GFXC decides to change Principle 17
Principle 17 to be tweaked to reflect GFXC's view that participants should not undertake trading activity that uses information from the client's trade request during last look window
Principle 17 of the FX Global Code of Conduct will be changed to reflect the view of the Global Foreign Exchange Committee (GFXC) that market participants should not undertake trading activity that uses information from the client’s trade request during the last look window, hinting that the word ‘likely’ will be dropped from the text.
Still, the committee will probably make exemptions from the new tighter rule for certain trading mechanisms, such as cover-and-deal, to avoid disadvantaging
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