and 15 across the banking and non-bank liquidity provider space. Saxo Bank, the online trading and investment specialist, signs up to the FX Global Code of Conduct (the Code which is aimed at improving industry standards and promoting best practice among FX market participants. What the code has done is to address behavior at all stages and looks to ensure that not only do those executing the business on behalf of their clients behave in an open and transparent manner, but also that those originating the transactions commit. It is a means of promoting integrity and trust and is a point of orientation for clients when choosing a facilitator. The Bank for International Settlements (BIS) has published the final version of its Foreign Exchange Global Code of Conduct containing 55 principles outlining good practices in currency markets as well as a document setting out the adherence framework for the voluntary set of guidelines. Bank of England signed the document in February 2018 and it expects regular counterparties to commit to embedding these principles of good practice in their market activities according to deputy governor Dave Ramsden. While other markets have attempted similar self-regulating initiatives, we have never seen this level of co-ordination and commitment among market participants. We are approaching the one year anniversary of the release of the FX Global Code of Conduct, which is a business ethics guide aimed at combating the endemic financial crime in the foreign exchange industry. Kim Fournais, CEO and co-founder of Saxo Bank, said: We are proud to have been given the opportunity to participate as a member of the Bank of Englands FX Joint Standing Committee in reviewing and drafting this important and unprecedented industry-wide initiative. Comments: 3 / Views: 1,212, related Stories). The fact that evolution of the Code was driven by input from a healthy cross-section of market participants makes it well rounded and considered, added vom Scheidt.
( full story story Stats, posted: Jun 15, 2017 3:41am, category: Low Impact Breaking News. The Code sets out the principles and best practices which provide a common set of guidance to the market, including areas where there recently have been degrees of uncertainty about which practices are deemed acceptable. Suggested articles, how to Generate Leads Outside of the Box? In the spirit of adopting the code, NEX has published its own registry of compliant entities. Saxo has also taken the initiative to publicise a comprehensive order execution policy to describe in detail how it executes orders on behalf of its clients, as well as publish order execution statistics to help trading strategy research jobs clients make the best choice when choosing a broker). The market needs to move toward a more favourable and. Furthermore, by placing proportionate levels of responsibility among market participants and providing a robust structure for future review and collaboration, the Code will engender greater confidence in the FX market and be crucial to re-building the trust between market participants and end clients. It was written by the Global Foreign Exchange Committee together with central banks, investors and dealers, and it aims to restore credibility to the.3 trillion USD a day FX market. Please see Enhanced Disclosure here: previous actions taken by Saxo Bank to promote transparency: Saxo Bank believes that open and transparent markets, coupled with a full alignment of interest between providers and clients, offer a real opportunity for differentiation between brokers.