NEX Commits to FX Global Code
NEX (NXG.L), a financial technology company at the centre of global markets, announces today it has signed a Statement of Commitment to adopt the principles of the FX Global Code (the “Code”) across its EBS FX trading platforms and NEX Optimisation services. NEX announced the signing of the Statement of Commitment and introduced a new NEX public register at the Global Foreign Exchange Committee meeting held at the NEX offices in London on 14 November 2017.
The purpose of the register is to raise awareness of those that have signed their Statement of Commitment to the Code. All 45 representatives from the Market Participants Group (“MPG”) signed a Statement of Intent once the Code was released and NEX will publish on its public register the signed Statements of Commitment of any interested institutions.
Seth Johnson, CEO of NEX Markets, said: “The Code has already had a significant impact on the FX industry, with market participants quickly demonstrating support for its guidelines. As a leading electronic marketplace for the FX trading community, we take seriously our role in adhering to the principles built into the Code and hope that the NEX public register will generate further recognition of the support coming from the market.”
NEX played an active role in the development of the Code, which adopts a principles-based approach intended to strengthen standards in the FX markets. It is designed to provide a common set of guidelines covering all market participants and to promote the integrity and effective functioning of the wholesale FX market. Darryl Hooker, Global Head of Spot and Metals and Head of FX EMEA for NEX Markets, represented NEX on the MPG helping to develop the Code. NEX Markets’ management team were also closely engaged in assisting in the feedback and review process on the various FX committees on which they sit.
Algorithms have become more prevalent in the spot FX market.
Global Foreign Exchange Committee has made recommendations on Last Look.
There is a growing demand for transparency in FX trading by regulators.
CLS has also enhanced its existing suite of alternative FX data products.
FX Global Code sets out good practice for last look and provides illustrative examples.