The Global Foreign Exchange Committee (GFXC) held a teleconference meeting on June 22 to discuss conditions in FX markets, part of which saw the committee focus in on activity around the London WM/R 4pm Fix and issues highlighted by last year’s Bank for International Settlements (BIS) Triennial Survey which revealed an increase in the proportion […]
Tag: Guy Debelle
In this week’s podcast P&L’s managing editor Colin Lambert is joined by Guy Debelle, chair of the Global Foreign Exchange Committee, to discuss the recently released survey of attitudes towards the FX Global Code. From the latest on the debate around last look, pre-hedging and mark ups, to the effectiveness of the Code, the survey’s […]
In an open letter to Global FX Committee (GFXC) chair Guy Debelle, the head of the Bank for International Settlements’ (BIS) Markets Committee, Jacqueline Loh, has called for greater adoption of the FX Global Code, especially amongst asset managers. Ahead of the first three-year review of the Code, the letter also urges the GFXC to […]
The Global Foreign Exchange Committee (GFXC) at its meeting in Sydney this week established five areas of focus for its work to maintain the FX Global Code, with algo execution and transaction cost analysis (TCA) being added to the existing workstreams around buy side outreach, disclosures, anonymous trading and execution principles. According to GFXC chair […]
After upsetting non-bank market makers and then banks in recent weeks, Colin Lambert takes a shot at the buy side in this week’s In the FICC of It podcast when Galen Stops asks him, “will the buy side adopt the FX Global Code?” Our two podcasters discuss next year’s review of the Code as Stops […]
As he assumes the reins of the Global FX Committee, Reserve Bank of Australia deputy governor Guy Debelle talks to Colin Lambert about the impact of the FX Global Code and the importance of maintaining momentum as the GFXC seeks to broaden its reach. Colin Lambert: We are now more than two years on from […]
The Global Foreign Exchange Committee (GFXC) has released further detail from its 22-23 May meeting in Tokyo, during which the committee discussed its mandate to consider the case for a comprehensive review of the FX Global Code at least every three years. “The FX Global Code has been in place for a few years now […]
The FX Global Code is in many ways as “strong as any rule, any regulation or frankly any law could put in place”, David Puth, chair of the Market Participants Group and CEO of CLS, claims.
Speaking to Profit & Loss on the sidelines of a press conference to launch the complete FX Global Code, Puth addressed the key question of just how much teeth an essentially voluntary set of principles can have, noting that while it may not stop misconduct it sets a very high standard of expected behaviour.
Guy Debelle, deputy governor of the Reserve Bank of Australia and chair of the FX Working Group responsible for producing the Global Code, discusses his hopes and ambitions for the much-awaited document with Colin Lambert.
Colin Lambert: May 25 sees the full Code released after two years of work, what is your message to the wider market that is seeing it in its entirety for the first time?
Guy Debelle: I would like to stress that this has very much been a public/private endeavour to move the FX market to a better place by providing guidance around what constitutes good practice.
The Bank for International Settlements’ (BIS) Markets Committee has released its analysis of the 7 October 2016 “flash event”, arguing that a range of factors rather than a single driver catalysed the event.
During the flash event, sterling depreciated by around 9% versus the dollar in early Asian trading, before quickly retracing much of the move.
The new report concludes that “a confluence of factors” cause this flash event, noting that “the time of day played a significant role in increasing the sterling foreign exchange market’s vulnerability to imbalances in order flow”.