Updates to FX Global Code include pre-hedging guidance

GFXC updates 11 of code’s 55 principles, including advice on controversial practice of pre-hedging


The Global Foreign Exchange Committee (GFXC) has updated its FX global code of conduct, including guidance on pre-hedging, settlement risk and anonymous trading, and given a steer on its upcoming paper on last look.

One of the most contentious practices permitted by the code is pre-hedging, which involves a market-maker building an offsetting position in advance of a client trade to manage the associated risk.

Market participants have long been asking the GFXC for more detailed guidance on

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