In recent time the foreign exchange market lost the confidence of investors due to various reasons. The FX community understands this lack of trust, a
In recent time the foreign exchange market lost the confidence of investors due to various reasons. The FX community understands this lack of trust, and it also understands that there are valid grounds for the lack of confidence. That is why the community is investing its efforts to create a global code of conduct to restore the faith in the market. This code will make sure foreign exchange market is more transient, open and practical for all people.
Talking about the key issues that global FX community need to address for enhancement of FX trading are mentioned in a special E-Forex issue. The issue was named as Global principles of good practice: What will the FX Global Code mean for you?”
In Bloomberg, Tod Van name is global head for FX and commodities for electronic trading and he was featured in a story in this special E-forex issue. The story in which Name was featured is titled as “Adoption, Adherence, Advantages – assessing the practical implications of the FX Global Code”.
In this story, David Puth who is CEO of CLS also discussed many key factors for the betterment of this global code.
Will this code help the FX industry to build the public trust again?
Also, they talked that this code is taking its shape with a public and private partnership and will it be useful for this code or not.
They also spoke of the acceptance possibility of the system as it is not a regulation in anyways.
While answering the question about motivation to use this code by market players, Van Name explained “This code already helped the industry to come up with a better solution for complicated issues. Now it is up to all the responsible parties or and their companies to accept these codes in their trading practice to show they care and respect people and their investment. The principle of new code should become an integral part of any trading firm. He also said that Bloomberg is an integral part of FX community and that is why they will always motivate FX global code and all the other initiatives that will help the market to have more transparency and efficiency.