One by one, dealers embrace standardised FX reject codes
Investment Association’s proposed codes finally begin to take hold after Covid setbacks
Dealers are slowly adopting standard practices around codes that inform foreign exchange counterparties of the reasoning behind trade request rejections – so-called reject codes – which help them understand why a trade request has been unsuccessful.
A number of liquidity providers (LPs) – including JP Morgan, State Street and UBS – are starting to use a set of these reject codes proposed by the Investment Association to better inform counterparties about the reasons behind unsuccessful trading
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