Global Foreign Exchange Committee (GFXC)
The GFXC chair on the next steps for the FX Global Code
Gerardo García speaks about updating FX best practice, improving buy-side engagement and changes to the BIS’s triennial survey
Fast LPs accuse rivals of maxing out last look response times
Firms with sub-10ms checks complain of losing volumes to slower rivals, prompting one to ditch ECNs
BNPP, BofA and Nomura ditch last look add-on
Majority of top 25 LPs have now removed hold times as regulators step up scrutiny of controversial practice
Disclosed FX venues could be next to demand code compliance
Pressure mounts on trading houses to follow anonymous platforms and make compliance mandatory
GFXC to entice buy-side code adoption with ESG tie-ups
Rating agency partnerships would link FX code adoption to ESG scores
New year, new disclosures: more banks publish GFXC cover sheets
A further swath of banks ditch controversial additional hold times
How requests for quotes could amount to ‘insider information’
Lawyers say Esma’s incoming pre-hedging guidance could make firms liable for multimillion-euro fines
Euronext is latest venue to demand FX code compliance from LPs
From January 1, anonymous spot liquidity pools across the ECN will automatically switch to code compliant only
GFXC set to focus on FX market data access
Costs of data needed for buy-side benchmarking exercises under spotlight
BNY Mellon, NAB and RBC latest to ditch additional hold times
Banks join growing list of LPs to have scrapped the controversial practice
360T is second venue to demand FX code compliance
GFXC urges other platforms to follow suit, potentially making code adoption an entry ticket to FX markets
State Street is latest LP to publish a GFXC disclosure sheet
More liquidity providers expected to publish disclosures this week following GFXC deadline
Almost half of top LPs yet to publish GFXC disclosures
FX market disclosure remains patchy, fuelling buy-side concerns over transparency
GFXC launches tool to spur buy-side adoption of FX code
Standard-setter aims to overcome “lukewarm” buy-side response with web-based prototype tool
In a bit of a fix: Refinitiv seeks ideas to improve WM/R
Operator launches consultation following criticism of 4pm fixing rate
Barclays scraps additional hold time on last look
With more disclosures expected this month, list of LPs ditching controversial add-on continues to grow
Market poised for further trading time reductions across ECNs
As Cboe FX halves trade response times, others are expected to follow – for better or worse
New GFXC chair aims to keep up reform on last look
SNB’s Andréa Maechler urges more liquidity providers and trading venues to address hold times
FCA move brings regulatory risk to use of hold times
Regulator’s adoption of code, and rejection of extra hold times, means those ignoring it risk scrutiny
Anonymous venues could do more on last look
Platforms could reduce max response times to encourage eradication of additional hold times
Last look: who is axing hold times, who isn’t – and who won’t say
Liquidity providers rush to review trading policies as GFXC redoubles call for zero hold times