FX Industry Pauses for Reflection as Global Code Adoption Gathers Momentum*†
May 25 marked the first of anniversary of the FX Global Code, which aims to instil fairness, transparency and equality in day-to-day market practices. The industry has made good progress to date, but the next few months will be crucial to maintaining momentum.
Exclusive: A Year into the FX Global Code with ParFX COO Roger Rutherford*
To get a complete grasp of the market and the implementation of the Global Code of Conduct into the industry, Finance Magnates spoke to the COO of ParFX, Roger Rutherford.
FX Global Code Reaches First Anniversary*
The FX Global Code was published in May last year to reform foreign exchange markets and participants are waiting for the outcome of three working groups reviewing last look, anonymous trading and cover-and-deal to see how the guidelines will evolve.
GFXC plans global index of registers for FX code*
Roger Rutherford, COO at ParFX, says: “The reputational risk of not signing up will grow over time. For now, an institution could probably make a good case for why they haven’t done so yet, because they are waiting for the final details on last look, anonymous trading and cover-and-deal to be decided by the working groups.”
QSmart Limited - Analyzes Outlook for Forex Market in Asia*
'It is clear that the code is shining a light on areas of the market that have long been overdue for review. Equality, transparency and market conduct have emerged as key industry themes which I feel will continue to dominate discussions over the next year and beyond.' said Roger Rutherford, chief operating officer at trading platform ParFX.
FX Global Code key to ethical debate on HFT – Tradition*†
According to Dan Marcus, global head of strategy at inter-dealer broker Tradition, some participants continue to benefit from operating with the highest frequencies and connectivity, fastest matching engines, and asymmetric access to data. “As the FX markets evolved, it became apparent that for some trading institutions, it was all about speed and having strategies that relied on speed,” Roger Rutherford, chief operating officer of Tradition’s spot FX trading platform, ParFX told FOW.
Deadline looms for firms to sign foreign exchange conduct code*
Leading foreign exchange players have until May 25 to sign up to a code of conduct designed to purge the $5 trillion-a-day market of abuse, amid suggestions some banks could curtail bonuses for those who deviate from its principles. It is up to individual businesses whether they sign up, but the penalty for not doing so "is likely to be that you get less business in the future," said Roger Rutherford, chief operating officer of ParFX, a currency-trading platform.
FX: Tech focus shifts to horde of untapped trade data*
That is the view of ParFX chief operating officer Roger Rutherford, who reckons randomized matching technology has proven itself to be an effective mechanism for deterring disruptive trading behaviour in the FX market.
Foreign Exchange: One last look*
Roger Rutherford, chief operating officer at ParFX, welcomes the IA’s initiative and says: “The asset management community clearly has concerns around Last Look. The IA has listened to the debate and discussions following the publication of the ‘FX Global Code’. Its position paper on Last Look provides clear guidance on when and how Last Look should be used, advocating greater transparency.”
Winds of Change in $5 Trillion FX Market*
While transparency around last look has improved, "we’ve got a long way to go," said Roger Rutherford, chief operating officer of ParFX, whose platform falls outside of the scope of the new rules because it focuses on spot trading, an area that MiFID II doesn’t address.