FX Global Code
Banks nervy over GFXC plan for algo cover sheets
Disclosing inner workings of algorithms could result in loss of intellectual property, banks warn
A peek inside GFXC’s algo cover sheets
Order priority and segregation policy among the items under discussion
Guy Debelle on the FX Global Code and the rise of the buy side
Code’s creators considering updates to sections on last look and pre-hedging
Vanguard signs FX Global Code
World’s second largest asset manager adopts code after seeing evidence of positive impact on the market
Algo users seek apples-to-apples info
BIS study raised concerns; standards now a work in progress at GFXC
GFXC eyes standardised disclosure cover sheets
New docs planned to allow easier comparisons of algos and LP dealing terms
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
Why central banks aren’t worried about FX algos – for now
Disclosure failings have been fed into review of FX code; other risks are profound, but distant, says Andrea Maechler
Benchmark rigging scandal: a remake in the making
Regulators should act now to prevent any repeat of the fixing scandal of 2013
How low can you go: falling cost of FX fix sparks concern
Algorithms are reducing fixing fees, but some dealers are willing to go even lower – perhaps dangerously so
How Shell integrated FX algos into its corporate treasury mix
Interview: oil giant puts up to 50% of spot flows through algos, explains FX head Michael Dawson
MUFG: Covid response could spur e-FX shift in Japan
FX head says operational agility during pandemic could lead to greater electronification
Games of tag need to end
Growing focus on platform disclosures should spur more transparency
Behind the mask: FX market raises fears over tagging ‘abuse’
Front running and tag refreshing concerns abound on semi-anonymous trading platforms
Volatile FX markets reveal pitfalls of RFQ
Clients urged to mask trading intent; critics warn of subtle sell-side advantages
Applying Mifid to spot FX could backfire, warns MEP
EC would need to make "very compelling case" to draw spot market into wider regime, says Ferber
Debelle: regulation could be ‘helpful’ to FX code
As EU weighs regulation of spot market, GFXC chair dismisses key industry argument
Spot FX could be dragged into Mifid II
EC tells FX Markets it is studying Australian-style approach to regulating currency trading
GFXC eyes trading platform tagging practices
Group may look to standardise language around unique identifiers
BIS calls for wider adoption of FX Global Code
Yet some industry participants question the benefits of asset managers signing up to the voluntary principles-based document
LMAX: bitcoin to break $30,000 in 2020
Exchange head David Mercer foresees more transparent market, freed of “pariah” of last look
Asifma: Asian focus on smaller counterparties for IM rules
Initial margin regime, conduct principles and China's lifting of FX restrictions are focus of Asian trade body, says Ball
Debelle: last look will not be banned
GFXC head says market participants have a choice of whether to use a liquidity provider that employs the practice
XTX: top 10 banks will move to zero hold times in 2020
Awareness and competitive pressures will compel market-makers who have held out to cut holding times