GFXC sees no changes to code on pre-hedging

Committee rejects calls to set more strict boundaries to controversial practice


The Global Foreign Exchange Committee (GFXC) pushed back against market participants’ call for change to the pre-hedging principle contained in the FX Global Code, all but killing their hopes to see some detailed guidance around the practice. 

“The essence of the code is principles-based, it’s not prescriptive and it’s not regulatory. Therefore, the point is not to nail down a particular size at which pre-hedging suddenly becomes more appropriate, but instead to talk about how the market should

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