Record’s Wood-Collins: more disclosures needed

The UK-based currency manager’s chief says some asset managers appear to use only one counterparty for FX trading

James Wood-Collins: “Some large managers appear to be conducting 100% of their trades with internal counterparties, which is less transparent than our approach”

Despite the proliferation of disclosure documents about foreign exchange practices, more transparency is needed regarding embedded costs and mark-ups, while the buy side needs to do more work around best execution, the chief executive of Record Currency Management says.

The arrival of the second Markets in Financial Instruments Directive (Mifid II) in January, and the FX Global Code of Conduct, which was published in May 2017, spurred sell-side providers to create and publicise a range of

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