News & ANNOUNCEMENTS
Below our recent news and announcements related to regulatory topics.
5 June 2017
Global FX Code of Conduct: Final version published
On 25 May the Bank for International Settlements (BIS) Foreign Exchange (FX) Working Group (FXWG) published the final version of the new FX Global Code of Conduct (the Code) for operations in the wholesale global FX markets.
The Code, through its 55 principles and its emphasis on key themes, seeks to restore confidence in the $5.1 Trillion a day foreign exchange market. The Code sets out common standards for conduct and behaviour for all participants in the wholesale FX markets.
360T has already signalled that it is fully supportive of the aims of this Code. To that end 360T will be carrying out an analysis of its own systems and controls to ensure that they align with the spirit and wording of the Code and which in turn will allow 360T to issue a formal statement of commitment to the Code in due course.
In the interim, although the Code does not impose any legal or regulatory obligations on participants, 360T nevertheless urges its customers and partners to equally embrace the Code and together help create a foreign exchange market that becomes renowned for its fairness, transparency and integrity.
A copy of the Code is available here: http://www.globalfxc.org/docs/fx_global.pdf
7 June 2016
Global FX Code of Conduct: 360T welcomes FX Market Global Code of Conduct
On 26 May the Bank for International Settlements (BIS) Foreign Exchange Working Group (FXWG) published the first phase of a new global code of conduct (the Coe) for operations in the global FX markets. The aim of the Code, which has been agreed to by Central Banks, market participants and infrastructure providers, is twofold in that it seeks to promote fairness and efficiency across the global FX markets whilst simultaneously raise behavioural standards and ethical awareness by all participants. The Code is published on the BIS website: https://www.bis.org/mktc/fxwg/gc_may16.pdf
360T, which has long been an advocate for fairness of wholesale market access, transparency, and high behavioural standards, is fully supportive of this Code and concurs with other industry participants that taking a principles based approach is by far the best solution to restoring trust and confidence in the FX market.
360T shall be tracking the Code as it is further developed and, where prudent, shall provide considered opinion to assist our clients with their own understanding of how to meet with the Codes obligations.
MiFID Update On: Own Account Dealing Exemption
MiFID II Own account Dealing Exemption has been amended to allow non-financial corporate users to be members or have direct access to trading venues.
As you may be aware, under the provisions of the 2014 revised Market in Financial Instruments Directive (MiFID II), all trading venues providing multilateral trading capabilities in MiFID financial instruments including Foreign Exchange Derivatives, will need to be authorised as an Exchange, Multilateral Trading Facility (MTF) or Organised Trading Facility (OTF). These authorisations will need to be in place by the time MiFID II takes effect, which is now scheduled for 3rd January 2018…