EC looks to GFXC on potential regulation of spot FX
GFXC to meet this week about revising global FX code, which may influence European legislator stance
Despite strong opposition from market participants, the European Commission is continuing to look into regulating spot FX, taking its cue from the work of the Global Foreign Exchange Committee (GFXC).
In its final recommendations to the EC on the Market Abuse Regulation (Mar) review report, published on September 23, the European Securities and Markets Authority said further analysis of spot FX regulation was warranted, but it should take into consideration the GFXC’s review of the FX Global
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