Investment Association calls for standardisation of FX reject codes

The 13 new high-level categories will allow rejection causes to be remedied quicker

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Source of confusion: each bank has its own set of codes that it uses when rejecting a trade

The Investment Association has proposed new standardised categories of reject codes to simplify the processing of unsuccessful trades in foreign exchange markets.

IA, a trade body for fund managers, says the initiative promises to bring greater consistency to the market and improve outcomes for investors. A reject code is a shorthand identifier explaining why a trade has not been executed and is sent to a client following a rejection, but each bank has its own set.

Galina Dimitrova, director

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