Adoption of standard FX reject code too slow – Schroders trader
Standardised codes aim to improve consistency and transparency around why trades are rejected
Dealers have been too slow to adopt standardised codes for rejected foreign exchange trades, according to a senior buy-side trader, who also called on trading venues to help accelerate industry take-up.
Last year, the FIX Trading Committee published a set of recommended practices on scenarios for rejected trades and adopted the Investment Association’s proposal of a standardised set of reject codes within its FIX Protocol – the main messaging language used by FX dealers.
“There’s appetite in the
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