A new survey from Bloomberg suggests that authorities in Mexico may face an uphill struggle when promoting the FX Global Code of Conduct amongst the local market.
In the survey, which Bloomberg says more than 100 financial professionals in Mexico participated in, 39% of respondents said that they will not endorse the Code. This is in comparison to 40% who said that they are reviewing the Code, 8% who said they have signed the letter of commitment to the Code’s principles and 12% that said they have implemented Code training.
“What the survey results tell us is that many people still do not understand what the FX Global Code of Conduct is and does,” said Mariana Suarez, Bloomberg’s Head of Sales for Mexico and Central America. “We are proud to have signed the letter of commitment and are working closely with our clients to explain the importance of the Code’s voluntary guidelines for best FX market practices.”
On April 11th, Mayte Rico, Domestic Operations Division Manager at Banco de Mexico, will be speaking about the Code at the Profit & Loss Latin America conference in Mexico City, and it will be interesting to see how this representative of the central bank responds to these mixed results. Also speaking on that panel regarding the implementation of the Code in Mexico is David Puth, Vice Chair of the Global FX Committee and CEO of CLS, and Gilberto Romero, Director de Mercados at Banco Ve por Más.
The event is free to attend for buy side firms or banks based in Mexico, registration can be completed online here.
The conference will also feature senior industry figures discussing the future of NAFTA, the impact of the Mexican presidential elections, cryptocurrency trading, the role of derivatives in Mexico’s FX market and why local trading could be set for a comeback.
The full agenda for the day be accessed here: https://www.profit-loss.com/events/latin-america-2018