Biggest challenge in creation of a global code is adherence rules, said FXWG
The Foreign Exchange Working Group (FXWG)
is planning to release its global FX code of conduct in phases,
it said Wednesday, and committed to tackle some of the more
contentious market issues in the first phase -set for release
in May 2016 - a year before the full directive is launched.
At a media briefing at the Bank of
England, a panel from the FXWG gathered to discuss the work
undertaken so far, and the road ahead.
Guy Debelle from the Reserve Bank of
Australia and chair of the FXWG said the group will adopt a
phased approach for introduction of the code, beginning with
what it deems more urgent industry issues.
"There are many gaps across existing codes
of conduct so a lot of the work we will undertake will be to
harmonise these. For example, there is a clear gap between how
you trade as a principle versus as an agent, and this results
in a lack of clarity, so work on this will be included in the
first phase, as will guidance on order handling, partial fills,
time stamps and last-look practices," said Debelle.
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