co-head of global accounts, EBS BrokerTec, as vice chair, and Paul Millward, head of FX product strategy, Bats Global Markets, as secretary.

Why FX Needs a Unique Regulatory Approach

Matt Kulkin, a partner at Steptoe and Johnson, explains to Profit & Loss deputy editor, Galen Stops, why a “copy and paste” approach to regulation won’t work for FX.

FX is often referred to as an “unregulated” or “self-regulated” market, and yet in recent years bans have been fined billions of dollars by regulators for alleged infractions in this market, while criminal charges are being brought against FX traders in the US courts.

Kulkin explains this disparity by pointing out that the entities involved this market are regulated and therefore subject to oversight by a various national authorities. However, unlike the securities markets or the OTC derivatives markets, there aren’t concrete regulations regarding the market place, he says.

INTL FCStone Becomes 25th Member of FXPA

The Foreign Exchange Professionals Association (FXPA) has announced INTL FCStone as the newest Supporting Member of the FX trade group, bringing the total number of institutional members to 25.

Edgar Ramon, global head of foreign exchange at INTL FCStone Markets, says: “We are proud to now be an FXPA member firm and to join with other members in education, research, and advocacy initiatives for the foreign exchange industry. As the first non-bank swap dealer, we are intimately familiar with the constantly changing FX landscape, and will leverage our significant knowledge to further the FXPA’s goal of advancing a sound global currency market.

Goodbody to Leave Bats Hotspot

Bill Goodbody is set to leave his position as senior vice president, head of FX, at Bats Hotspot.
A spokesperson for the company in New York, where Goodbody is based, confirms the news. There is no set date for his departure, but a transition period is planned with the broad expectation that he will officially leave the firm sometime in January 2017.
Goodbody has been working at Hotspot since before it was acquired by Bats Global Markets in March 2015, having been made a managing director at the platform in 2008 when it was owned by KCG.

FXPA Expands with HC Technologies Membership

HC Technologies has joined the Foreign Exchange Professionals Association (FXPA) as a supporting member of the FX trade group.

“HC Technologies is pleased to support the FXPA in its efforts to promote discussion between regulators and market participants in the ever-changing global FX environment,” says Joe Niciforo, managing partner of HC Technologies.

The addition of HC Technologies brings the FXPA’s membership up to 24 firms, after Jump Trading joined the group as a governing council member earlier this month.

“FXPA’s aim is to represent the breadth of the industry’s views to those in legislative and regulatory policymaking roles in an effort to educate and support those with oversight of our markets. Being a consensus-driven organisation enables members to come together on a variety of essential topics to produce views that represent a market with many variables. We are pleased to welcome HC Technologies into the growing number of firms that are lending their voice to the work that FXPA is doing,” says an FXPA spokesperson.

Jump Trading Joins FXPA

Jump Trading has become the latest addition to the Foreign Exchange Professionals Association (FXPA), joining the group as a governing council member of the FX trade group.

“We are pleased to have the opportunity to participate in FXPA, which promotes active discussions around the most pressing matters in the changing FX space,” says Mark Bruce, business development, head of FICC at Jump Trading.

“The vision for FXPA is expressed in the mission statement, which is to represent the collective interests of professional foreign exchange industry participants to advance a sound, liquid, transparent and competitive global currency market to policymakers and the marketplace through education, research and advocacy. We are pleased to welcome Jump Trading to join us in this effort,” says an FXPA spokesperson.