Following a recent podcast someone asked me why I thought the FCA’s recognition of the FX Global Code in the UK was so important, as I had stated. I won’t bore you with the full answer – it seems pretty clear to me that if a regulator is going to be guided by the Code’s […]
So we brace ourselves, as an industry, for more bad headlines about conduct in the FX markets, however in contrast to previous instances, the industry should be ready on this occasion. The culmination of the European Union’s clearly exhaustive and complicated investigation into events that first came to light six years ago is upon us […]
Regular readers will know that, with a few honourable exceptions, I don’t have the highest regard for FX strategists. It comes from bitter personal experience and, if I am honest, the surge in retail (sorry – institutional!) FX brokers seeking to give their clients insight (when all they mostly do is report the news). That said, even I would have to draw the line at FX strategists as market manipulators. According to reports at the weekend, however, this is a line that the Turkish authorities are more than willing to cross.
There are so many lawsuits aimed at financial markets participants that it is hard to keep up these days, and while most are aimed at historic actions, there is definitely a culture building in which the first instinct of someone who feels they have been wronged is to head to the courts. This has to stop somewhere, for if it doesn’t there will be repercussions for the market structure. If you have a problem with a market, tell the operator and then tell the regulators – only after then do you hit the lawyers.