Saxo Bank has signed up to the FX Global Code of Conduct, which is aimed at improving industry standards and promoting best practice among FX market participants.
To emphasise its support for openness and transparency, Saxo says it has published an “Enhanced Disclosure” that provides insight into broker incentive, broker stability, client leverage and performance.
Kim Fournais, CEO and co-founder, says: “We are proud to have been given the opportunity to participate as a member of the Bank of England’s FX Joint Standing Committee in reviewing and drafting this important and unprecedented industry-wide initiative.”
The European Association of Corporate Treasurers (EACT) has today launched a register for corporates adhering to the FX Global Code (Code).
Since its drafting phases, the EACT has supported the Code, which was published in May 2017, and is a set of principles that aims to promote a robust, fair, liquid, open, and appropriately transparent market for all market participants.
The EACT’s register is intended for corporate treasury departments that are participating in FX markets as end-users. The EACT register is included in the Global Index of Public Registers.
The opening panel discussion of this year’s Profit & Loss Forex Network Chicago conference featured an unusually frank and honest discussion about the challenges associated with implementing the FX Global Code of Conduct.
I t has been well documented that buy side firms have been much slower than their sell side counterparts to commit to the Global Code, with one panellist at Profit & Loss Forex Network Chicago highlighting that of the 452 entities that have signed the statement of commitment only 23 were asset managers. Indeed, they noted that of the asset managers that have signed the Code, the majority trade currency as their primary business, or even as their sole focus.