11.15.2017
By John D'Antona Editor, Traders Magazine

NEX Commits to FX Global Code

11.15.2017 By John D'Antona Editor, Traders Magazine

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.

 

Related articles

  1. Richard Turner of Insight Investment sees more automation and more transparency around cost and outcomes.

  2. Pace of FX TCA Quickens

    Nearly all cleared activity is in non-deliverable forwards (NDFs).

  3. From The Markets

    Three Banks Join CLSNet

    CLSNet standardizes and centralizes post-trade processes across FX.

  4. Emerging Market FX Trading: Liquidity Challenges

    The two platforms will link trading workflows in emerging markets bonds and currency swaps.

  5. FX clearing offers operational efficiencies and credit intermediation.